I observed EUR/USD was going down rapidly today. Please tell me what is the main reason for this movement?
ECB interest rates. You should and need to know these things
Thank you. Now I am learning Forex. Hope I will find these terms next few days.:33:
That would be a fair comment in the fundamental trading thread.
In a price action thread the why is really unimportant.
All that matters is the reality
Price is going down - Trade Short
Price is going up - Trade long
see my other post.
http://forums.babypips.com/candlesticks-chart-patterns-price-action/68477-eur-usd-when-will-go-up.html
Guess I know who’s funding my account then.
So what happens when the markets corrects and your on trade?
Price action takes me out
You can have the Pips I leave on the table waiting for the trend and lose to my TS.
I’ll take the ones you leave when you jump out of a trend that keeps moving when the fundies say it just can’t possibly do that:13:
Friend, what you see as a trend I call my market bias and I won’t trade against it unless I have very good reason. But its the fundamental that drive these trend and allows you to tell the difference. At what point does correction become reversal?
I agree its the fundamentals that drive the event but in the end it is the event that matters - look at the Euro here we know after the event what caused it but did the fundamentals help the average trader - probably not because the market had already moved most of the way before the news got out.
Do I know now if the market correction then was too much or too little or if the Russian peace deal is going to overwhelm it and drive the euro sky high.
No I don’t know this, I will look at the direction and speed the market is going in and trade it !
I made very little out of this Euro deal because all the crosses had consolidated and made almost no movement all that day. I knew that a big drive was quite likely but had no idea of the direction. So was out sitting on the sidelines.
Did the news help jump on the move halfway down any more than the price action helped me?
I doubt it. Does it tell now if the correction and the Pullback are completed - maybe others can read more into the fundamentals than I.
I’ve been there done that and am little richer for it, so now I just won’t jump in front of freight trains and not allow anything to tell me the tops and bottoms until the price tells me which way it wants to move.
Good trading Friend
Lets go grab some pips
DT