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Trade the Trend or Trade the Double Top?

Trade the Trend or Trade the Double Top?

Richard Krivo, Trading Instructor

 

Power Course Instructor’s Response:

Yes...a temporary resistance level has formed. That does not necessarily mean, however, that the pair will be changing direction in any permanent fashion. To try to trade "counter trend", is to invite more risk into a trade. The strongest tool that we can use to determine the direction to trade a pair is the Daily trend...all else is secondary.

The higher probability trade will always be in the direction of that Daily trend. The greater likelihood of success will be to look for buying opportunities based on how this pair has been moving. Take a look at the chart below for a visual...

That being said, what you suggest could in fact take place but it a less likely event than the pair continuing higher.

 chart 10 12 09

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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