Forexpros.com Daily Analysis - 17/05/2011

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Free webinar on ForexPros - Mastering Trader Psychology

Expert: Rande Howell

Start: Thu, May 19, 2011, 09:00 EST
End: Thu, May 19, 2011, 10:00 EST

Mastering Trader Psychology

The 5 Essential Skills for Peak Performance Trading

Developing an effective mindset specifically for trading is often the missing element in a trading plan and becomes the barrier to desired success. It is this blindness to the inner game of trading that stops the trader from having a breakthrough in achieving his potential. After endlessly crafting a methodology and platform into a trading plan that should give him (or her) an edge in the markets, the serious trader acknowledges that the problem in his quest for success is him (not his trading plan) and his psychology that actually puts his trading plan into play.

How do you go about building a psychology of self that brings the missing mindset edge to your trading plan? Find out in this eye opening webinar. You will learn how the interconnection between body, brain, emotion, and mind forges the self limiting beliefs from which you trade. You will see a process built upon 5 essential skills that empower a trader to disrupt the power of fear, anger, and impulse that hijacks the mindset needed to trade. You will also see how to develop a mindset that is rooted in discipline, patience, courage, and impartiality that gives you the psychological edge to use your trading plan effectively.

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Euro, Pound Still in Measured Moves Short, Yen Near Lows

Euro:
On the daily, the euro continues in measured moves short, today reacting off its traditional 50% short at 1.42424. This has a target of 1.39481 and will break the traditional long, with a line in the sand at 1.40031.

On the 15 min chart, can see the euro reacted from at a short setup from 1.44224, with the 50% at 1.4235, with a target at 1.39591. Currently the euro is reacting to a long from today's movement at 1.41451, with the line in the sand at 1.41221. If this is broken then we may see the euro continue its measured moves short.

Pound:
On the daily, the pound remained near its short target at 1.61581. The next traditional short is at 1.63308, with a target of 1.60573, which will bring it close to its 50% long from Dec 20101 at 1.60447.

Yen:
On the daily, the yen is between two 50%s near the bottom of its range. On the longer term the yen is still in a short, however if it breaks the short here (with the line in the sand at 81.551, this may indicate the yen will continue to trade in its range its been in since Sept 2010.

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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about forex news visit ForexPros.

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New on Forexpros, the Currency Correlation Calculator !

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Disclaimer:
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.

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