EURCAD 4-24-07: Update

In the Forex market, EURCAD is going through consolidation as we expected. This is due to the Kijun Sen going through the Kumo Cloud. If you are a weak heart and you are WATCHING the charts then you are getting some “grey hair”. Remember, DO NOT watch the charts. We expected consolidation so it will go back and forth. In your account, one minute you will be up and next minute you will be down.
Below, is the latest chart. It shows all the different support levels we will be going through during the consolidation. There is a major consolidation value at S4. Since price is far away from the Kijun Sen and we will have 100+, we will exit at S4 in order to preserve profits. However, we will put another Sell order at Entry 2. It is about 27 PIP below S4 so we are “giving” up this amount. However, that is ok. MONEY MANAGEMENT is a key to trading. Once you have a profit, you have to preserve it. Many people are correct in their trade plan but don’t know how to money manage. As a result, they end up losing all their profits. We will NOT be one of those traders.
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About the Author Manesh Patel