One thing I love about trading is that there is no right way or wrong way to trade. Only your way. Both AoA and myself we love DMT. But how we go about is completely different. AoA has more of an investor approach. He’ll hold a position until the end and that could be months. I’m more of a speculator. I’m happy to close a position in loss if it means freeing up capital. How you trade is defined in your plan.
Obviously pivots and candlestick patterns play a big part in your plan along with price action. Personally pivots mean nothing to me and candlesticks are a necessary evil. They lag, repaint and are distorted by volume on time charts and shift on a tick chart. Highs and lows my friend that’s whats PA all about. But that’s how I see it.
What concerns me but is this statement
but the reality is that their is an unlimited SUPPLY of lots, and the market will MOVE against the demand in order for them to make profit.
The reality is there is a limited supply, even in the world of currency. And the market doesn’t move to profit. There is no market, just a market place. Lots of them. And in these market places businesses conduct foreign exchange. Why these organisation do this and the shear volume they do it in is beyond my comprehension but it happens. Every single day. And like all market places the buyers want to get their goods for as cheap as possible, all sellers want to get the maximum value. They’re not looking to profit, just the best outcome for their needs.At least 80% of the volume is done for reasons other than profiting from speculation. Price movement is a result of these transactions, supply and demand. We’ve touched on earlier. A high then denotes that exact point in time where those wishing to buy simple wont pay the price sellers want for their goods.And a low represent that exact moment in time when sellers are no long willing to supply their goods. Currency the ultimate commodity.
Of course I’m willing to have my views scrutinized. My learning is continuous and if my understanding is wrong I would like to be corrected.
Bob,
Too much thinking about things you have no control over. The price is what you have to focus on. Rats are gone by the time you digest your analysis.
EUR / USD rose about 400 pips after the news of the Fed.
The EUR / USD moved above the falling trend line from short-term maximum of 26 February, to hit resistance at 1.1045 near the 61.8% retracement level.
Subsequently, the pair retreated to trade below 1.08000.
The rise is far from being a sign of trend reversal.
I guess we are not going to see a major move today, data release out of US today failed to have big impact on this pair. Eur/usd back to the range between 1.0650-1.0700.
The news yesterday caused EUR/USD to move to the upside but the pair reached the resistance at 1.0950 and returned to its previous levels. While I am convinced that the bearish trend will continue I am not sure that the consolidation is over yet. The only thing that can convince me is the pair breaking below the support at 1.0480.
Hmmm… I just did the most stupid thing a man could do in the world.After an hour or so ago i recognized a rectangle chart pattern at the 15min chart and after getting “bored” at watching the consolidation going up and down and because i was a bit disappointed by my past mistakes on recognizing patterns, i was surfing the web at the same moment.So i forgot to use an order and simply missed a 20 pip quick profit. Am still thanking the forum and their awesome school program from making me stick to the demo. A lesson well learned here. But at least i was right at my decision
Does this mean that you should not trade 15M charts? Are you unable to check the data every 15M on the clock and make necessary updates and therefore will you too often miss opportunities or fail to cut losses?
That is exactly what I found. Although it may be possible for someone else to make more profit trading a 15M chart while updating every 15 minutes, I can’t keep up with it so I trade daily/weekly data which I can consistently keep up with.
Well not really, at the moment i really love 15min charts, but i’m gonna try 1 hour just to test a few different techniques. What i learned is, that i should be a bit more focused. It was my bad. After all i didn’t deserve that (Virtual) money, since i didn’t work hard for them so i could catch the opportunity.
[QUOTE=“Abdul2012;690140”]The EUR/USD fell to the 1.06-1.07 level today and soon we are going to see more down to the pair as the bearish trend still strong.[/QUOTE]
I’m still waiting it reach 1.0492 getting short on this
Ok guys we are currently at asia open. We now have a new calculation of daily pivots. The current price of EU is 1.06663 Will EU touch the main pivot (1.07333) or S1 pivot (1.05477) first? Currently EU has rejected off of the 1.06775 resistance which it had yesterday. Should the price close across that price on the 5m then the buy side would be the strongest move. Until then EU is a scalp sell.
You mentioned their is a limited supply? Are you suggesting that there is a limited amount of LOTS which can be purchased from the open market? If so, what would that amount be?
Good morning Sir. When I referring to the supply having no limit I was referring to us not knowing what is the total amount of lots which any one person can own of a currency pair. Although, the broker can say you can not have an order larger then xyz amount of lots, you of course still can place another order buying/selling more if need be. Essentially not knowing the “A/S” of the amount of lots of any currency pair is the small little detail which makes price guessing almost impossible.
Good morning… We can see that after EU has closed acrossed the price of 1.06775 it then spiked to 1.06949 and has been bouncing in a range every since then. EU still has to touch the main pivot or R1 pivot prior to close today, or come very close to doing so. Being that EU at this moment is closer to the main pivot, one would assume that the main pivot will hit first, but should EU close under the low of 1.06552 BEFORE touching the main pivot 1.0733 then EU will have a MASSIVE pullback to the down side
