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Alright, another night’s trading has gone by and now we have a potential trade setup.

First, though, let’s go over last night. In case you have forgotten, we sat on the sidelines last night, so for us there was no trade. Now, to give credit where credit is due.

For the traders who did go short at 1.8830 and played the 50 pip profit, they closed their trade within 1 pip of the low of last night. Very impressive trading and I applaud all of you.

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However, there was even a better trade taken last night, and of course this trader was sure to let me know about it.

Instead of playing a breakout to the upside of yesterday’s consolidation, he went short at the top of the range. In fact, he took his short at 1.8880. If you look back at the yesterday’s trading, you’ll see just how impressive this is.

Now, don’t misunderstand what I am saying. I am not taking any credit for this trade. In fact, I am using this to show you that any of you can outperform my trading. I say this very proudly, because my goal is to teach you well enough so that I am the worst trader in the room, but I still make the money I make now.

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Let’s move onto tonight’s trading outlook.

Since we have continued in our downtrend, we will only be looking for short trades. While in this type of trend, there are two ways to enter into a trade.

One, to enter the trade on a bounce up to a good resistance level. By using this method, you limit your risk and you limit the number of trades you will enter. However, if you can accurately find these trades your profit can be substantial.

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Secondly, you can enter trades as price breaks below any previous low. In our case, the low to watch right now is 1.8742 (according to our charts with GFT). This trading method leads to more trades but more risk. However, in severe downtrends you may not get a bounce that will allow you to enter a trade in the first method described in the previous paragraph. By using this method, selling as we break the old low, you position yourself to get short even in the strongest down trends.

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Both of these methods have merit and can be traded with great success. Which one you decide to trade will come down to your trading style and preferences.

Some traders will use both of these techniques at different times.

Why do I tell you this? I want to get you into the habit of looking for patterns in trading. I want you to recognize how Cable responds after periods of consolidation, or trends.

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This way, you can use this information later in your trading.

Tonight, we see some resistance at 1.8830, and 1.8860 and 1.8880. Any of these levels can play an important role in tonight’s trading. It’s important to pay attention to price action at these levels.

Also, we will keep an eye on what happens if Cable breaks below that 1.8742 low from yesterday.

1.8700 can play a role as support, although we won’t be looking for a long trade tonight. This may be a good place to put your profit targets.

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. 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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Learning to master Forex trading online for someone who has no background in the financial markets can be rather intimidating. When it comes to Forex trading, understanding the terminology and the Forex trading strategies before you begin is vital – especially if you want to see some measure of success.But with all the simplicity and promises of wealth, the fact is that the Forex trading is a very risky business. It is a fact that people who didn’t have the right knowledge and skills trading in the Forex marketplace suffered large financial losses and some even went into debt. Many people who did well in the Forex marketplace however first of all gained the knowledge and skills necessary to do successful trading in this very liquid and very large economic marketplace.Beginner Forex traders must invest in their knowledge base first. If you are serious about investing in Forex market, building up your trading skills and knowledge is the very first step that you must take. Forex traders must secondly get the right trading system and strategies in place. It is wise to research very well and consider all the various brokers’ system available to you before making your choice. Although learning as you go will probably work for most people, it might also be a good idea to invest in an e-book on trading the Forex or check out some of the more general sites that offer free training tools and online how-to articles and guides about Forex trading for beginners.As a Forex trading beginner you may not be accustomed yet to the hustle and bustle of forex trading. You may have heard that getting started in Forex trading is easy and instant. But finding a proven system that fits with your trading personality and style may take some time. Be sure to stick with it until you make it work for you.Detecting Forex trading trends and trendlines are key to forecasting the Forex marketplace. Reducing the risks of losing money and some basic charting knowledge as well is recommended before you start. This is key to limiting any losses and maximizing your upside potential.One of the best ways of learning to transact on the forex is by creating a virtual account. You will experience the thrill of trading and not experience any of the risks.And finally choose your broker wisely. The broker you choose combined with your forex trading education can be critical in determining your success when trading these currencies online.—Author Tony Buel
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