Closed EURUSD with +48 pip profit and USDJPY with -16 pip loss due to heavy speculations in the markets. In a long term I am still bearish usdjpy and bullish eurusd, but for now it is better to sit on the sidelines, because there could be a shift in the market sentiment happening right now.
443 pips for october.
As I am following the AUD/USD market and wanted to combine my views with your views in how you interpret the market.
Firstly, I see an uptrend - (green arrow)
Secondly, I see price consolidating at peak (Blue circle)
Thirdly, I see a downtrend (Green circle)
Lastly, I see price consolidating (red circle)
My thoughts are it’ll continue downwards because of the economic data that has been perceived as bearish.
I have read that Fibonacci is only a self-fulling indicator because all traders use it and do you trade with the mentality of wave cycles? if so, can you explain in detail how you trade, sorry, I am curious as I want to see the market in all angles, it also seems like you take your trading serious, so I want to learn. 