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FOREX Trading | FOREX Training – November 30, 2006

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Great forex currency correlation today. This helped us trust our forex pivot points when creating our forex trade plan for the day. Once the M4 held the GBP up, the EUR was cleared for take off. Resistance was broken and profit levels at the forex Fibonacci Extensions of 138.2% and 161.8% were achieved. Live FOREX Training | Everyday www.fxbootcamp.com

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7 Responses to “FOREX Trading | FOREX Training – November 30, 2006”
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  5. admaj says:

    Hi. You said that M4 is the strongest resistant – in this particular situation you get in after break out of local high (1.3205).My question is: was it too risky? Would it be more conservative to wait until M4 was broken? The distance between M4 and local resistant is only 15-18pips.

  6. fxbootcamp says:

    Entering is a matter of personal taste. The plan was to enter a “break”. You decide if that is before or after the candle closes, but the resistance area is clear. Waiting or not waiting both have risk associated with them.

  7. pzs2k1 says:

    Great analysis, however: You say, ‘there’s a test, and then boom you’re in’. Would your strategy not have taken you long when price broke the resistance line? The only scenario I see otherwise is to go long atop the testing candle, at 1.3221 (thereabouts). Is this what you recommend? thnx.

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