Traded short because it was looking overbought and deffinately ready for a bit of profit taking. The cci trigger crossing zero along with the stocastics being above the 80 made this look good to the downside. It eventually ran out of steam to the downside at 145.80, 500 pips away from my entry. I still think this is a retracement on the 4hour up trend so this could drop to the weekly pivot around the 143.80 area before turning back up, we’ll see.
Dan Armitage and the team at www.fx500club.com and the www.fxmonkeyschool.com have been concentrating on teaching us how to trade the hourly charts using the daily and 4 hourly to determin the direction of the trend. This is great for me because it really helps me understand how to trade the shorter pullbacks and retracements on the 5 and 15 minute charts.
I Learned how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.
They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.
The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.
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