I am new to this forum and would like to give you an insight into my trading.
I have been trading EUR/GBP for over a week now and was last up on thursday over 200pips ( I am shorting this pair). I also placed a long on USDCAD.
What so many people dont realise when trading forex, is that it is all about the bigger picture. If the economey is looking glum people will buy into low yeilding currencies ( safe havens) and when people are happier they will buy into high yeilding currencies.
Well just a note, your long USDCAD when price is approaching major resitance, well still 3/400 pips north. I’m waiting to short the USDCAD as the Fundies point to USD and CAD at or around par for the next few months… Long 1.02/03ish short 1.07ish… ping pong
Fundamental analysis certainly is important, but when you are a short-term trader, the significance of it decreases. It really is all about the type of trading you embrace - long-terms traders would be at a major loss without a proper idea of the larger picture, but for short-term traders technical analysis is most important.
