I looked at the charts today for a refresher and found out yesterday there was a Downward Trend.It broke my Probable Support at 97.54 and rallied down to a new Support of 96.61,a lowest since 29 March 09.If i was to enter trade and waited patiently,i would have a win of a whooping 96 pips.But personally,it also broke my self regulated rules that i imposed to myself.It is a good lesson to show you guys how effective Support and Resistance if patience is exercised regularly.
There is an excerpt that i want to share:
( We know that prices move up and down.They always have and they will always will.
My theory is that:"Behind these major movements is an irresistible force."
That is all one needs to know.It is not good to be curious about all reasons behind price movements.You risk the danger of clouding your mind with non-essentials.Just recognize that the movement is there and take advantage of it by steering your speculative ship along with the tide.Do not argue with the condition,and most of all,do not try to combat it.) Jesse Livermore