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Forexpros Daily Analysis - 28/04/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Apr 28, 2011.

  1. forexpros2

    forexpros2 Member

    Oct 20, 2009
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    ForexPros Daily Analysis April 28, 2011

    Free webinar on ForexPros - Mastering Trader Psychology

    Expert: Rande Howell

    Start: Thu, May 19, 2011, 09:00 EST
    End: Thu, May 19, 2011, 10:00 EST

    Mastering Trader Psychology

    The 5 Essential Skills for Peak Performance Trading

    Developing an effective mindset specifically for trading is often the missing element in a trading plan and becomes the barrier to desired success. It is this blindness to the inner game of trading that stops the trader from having a breakthrough in achieving his potential. After endlessly crafting a methodology and platform into a trading plan that should give him (or her) an edge in the markets, the serious trader acknowledges that the problem in his quest for success is him (not his trading plan) and his psychology that actually puts his trading plan into play.

    How do you go about building a psychology of self that brings the missing mindset edge to your trading plan? Find out in this eye opening webinar. You will learn how the interconnection between body, brain, emotion, and mind forges the self limiting beliefs from which you trade. You will see a process built upon 5 essential skills that empower a trader to disrupt the power of fear, anger, and impulse that hijacks the mindset needed to trade. You will also see how to develop a mindset that is rooted in discipline, patience, courage, and impartiality that gives you the psychological edge to use your trading plan effectively.

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    Technical Overview:
    EUR/USD set a fresh 5-month high earlier today after the historical press conference of the FOMC yesterday. From the fundamental point of view we think that the weakness of the USD is about to end. From the technical point of view we can see that the pair is way overbought.

    On the Daily chart, the pair successfully reached the top band of the upward channel at 1.4883 before retreating 40 pips to its current level.

    On the Hourly chart the pair reached the top band, which signals the end of the current short term bullish trend.
    RSI is signaling a reversal.

    At the current levels we are looking for a downward correction.
    These short positions will be for a longer term than usual and with a wider TP.

    Trading Idea:
    SHORT positions can be taken anywhere between 1.483 and 1.488.
    Take profit is between 1.466 and 1.47. Stop loss is at 1.494.
    At the moment we are not looking for LONG positions at all.


    Forex Trading analysis written by Dominic Bromley for Forexpros.


    New on Forexpros, the Forex Volatility Calculator!


    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.

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