Now, let’s talk about what’s possibly going on in the market. The name of the game here is counter-trend. Counter-trend, counter-trend, counter-trend. What that means is we’ve got to look for areas of support to buy, areas of resistance to sell. Because of where this <a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trading”>(this forex trading course explains)</a>market is positioned on the hourly–roughly speaking, here is the daily channel–we’ve got a long way to go on the downside before I even start to look to buy. <a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>(here is where you get the forex trades in an email)</a>.

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However, we do not need to get bullish in terms of trend until this thing breaks about the 5390/5370 resistance point, this triple-top over here. Again, it’s how we break above there. There’s no need to get all freaked out in thinking that we’re going to be millionaires overnight.

What are we looking for tomorrow? Well, we still have quite the resistance area on top of the market here. What I’m going to do is put a triangle - what’s this called? Rectangle. I need to get my seven-year-old in here.

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And that’s why they employ traders like me, because they would tell guys like me, hey, this is what we need to do, drive the pound up above 5000, and then I want you to sell it under 4720, period. And so that has nothing to do with fundamentals, economics, the price of tea in China.<a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>-> this guys trades tell me exactly when to get in and get out! <-</a>.

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And let’s say that their contract has certain conditions that if - and this is very common in forex - that if this, the British pound goes above 5000, but then drops below; let’s say, 4720, they get some kind of good thing, right? And so in other words, what the currency has to do is come up and then come down, OK.<a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>-> this guys trades tell me exactly when to get in and get out! <-</a>.

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So we’re midway through the week. If we look up here at the daily bars, you can see that the pound is challenging the top end of this resistance, which is really keyed in by this prior high in early April.<a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>-> this guys trades tell me exactly when to get in and get out! <-</a>.

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What I was specifically focusing on were the tops here. We covered this in the one-on-one support session. I have actually, amazingly enough, got that uploaded already. In fact, let me pause this and send the email.

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Short trades though, I think we’ve got enough of the double bottom here if the market does break through 4,640. If you’re looking at this in early London hours or early New York hours, and you’re getting a break below that price, perfect are to game the market breaking through. Again, if you have the Forex deal butler, that’s where you want to check out what we call the “Christmas tree” down at the bottom for that selling energy. Hercules traders, also a good area to start looking for that strength or weakness, as you see fit.

So there you go. Nice quick setups for tomorrow. Just stay patient and keep your powder dry <a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>(here is where you get the forex trades in an email)</a>.

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So, even though we’re not, on the bigger scale, doing much, the moving averages are telling us that the market is starting to compress. We’re getting sellers coming in. We’re getting buyers coming in. The price changes are getting closer and closer together. In other words, we’re starting to do this. Any time we do that, we’ve got to get ready for a big move. We need to be aware of the possibility of a break out to the top side indicating a nice solid trend to the upside, and we also need to be aware of the possibility that if price gets back down into this zone that we could be heading much lower.<a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>-> this guys trades tell me exactly when to get in and get out! <-</a>.

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Looking at the daily bars up here - again my computer is running slowly so I’m not going to wait for it. We’re coming off of our resistance area up here. Remember, that resistance area was taking advantage of a resistance zone based on trading back here. This is February and January. We’re caught between the support zone - I’ll draw it in roughly here - which is coming in right about like this and so we had this really small area in the middle, right? So what we can expect is that the market is going to run into trouble as it gets into this resistance area. As it gets closer to the support area down here, we can expect the market to chop around. Now let me say this: if the market does get into this support zone, I’m expecting the market to try and trade back to 4,175, but I’m expecting it to be choppy. I’m not thinking this is going to be some rip-roaring trend to the downside <a href=”http://www.theinsidercode.com/forex-trading/index.php?s=forex+trades”>(here is where you get the forex trades in an email)</a>.

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