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Developing a Trading Plan
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Wed, June 17, 2009, 15:00 GMT
Just as all businesses require a written plan to be successful, trading is no exception. However, most investors minimize the importance of a trading plan € the pervasive mentally in the marketplace is that a loosely defined strategy will reap profits, as long as it works more often than not. During this webinar, Dan Cook, Senior Market Analyst of IG Markets will combat this misconception and demonstrate how a concrete trading plan plays a crucial role in maximizing one€™s strategies.
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EUR/USD Breaks Support
The pair broke below the 1.3800 level. A sustained break of this level points to a further decline in the rate as indicated by the topping pattern. So far the pair has managed to stay above the 1.3750 level which is a rising trend line support area.
A move below 1.3740 indicates an initial move to 1.3680. Beyond this support is likely at 1.3640 and the 1.3600 area.
A pullup could occur, finding resistance by 1.3850, 1.3885-1.3890 and beyond that 1.3915.
The bias has shifted to short-term bearish for the pair, but a daily close below 1.3750 would provide more confirmation of this.
USD/JPY Pair Breaks Multiple Support Levels
Through trading yesterday and early today the pair plunged through multiple support levels. The pair currently sits in an old resistance (now support) area.
A drop below the lows at 96.50 points to continued deterioration. First target is 96.25 followed by 96.00 and 95.60.
Upside resistance is at 97.00, 97.20-97.30 and 97.60.
Analysis by: http://www.forexpros.com - Written by Cory Mitchell
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.