A number of pairs look to me like they are trying to reverse direction, USDJPY being among them (long @ 112.24).
USDJPY has returned most of what it “stole” from me when it stopped me out. But after nine or so days of decline, I would expect it to climb even higher, as my charts suggest to me it is structured to do. However, I would need for it to pull back first to justify reentering a long position to realize a profit on top of my having essentially just broken even. I hope it gives me the opportunity to do so.
My trading is based on Christian principles, on being able to recognize and then correctly interpret what I observe. To paraphrase the Messiah: “You find it easy enough to forecast the weather—why can’t you read the signs of the times? You know how to tell a change in the weather, so don’t tell me you can’t tell a change in the season. You don’t have to be a genius to understand these things. Just use your common sense. Look at a fig tree, or any tree for that matter. When the leaves begin to show, one look tells you that summer is right around the corner. The same thing here…” For me to bet on intuition, from my perspective, would be little better than gambling, which I regard as unbiblical in that it sort of disavows the sovereignty of God. Ultimately, I look to the Lord for direction—not chance, luck or intuition. That said, USDJPY has to all appearances been quite determined to head north ever since March of this year. It has yet to show any signs whatsoever of discontinuing its most recent leg up, which it initiated about nine days ago, with no persistent pullbacks in the last five or six days, so my plan was to enter a long position as soon as any pullback DID occur, which seems to be happening now @ 113.93. So I'm planning to enter a long position at any moment, as soon as the intraday trend returns to a bullish sentiment.
Do you believe in chance or consider the world deterministic? I mean if you think that everything is planned by god then you don't need to worry about the outcomes what removes a lot of psychological pressure in trading. Also trading is a zero sum game, don't you think that beliefs and God and ripping off somebody from the other side of the market somehow clashes (your gain is somebody's pain)?
World War I started the break-down of the gold standard system. Nations began printing money in order to spend more on their war efforts and large military projects. The financial needs of these large projects were so huge that the amounts of gold were not enough to keep up with the speed at which governments were printing. By the time that World War II came to an end the system had broken down altogether and the Bretton Woods Accord was convened in July 1944. The main mechanism of Bretton Woods was the pegging of foreign currencies to the US dollar. This system helped the global economy rebuild in a stronger more stable direction. The Bretton Woods accord faced major challenges as gold prices began to rise creating higher levels of inflation into the 1970s. In addition, the pegged currencies nations struggled to manage the value of their own currency. Further to this, the value of the dollar itself was subject to fluctuations in the price of gold. A move upwards in gold prices triggered a run up in the value of a dollar and this contributed to the inflation crisis of the early 1970s. To take action to remedy these challenges, then US President, Richard Nixon, eliminated the gold standard for the US dollar in 1971. This action ushered in the age of the free-floating currency market and gave rise to the modern-day currency OTC market. Forex trading facilitates the conducting of business by large companies who operate in multiple countries and require the various currencies for international commerce based transactions. Moreover, it is a by-product of trading other assets such as commodities and single stocks. The main participants in the Forex market are large international banks and financial institutions who facilitate trading between a diverse range of buyers and sellers. Trades that are executed between foreign exchange dealers at these institutions are typically very sizeable, involving hundreds of millions of dollars. Most foreign exchange dealers are the banks themselves and thus transactions between these parties are now referred to as the interbank market. However, overall the Forex market operates across a number of different levels that in fact involve smaller transactions, including retail brokers and individuals. "Ripping off" is a synonym for stealing. The definition for steal is: to take the property of another or others without permission or right, especially secretly or by force. This is illegal. There are laws against it. If this is what I am doing, there is a very simple remedy. I should simply be prosecuted, convicted, and sentenced to prison. (But of course, this is not what I am doing, so what more can I say?)
If you think everything is planned by God, then you don't need to worry about the ULTIMATE outcomes IF you abide by his WORD. But even God Himself—the Messiah—was worried about having to hang on the cross, and in fact, was in such anguish that "His sweat was like drops of blood." (You are making as if life is a lot simpler than it really is.)