ok, now is official... I don't have any clue of what I'm doing wrong... why is this going up if everything confirmed the range and supposed to be going down? My position closed again with loses. (To avoid a false signal I waited to be sure of the down... but... guess what... it's going up!)

I'm confused too.

Forget this... I'm letting my emotions to take over me... That's trading sometimes you do the analysis right but the position go wrong, that's life. I'm going to look forward if this is going down as it hits the resistance again.

did my response to your posted chart help you at all? and I think 4xis2ez has a point as far as expert advice goes here

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KP FX Trader
"Trade Well Not Often"

I'm still thinking as you do, I think the support is in 1.603... and Agreed totally with the resistance
what gave you the entry point to take the decision at that level? (did you confirmed with stochastic slow?). btw, you're acting like a pro... you're doing good, when did you started with forex?

Of course this helped me a lot, your response showed me that I'm not too wrong and I'm doing my homework, I think my problem is with the calculation of the entry point balanced with the stop loss... I'm trying to keep the 1:2 relation and the 5% rule, but that gives me little margin to operate.

Now we are at the top of a short-term range; but for me it is not an automatic sign of reversal. We still have a trend of higher lows, which in turn fits into the the medium-term trend going back to April.

I think we will see a small breakout over the next 12 hours for another minor trend either above 1.6350 or below 1.6250 (levels you would better see on the short-term chart).

I attached the ATR at the bottom. I just use it to tell me whether a bar is reaching is limit for a day or whatever frequency I'm looking at. So far, the range this week is only 330 points and the average range of the past three weeks is around 545; so we can see further follow through on the upside.

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__________________
John Kicklighter is the author of Dynamic Carry Trade Basket, Watch What The Fed Watches, and Forex Trading Weekly Forecast on DailyFX.com

There is certainly little reason to be expecting positive growth anytime soon; but we also shouldn't take the emerging market data for face value. Their data is notorious for government control and you can be sure they are fudging numbers to inspire confidence in their economies...

__________________
John Kicklighter is the author of Dynamic Carry Trade Basket, Watch What The Fed Watches, and Forex Trading Weekly Forecast on DailyFX.com

Guys if you're losing money switch to demo account immediately this will save you a lot of money too or your just gonna learn the hard way.

Trading is about self control and dicipline, you can either give your money to yourself or someone else (or if you must trade live for experience place mini contracts of 1, this way you can make 100 bad trades and still have most of your starting equity. Of course your're not going to lose 100 trades in a row, not unless you learn from your mistakes)

One must overcome the psychological barriers of trading e.g. thinking the market moves in the oppisite direction once a trade or stop is placed. Its not the market turning, infact its one's own bad decision which you must face instead of deny.

Its not how much you can win, but how much you can lose, dont even look at your balance, its a bad habit

Also keep going over what you have learned as much as possible, each time it will become even more clear

Trade Responsibly

Thanks sterling, actually I did the test with the demo for 3 weeks and once I've confidence with wining most of the trades I started an standard account... of course, I did a lot of reading before starting the standard account.

About the 1k, it's not possible for me because I opened an standard account, but I'm not worried about the money I lose, I'm quite sure this is just patience and keep following the rules, the self control it's true... and I think the only way to learn about it is in the real account, in the demo you don't have the pressure of the real one. I'm just learning and hope to get as much as I can from all of you guys.

The coaching is the best way to learn from the mistakes of others.

Support Resistance Levels 15 July 2009

1,6402 - 1,6419 - 1,646 - 1,6504 - 1,6535

1,6348

1,6249 - 1,6205 - 1,6178 - 1,6148 - 1,6098

support resistance levels

There are only so many mistakes one can learn from others, before you feel the need to make them yourself, its human nature , also one makes subconcious mistakes in trading, happens to me. I think I learned from my mistake, then I go do the same mistake, 2 mistakes in a day then it isnt worth trading anymore that day or week, just let go of your mistakes, dont wanna carry them around

I learned from demos for 8 months before opening a live account.

Trade maximum 1-3% of your account and dont get greedy, things will come naturaly if you let them, a good ratio is 1:3

Presure is an emotion. Pro traders are emotionless.

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I'd like to see it break resistance 1.6360's and close above before any attack on 1.67, it could go either way or stay in the narrowing range but dont forget tomorrow is high volume day

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Perhaps you should let us know everytime you put an order and we'll put an order in the exact opposite direction

just kindding, sorry to hear this mate. I wish I could help

If of interest, my likely target today is 1.6434, which is a math level of significance. Additonally, 1.6456 is the Fib 61.8% of the previous downcycle.
For target 2, a break of the math level could take it to 1.6522, which is a downward price/time ratio of significance.
Although 1.6367 rising price/time ratio is extremely important as resistance, I think it can be breached temporarily.
Today, will be a pivot day with a reversal.
Note that bank traders will be seeking to sell risk assets into strength, including the Aussie and sterling. This implies an initial upside move on the half new moon waning.
With Mercury trined with Uranus tomorrow, markets can move freely. I anticipate this will be down, but one should always trade the current direction, not a forecast. Forecasting merely provides clues as to what we might expect with regard to Direction and Timing.
Timing is the most important tenet of trading. Direction and Amplitude (also called Range) follow from Timing. So does Price.
Medium term, my target remains 1.5424 by July 22nd - of course, unless proven otherwise!

does anyone have an idea of what could be the effect of the GBP Jobless Claims Change (JUN) on Cable