Avoiding The Herd Mentality In Forex by Todd Gordon, CMT
ARTICLE SYNOPSIS ...Stocks & Commodities V. 24:13 (58-60): Avoiding The Herd Mentality In Forex by Todd Gordon, CMT
Careful analysis of the technicals along with a good dose of logic and common sense will help you become a more successful foreign exchange trader.
There was some interesting price action in the last quarter of 2005 in USD/JPY, with foreign exchange traders anticipating a break of the important 115 level. They got it, but in a rather lackluster fashion. As it turned out, the real level to contend with was 116. Look at the candlestick lows, closes, and Fibonacci support levels from 2002 and 2003 th...