I've been studying the markets for about 4 years now and up until the past 6 months, was about breakeven trading index futures. I have been trading forex, both futues and spot, for about 6 months and have been consistently profitable. The daily ranges and the way the currencies trend is unbelievable and I'm wondering if it has always been like this. I can view daily charts up to 10 years ago and see what the ranges are, but I cannot tell how the currencies act within the day. Does anyone have access to a 5min daily chart of the pound and the franc from 10 years ago that they could post? Maybe a narrow range day, and a large range day. I'm just wondering(and praying) this lasts. I don't know why people say to stay away from forex. I think it's the best trading vehicle out there. But to each his own I guess.
how can forex be "the most trending market there is" when any given pair is rangebound due to endless central bank interventions?
damir, everyone sees the trend in different ways. I think that whatever trendfollowing method you choose, it will perform better on EurUSd than SP500./daily bars/. Intraday- the action is choppy sometimes...
The intraday(London/Europe and US sessions) moves in forex, in my opinion, are much larger than stocks and stock indexes, and they definitely trend much better. I don't understand why so many people warn against trying to trade the currencies. If you stay away during the economic data releases, it's no more risky than trading stocks. I became profitable in forex after struggling with the indexes, and if I could do it, so could any other person trading. And the funny thing is all I use are trendlines, moving averages, and bollinger bands. I don't think I even really use the bollinger bands anymore either, they are just on my screen out of habit. Anyways...going back to my original post, can anyone who has been around long enough comment on the intraday moves of the past(~10 years ago) in the gbp/usd and the usd/chf. I'm curious if the intraday moves are similar to what they are today. Not so much in the range, but in the way the moves trend.
Yes, I'm also October. Forgot password on junk email account and ET account at one point in time so I created another username, sorry for the confusion.
Damir, Have you seen intraday charts from 10 years back, or are you just guessing based on the fact that no one has responded? I'm curious to know why you think the current forex market behavior is not sustainable. Thanks for your reply.