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Posted on November 23rd, 2009 by James Alliss.
Categories: Forex.
As we often see on a Monday price made a reversal. I have just taken a short trade on the retracement @ 1.6604 based on price action on the 4 hour time frame. I’ve been taking trades lately only for my stops to be hit by literally a few pips and then going the right way so I will not be showing my stop on this trade - I’m sick of the unethical practices that go on in Forex. Putting a stop on is basically showing the market your hand, so I’ll be using a mental stop on this trade. I’ve seen so many occasions whereby my stop has been hunted and then reversed, it’s almost unbelievable when you see it as often as I have.
That’s my rant over.
Where do I think price is going? I have no idea! My educated guess is still down to the 1.6300 area so that’s what I’m targeting.
James.
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