Why Risk Management Is the Most Important Skill a Trader Can Develop

NAS100 getting a lift from cool US core CPI but still needs to take out a stubborn 29853 resistance to build momentum for a run back to 30K+.

Otherwise, more chop expected and dependent on 29K+ trading to keep a bid.

US500 spike higher following tame US core CPI would need to take out 7582 to build momentum on the upside.

Otherwise, dependent on 7500 holding as support to keep a bid.

Post CPI pop would need to take out 1.1462 (tested) and 1.1473 (also 50% of 1.1622 => 1.1324) to put 1.;15 and 1.1508 (61.8%) on the map.

Otherwise, focus stays on 1.1450 to set its intra-day tone but with a limit on its downside while above 1.1430.

The move above 78.83 on this CFD chart) confirms the break of downward momentum and the low is in for now.

With next key levels far away, it likely leaves a focus on $80 to set its tone.

Pause above 1.3322 support so far checking downside but to negate current down momentum that started with last week’s 1.3451 high, 1.3412 (blue AT line) would need to be broken.

This leaves GBPUSD consolidating with a weaker EURGBP providing some support.

While up momentum is building on other time frame charts, the daily chart shows .5864 as the level that would need to be broken to break the back of the downtrend and confirm the low in in.

Otherwise, upside will be contained but still keep a bid as long as it trades above .5743 (4-hour support).

There are times when pivotal round number prove to be more important in setting trader sentiment than any specific chart point.

One of those pivotal levels is XAUUSD 4000, with a bounce Back above it following a pause above 4060 3960 and 3942 supports has cooled the downside risk but not negated it.

USDCAD building momentum to the downside following

While trade is below 1.4150, potential targets are 1.4000 and 1.3950.

USDCHF on the verge of testing its near one year high (.8170). If broken, next key level is .8476.

Key weekly (buy on dips support ) .7910