Hi Traders
Sometimes a chart looks so inviting that we want to jump in before the trade gets away from us.
One the of the primary principles of trading is to "preserve your capital". We have to take some risks, but we should employ strategies which put the odds in our favor. With that in mind, I suggest that you should not be the first person to buy a declining market. Wait for support to develop first.
Here is a practical example of how to approach a chart, how to avoid a trading disaster, how to filter out those bad trades. Click here for details
GBP/USD-There is a very distinct flag forming on the 4 hour chart, as the cable now approaches the upper level close to the tip of the flag. The local momentum within the flag is moderately bullish yet a very strong cross is imminent on the daily chart, which indicates that the bearish move might return shortly with strong steam...
Regards
Forex.DelijaWorld.com
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