Alright so I’ve actually been studying for about 2 months, half way done with the School, have read the top PA threads on the sight, but am still extremely confused about 1 particular thing.
I am in the US, so my account would be open in USD. If I am looking on the EURUSD charts & I ‘buy low’ & ‘sell high’, then I’m buying the Euro low, the Euro then gains strength, so when I ‘sell high’, I get more USD back, so I make profit.
But let’s say the trend is down on the EURUSD (USD gaining strength). Is my only opportunity to make profit on pullbacks? So even with the downtrend, still buy low & selling high, relative to that particular PB?
Are these my only 2 ways on making a profit off of a trade (understanding my account is in USD)?
- Major uptrend (buy low, sell high)
- Down trend w/ pullback (buy low, sell high)
I ask because in certain threads people are discussing their charts, and it may just be poor usage of the english language on their part (which is fine), but they seem to be buying high and selling low. That makes me think they are looking at a EURUSD chart, but are in fact trading on the USDEUR chart which would translate to a buy low/sell high on the EURUSD.
Thanks in advance.