Wednesday, March 04, 2009
Trades of the Day
Traders choose strategies that are most "aligned" with their personalities, not the other way around. Trading currencies is like trading "probabilities". That's why I have come to love using pivot points as my main technical tool. Pivot trading is a clear-cut methodology. Either I am right or I am out. As simple as that.
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Hi,
it did look the most perfect trend day ever, but only after the fact, because, as it was happening, it was not obvious that it would turn out like it did.
In fact, throughout its move up, there was a constant possibility of it turning around at any time. It also encountered many resistance levels and, at each resistance level, there was a fight between between the bulls and the bears with uncertain outcome. Moreover, moving average lines are not a always a good support because they do get broken all the time.
In short, if trend continuation was so obvious, trading could be a lot easier than it actually is. I am sure more traders must have missed today’s trend than those who rode it. I, for one, certainly missed it, besides even trying to fade it.
To your Success,
Bob@ forexfreedownload.com
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