A Look Back At Forex Trading
In recent history of forex Cable final broke through the super resistance at 1.7600 yesterday. Even there though we had a losing trade last night, I have to say I am glad to see that tight range behind us. Maybe now we will see a few prolonged and definable trends.
If this is the first case it will make it much easier to make a good profitable trade. On the other hand Cable could just as easily slide right back into a consolidation sideway market. Only time will tell.
It is like we we lick our wound from last night and bid farewell to the 1.7600 resistance level. It served to us as well over the past few months holding on at least a half a dozen occasions. Lets take a look at last night and see what it took to break that resistance. Was it a 20, 40 or 60 pip move, It took a lot more than that to break through, it was a 150 pip move that did the job. Only a move of this magnitude would have the momentum to break and hold above the established resistance.
If this is the first case it will make it much easier to make a good profitable trade. On the other hand Cable could just as easily slide right back into a consolidation sideway market. Only time will tell.
It is like we we lick our wound from last night and bid farewell to the 1.7600 resistance level. It served to us as well over the past few months holding on at least a half a dozen occasions. Lets take a look at last night and see what it took to break that resistance. Was it a 20, 40 or 60 pip move, It took a lot more than that to break through, it was a 150 pip move that did the job. Only a move of this magnitude would have the momentum to break and hold above the established resistance.
