I got mail from my broker that the USD news today is likely to be pessimistic,
so the EUR/USD will likely go UP in value if im not mistaken?
Does anybody else agree with this?
My advice is to ignore any prediction these people make. Your broker says pessimistic, mine just got done saying the Fed should be more hawkish this time out. They’re guessing.
Anyone who trades forex based on the assumption of what certain people may or may not be thinking are going to have a really rough time at this.
Get good at charting and let the chart tell you where to go. And avoid big news events like this, ESPECIALLY when it’s not based on hard numbers like most of them are.
And yes, a weak dollar would make the EUR/USD go up, assuming the EUR isn’t even weaker.
[QUOTE=“ViciousP;706391”] Get good at charting and let the chart tell you where to go. And avoid big news events like this, ESPECIALLY when it’s not based on hard numbers like most of them are.[/QUOTE]
You mentioned to get good at charting, well I got 2 questions:
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We’re talking about Fundamentals here, and charting is a part of technical analysis…?
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Do I just keep practicing and get better through trial and error? I’ve been doing it for 2 months almost 40 hours a week and I still struggle to find good entry points
I agree with ViciousP: it is dangerous to make predictions at this stage…
I like this video by John Kicklighter, Chief Currency Strategist for DailyFX.com, which he published today,
and deals with all the possible outcomes of the FOMC rate decision today:
I’m honestly starting to think this is all a bunch of bs… I guess each person has their own explanation for what’s going to happen and nobody really knows the direction so might as well just flip a coin and decide
my broker says USD will depreciate ==> EUR/USD goes up
online professional traders say No rate hikes ==> EUR/USD goes down
Either way,
if you have time (or can be bothered - I know it is not of interest to all traders(!)),
you can watch the Yellen press conference live here, while watching the effect it has
LIVE on your EUR/USD chart:
I will be making a video tonight to show the market reaction to the FOMC rate decision outcome
and to the Yellen press conference…
Check it tonight/tomorrow 
and most of all,
good luck
(and try not to think about that $180 loss)!
Every time I sit out I at least don’t spend anything… nobody knows…
Dammit I had a perfect entry but closed my order an hour ago at +12 pips… could’ve been +70, For some reason I never enter the profitable trades but always enter the bad ones
Lets hope for better during yellen
Sorry…I know how you feel… I console myself thinking: had I got in
with the wrong bias, I could have lost much more…
+12 pips is better than -12 or -120 pips!
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Yes it is. It’s pretty much the definition of TA. Using the left side of the chart to hopefully predict what the right side is going to do.
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A big YES to that. I started in 2010, did a ton of trial and error, blew out three trading accounts, but I stuck with it. When I finally got good, I got really good. Now I’m a professional prop trader, which was a dream of mine.
[QUOTE=“ViciousP;706508”] 1) Yes it is. It’s pretty much the definition of TA. Using the left side of the chart to hopefully predict what the right side is going to do. 2) A big YES to that. I started in 2010, did a ton of trial and error, blew out three trading accounts, but I stuck with it. When I finally got good, I got really good. Now I’m a professional prop trader, which was a dream of mine.[/QUOTE]
Thanks, that just gave me some hope despite having gone through a tough time trading this week… It’s a dream of mine as well, I like scalp/day-trading but I wonder how I would be able to do that when I start college this fall.
Hopefully I’ll look back at this in 4 years and have a laugh
I say it all the time, trade the daily timeframe. It’s way more accurate than 15m charts, and you can relax and live your life. And you’re gonna have quite a life once you get to college. Spend it drinking beer and chasing girls, not staring at charts all night. Check in during the afternoon when the daily candle closes, run some tests, and get on with the rest of your day.
So many people, especially new traders, are in love with small, less accurate timeframes. If you can get away from that, you’ve already gotten a lot better.
market is dynamic, you have to compare charts of different time frames to make decision. daily time frame offer more accurate prediction of buyers or sellers cos’ it’s collective of the smaller time frames.
i am using 15 mins and 30 mins for entry; 4 hour and daily to decide to go for long or short. i have to agree that daily chart is critical.
For long term trading time frame can be weekly and daily, to make entry use h4. For day traders daily , h4, m30 or h1 combination is good. It is very difficult to make consistent profit in day trading and also it is more stressful and it is my personal opinion.
I’ll go as far to say that you do not need to drill down to lower time frames. All that ended up doing for me was making it so I missed out on some very good trades. When I took that aspect away from my trading, it instantly got better.