Forex Market Season

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You can tell the summer is over and people are back to work. The kids are in school and the football season has begun. Although these are not the major indicators the Forex market uses to determine liquidity, it may have some effect. You never know.

The Forex technical charts are showing more movement. It looks like some of the big money institutions are back and ready to play. Now is the time to buckle down and dust off the brain. You may have gotten away with some lazy trading in the last couple months because of the lack of movement in the Forex markets and tight trading ranges, but now it's back to reality.

And this is all good news. The frustration of finding new and creative ways to make money during the summer Forex markets is over. The chart of the EUR/USD is proof positive that things are on the move. The support level that was mentioned last week at around 1.26 held like a champ, and now it's moving upward. If you started your buying at around that level, not only are you pleased, but you could be pyramiding and adding to profits.

You might have taken profits at the resistance level of around 1.289, and that's okay. No one is going to argue about taking profits. It was a legitimate resistance level and should have been respected. Another approach would have been moving up your stop-loss, lightening up your quantities, and test the resistance line. If you did that, you're smiling today. Now, stop smiling and consider adding on to your position. Yesterday's accomplishments have nothing to do with today. That resistance line is now a support.

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