ForexPros Daily Analysis May 18, 2011


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.

Come, learn, and open yourself to the possibility of peak performance state of mind.

Click here to join free

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Euro, Pound Rebounding To Next Setup, Yen Back In Range

Euro: 
On the daily, the euro is threatening its short setup at 1.428 and may move into its next setup. The full traditional short setup is at 1.44946.

On the 15 min chart, the euro hit its long target at 1.42888 and broke its short setup. Must wait for a retracement to determine the next setup.

Pound: 
On the daily, the pound looks to be retracing to its next short setup at 1.63308.

Yen: 
On the daily the yen broke the short setup it was in and hit the target of 81.747 of the long from 80.442. This may indicate the yen wants to continue in its range pattern it has been in the past 8 months. The next long measured move is at 81.058, with the line in the sand at 80.889.
The full traditional short is at 82.544, with the line in the sand at 83.25.


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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.

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New on Forexpros, the Currency Correlation Calculator !

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