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Happy Monday. We hope you all had an awesome weekend and that we can get our week off to a nice start.
Just a quick recap of our trading from last week. We did not get into many positions. In fact, we only entered into one.
It was a short at 1.7490 for two positions. The first was closed making 40 pips, and the second making 80 pips. All told, 120 pips on the trade.
And, that was it. We missed one entry by only a few pips, which would have made us an additional 200 plus pips. But that’s ok. That’s how WE trade.
I stress WE, because there are some other traders that we speak to on a daily basis that had a much better week last week.
It just goes to show that any and all of you can outperform us in any given week.
So, we reached our goal of 100 pips last week, and look forward to getting there again this week. Yes, our goal is 20 pips per night, or 100 pips per week. Sometimes it gets spread throughout the week with winners and losers, and sometimes it happens exactly as it did last week.
One trade, one win, one goal.
Now, moving on to tonight’s trading outlook.
We’ve entered into a very tight range of consolidation as of June 8th.
As a general rule, consolidation is usually a pause in a larger move. Also, as a rule, the next move, following consolidation, usually goes in the direction of the move previous to the consolidation.
In this case, down.
So, we are going to look for some good short opportunities on a pullback.
Some resistance levels to watch are 1.8480, 1.8520, 1.8560, and 1.8620. Keep an eye out for good price action at these levels to determine where to enter a trade.
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Also, only play levels that make sense to YOU.
Make sure that there are enough reasons that you agree with before entering into any trade.
Other than a pullback, you can also look to get into a trade if Cable breaks below the previous low.
We see a potential support level at 1.8340 which is not far below the previous low of around 1.8360. So, we will not try to play a short there.
However, beneath 1.8340 we really don’t see much until 1.8270. Of course, you will have to watch the whole number at 1.8300 to see what happens there, if you are already short.
Again, remember that a breakout trade is a more aggressive trade than waiting for a pullback. So please be careful.
That’s all we have to say for tonight.
We find these support and resistance levels using a set of technical indicators and other variables that we have found to be most successful for us after years of Forex Trading Education. We use several other indicators and a variety of technical analysis techniques to enter and exit all of our trades. Every trader will have a different combination of indicators that makes the most sense to them. Learn how to develop your own successful Forex Trading style with our Elite Forex Trading Course or Forex Seminar.
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