Black Belt Traders don't get caught in those traps and consequently had another great day. Our traders learn to hold multiple scenarios in their heads, and, based on price action and our DPIs (Direction Point Identifiers), go with the market. Our DPI in eur/usd was 1.0626 which we've spelled out here for weeks. So we simply got long at 1.0627 and rode it to 1.0690, sold 1/2 up there and will do no worse than scratch the rest. That's how you do it.
DPIs (Direction Point Identifiers) burst onto the currency scene three years ago and have totally revolutionized the way swing trades are entered and monitored. They are the simplest form of entering a trade and they solve several major trading problems: they keep you in your winners, get you out of your losers quickly, and eliminate overtrading. They require no thought or agonizing over mountains of information being tossed at you. They are simple calculations using proprietary technical indicators coupled with near and intermediate price points where the market has reacted.
Black Belt Trading techniques were developed by Jeff Wecker, international trading coach and former member of the CBOT. Jeff currently coaches traders in the U.S., Canada, the UK, India and now Argentina. He is also internationally known for the "Currencies and Coffee" club he runs on Skype daily from 6AM to 11AM CST. In this setting Jeff makes trades in his own account and explains the Black Belt Techniques as he goes.
PS.....ask for a free synopsis of Jeff's upcoming book "How to be a Black Belt Trader"