Tuesday, January 27, 2009

LOOK AT THE DAILY CHART BELOW

Many times I want to get something out to you about the market however, you know that the forex market can move so fast within minutes or even seconds that we don't even want to go to the bathroom if we're in a day trade.

So I tried something new today by posting the chart first, at the time I've drawn my conclusion about direction. So, if you've been with me for a few weeks you will begin to insightfully project what I'm saying just by the lines I'm drawing on the chart.

Okay then, what we have on the chart below is an LCM bullish pivot breakout.

Pivot point support@ 1.3880

overhead Resistance @ 1.4462

bottom Support @ 1.3500

The move is counter trend so operators are bound to test the limits of your intraday stops. The only time your really want to trade intraday against the trend is when the intraday trade is very close to the daily support or resistance level.

Alright, I've given you your daily support and resistance level. Looking at those 2 long red(down) bars to the left on your chart, you LCM-ers should know that these 2 bars are loaded with buyers. Short sellers are beginning to stampede and my people (LCM-ers) you know what that means.

Everyone else, I've given you the levels, so I know you've already got a system that will get you in an intra day trade and keep you in the trade long enough to ride the move up to support, without getting whipsawed out of the trade. Like they say, "timing is everything"...

Cheers, Jerry

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