Dear traders
I like to write just few words about market action last days. After nice bounce from low and after really nice action for our swings it is time when we must see market consolidation (rest) what will decrease risk for new setups. Nothing going up or down without rest and that is market moment right now. Without rest every new setup will be higher risk if we look daily time frame charts. Because of that it will be best (from risk level) to concentrate on intraday setup and faster trades. Every new swing setup will be without market support higher risk and that mean we must use less risk or avoid them (it is personal trader decision), Market bounce was very strong (not much volume) and it is not logical to sell it at resistance area because pace was to strong. For that we like to see reversal pattern and on the other side for long we need to see rest. Also I like to note that summer trading need much more patience and it will give us less good chances for low risk setup. At the end I like to note again that all what I tried to explain above was view from risk side. My main occupation is to find reasonable (lowest as possible) risk setup and if I won’t see them then I will just wait. I know that could bring us in boring mode, but absolutely better that then loosing account. We had many setups last days, so time for patience.
Wish you all good trading day.
Mentoring program from July 25th - August 5th 2011. For all informations click here
Kind regards
Ivica Juracich
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