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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.


I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program


Additionally, you can now get access to what I consider to be the best stock options trading alert service.


Of course I am biased and with a success rate fluctuating between 68.2% and 72.4% it is hard not to be biased.


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Until next time

happy trading 

Mr Phil Newton or on LinkedIn Phil Newton trader

Week Comm 21 Aug

Phil Newton's picture
I'd like to repeat a chart I posted last Tues (15th), showing the updated journey centered around this near term top channel which was expected to provide decent supply (resistance) on Cables shunt to attack the prev highs............ it's now residing at a near term crucial support & attempting, yet again, to mount a challenge back towards the range-channel barriers......we know the aims & objectives of the (Cable) Bulls, and by observing the larger timeframes, we can plot a possible counter move to glean one or two near term aims should they falter & begin to exhaust.......... this type of (top down) analysis helps to offer an unbiased view, highlighting clear each way markers should the immediate bias begin to tip the other way.......... it's no secret I'm an aggressive $ Bear for the most part (this year), and have been selling the buck hard on trips back to $ resistance zones.....but to stubbornly refuse to acknowledge the possibilities of potential u-turns in mid term sentiment, would be suicidal......... I will & do trade to the Bull side, & these types of scenario's are where I/we will punt the counter trends to protect & accumulate profits......area's of possible counter trend traffic (channel & range boundaries)........... I appreciate & totally empathize with the tack folks undertake by preferring to trade via the smaller frames....r/r in accordance with account balances etc make it a very tempting & sensible practice.....but it's still imperative these larger frame references are observed........ they offer a wider perspective & help illuminate any possible glitches to near term range-trend barriers.......after all, it's the 'big boys' who control this playground, & they're playing to these kinds of rules........... everyone can still take a piece of the pie, but you'll stand to eat a far larger slice if you begin to think & act (pro rata) they way they do :wink: anyhow.......the reasonings on the first chart are (hopefully) annotated by references on the following 2............ keep it tight for the remainder of Aug, we're still in shallow waters (volumes) & good luck for next week :)