Hey guys I'm quite in a jam on this chart. This chart represents USD vs Iranian Rial, so I have to explain something. A month ago Biden was elected president and USD took a big hit. in 2 weeks, by the time Biden is announced president by the Congress, USD will take another hit. For the moment there's no big thing going on in the economy. With that being said, the damn thing has me confused. Care to share your opinion?
Political beliefs and making money trading are like oil (no Iranian pun intended) and water. They don't mix. Rial really??????
The chart is not confusing. It is rather trendy. The chart simply says the price has been going up for many many months. Now it is taking a rest. In trading , we hardly use reasoning / logic. we just focus on the chart. reasoning / logic and trading don't mix.
It was a big surprise to me a few years back when I realised I found economics and geo-politics personally interesting. I Googled quite a bit on the subjects, I watched some terrific interviews with renowned experts, I bought some interesting books, I had a subscription to The Economist....... However, it didn't improve my trading.
Wow, that is exactly the path I am going down. I've been addicted to economics youtube videos and political news. I guess I know that it won't pay out, even if it is interesting.
definitely an interesting level to watch and see how price action goes, sitting on the longterm trendline... looks like maybe a 6 month head an shoulders pattern also developing... in my opinion.