Bid Dog Trading Secret Dec. 04/07
Forexmentor.com Forex Trading Price Action
Even though the 200 EMA may be trending up on the hourly and 15 minute charts, make sure to observe the attitude of indicators like MACD. If it is trending down, with good angle and separation between it and its trigger line, wait for it to turn up into ‘buy’ mode, before hitting the enter key. Just because the trend is up, as reflected by the 200 EMA, you have to be patient, and wait for the right entry point(s) – as price saw-tooths its way up the chart.
The age-old truism in trading circles is: “Buy the dips in an uptrend – sell the rallies in a downtrend.” Use the 200 EMA to find out what the true trend is, and then be like a fox in the bushes waiting to pounce – ever so swiftly.
This is just one of the many Big Dog trading secrets we talk about on a regular basis in the members area at www.forexmentor.com. See you there – and at the top – and at the bank.
–Peter
forexmentor.com
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