I am new to trading and have only been trading about 2 months or so. I have been watching the EUR/USD pair lately, however, it seems that everytime I put an order in with the direction the pair is moving, it always goes the other way. Sometimes it even feels like I’m putting entry orders in when the trend is about to end and start to reverse. For example, I think the pair will sell but then as soon as I sell, it starts moving in the other direction. I’m not sure if right now is the right time to be buying/selling this pair as I can’t seem to find much movements or trends in this pair over the last week or so (at least not after the QE).
At the same time, I’m slightly confused which time frame to use sometimes. I did start off using the 4 hours or more time frame and find it has slightly more ‘weight’ to the trend than the < 30 min time frame. Am I using the wrong timeframes? I’m new to trading so would appreciate any thoughts or help.
I like to trading this pair EUR/USD because this pair is most volatile. I am sure by trading in a volatile pair of market, I can maximize my profit in short time. He he he
I trade this pair but have also looked at usdcad and audusd as there are very strong trends there.
When you say the price immediately moves against you, it can seem like that if your platform shows the buy price and then changes to the sell price once you have bought as it now reflects the spread
From the July 24, 2012 low to the May 8, 2014 high, the EUR/USD was in a primary upward trend. The pair broke the upward trend line July 18, 2014 and fell below the February 3, 2014 secondary swing low on July 22, 2014 to confirm the end of that upward trend. Since then the pair has been in a primary downward trend. If you want to trade with the trend in this pair, you will be going short.
AND REMEMBER:
May the forex fairies fill your fold with a fat flock of funds.
Thanks for all your advice! I guess sometimes I’m fully reading the analysis that well yet as I’m still new as price starts moving in the other direction by a fair amount of pips as soon as I enter. Also, can I ask what time frames you look at? I know this depends on your trading style and everyones different, but I seem to be moving between a few charts so then I hesitate about what I’m seeing so I’m just trying to see what I’m doing wrong.
