At the crossroads, right near support. The current retracement is still in effect. Metals were hit hard. Gonna be a devils advocate and using the theory market always does what is least expected and the current negative bias in metals crowd are wrong, my call, USD Index is going down, an opinion only. The metals in particular appeared very bearish right across the board, am likening it to a blowoff bottom. The Australian market often leads, lets see how today plays out. ASX just now opened.
Hey buddies, no time no see. I don't lose a single day anymore. Hope you guys doing well too after all trading is doable, Well thanks to my PhD research
Hi victorycountry, is it possibly to briefly outline the reason for your jubilation if not already done so in another thread? Congrats btw
First, better not incorporate fundamental info to your trading decision. I can guarantee you that from a consistent performance perspective, you will lose all money. Second, follow a trend because the trend is your friend. I know that's not as easy as saying. I follow a trend but banks do change their direction. why? To do Breakout. Study key moving average levels and see what you can learn from it. Market makers will do one thing all the time - breakout and develop momentum from there. Third, your treasury map are daily, weekly and monthly charts but your fight is on intraday. Make sure you check key moving average levels. For example, I was trading pound last Friday. I often discuss my view in one of active FX forums. There was a double bottom at 1.291 level and banks made a breakout from there. I immediately knew they were targeting MA 250ish on H4. So I waited for a good long entry level and opened a long at 1.293 with stop loss at Friday's low given that they made a breakout of key resistances earlier. It shootup to 1.297 level. I hedged my long by selling there. From my past experience, I learned that it's not a good idea to hold that position when it hits a key resistance/support. I saw nearly 100 % of traders on that forum opened shorts there. I told them, I would rather wait for another long position given that it was heading to daily MA 50. Roughly half an hour later, pound made another shootup to daily MA 50. All of traders who opened up shorts at 1.297 level became deadmeats. At that daily key resistance, I knew it would make a retracement, so I opened a short at 1.302 with a stop loss at 1.303. Guess what, it collapsed and made a new low. My point is unless you forget about fundamental info and just follow a trend, you won't survive in forex. Maker commentors/reporters have no idea of how markets are driven by banks and hedge funds. Do you think economists know anything about how markets work? no, they are dumps and only talk about textbook theories. People in Goldman sache seem to know though. Banks and hedge funds, they collude. Markets are not driven by fundamentals anymore. It did perhaps until 1990s. Not anymore. "Manipulation", believe or not, that's what drives prices these days. And again believe or not, this is the holy grail Good luck boys
Sheesh, what an excellent post! The MA250, is this something to look at? Never considered this level MA as being an institutional level standard. I thought perhaps MA50 & MA200 but I also plot MA10 & MA20. Btw, I dont trade fx, but look at DX constantly as for my style of trading, this is the kingpin, very much linked to moving metals commodity prices around. Strangely enough, I once was not a believer in ANY indicators, but since creating Supalgo which I run a journal on here, have noticed the MA50 & MA200, prices react as prices crosses these constantly, not so much small caps, but mid to large caps. My method is breakouts.
Last 6 days range bound circa $95 to $95.5. Wondering which side it will breakout, may go with some speed when it does. Atm I'm favouring a move to the downside.
Long usdjpy 111.25. I'm prepared for some vol, stop at 111.02 no particular reason just have to have one. Big triangles on multiple charts.