Gaining an Edge over the Forex game of Mind, Money, & Wealth
Saturday, February 28, 2004
Usd/Jpy may be the gatekeeper here as to how far the Dollar will correct in this round.. above 110 could send Euro back below 1.23 in a hurry while giving up 108 again will see Euro bulls start hollering for 1.30 again..
Consecutive monthly failures by Euro up at the major 1.29 level along with Usd/Jpy's 3 month high closing above 1.09 last week are short term Dollar positive.. Gold, with its role as the main hedge against falling Dollar, had fallen from its 430 peak and closing below the 21 week ma suggest futher correction down to the 380/375 levels..
Therefore over the short term, it is a reasonably good bet that the Dollar have more room to correct vs the Euro & other major currencies..
van Gecko 15:13 GMT February 26, 2004
gbp/usd confirming her Majesty's 'January Drop/February Flop' habits..
a return down to the decade long 1.70 range top may be in order m/t.. below, one can't rule out another 15 figure decline down to the 1.55's..
below 1.8550 this week would enlist more conservative short marching soldiers to join the rank of some brave contrarian soldier from up at 1.91..
Trading is not an exact science contrary to the popular belief of most new or inexperience traders.. In trading, we must allow for some margin of errors within our defined risk & trading time frame.. allowing for this margin of error under the constraint of trading in micro time frames with stops & profit targets all inside a small fluctuating market noise band in hope of achieving consistent profits over time is very difficult, if not impossible.. as whenever we are right, we are only small right within the confine of the small P/L band which limit our odds to playing for break even at best over time.. Trading longer time frames allows for a wider margin of error but at the expenses of increased risk.. however, the odds of being right & achieving consistent profits over time are enhanced when good market analytic & trade management strategies are applied under the proper market bias.. When we are right, we need to ensure that we are bigger right over an expanded profit band in-order to compensate for those times when we are wrong..
Consecutive monthly failures by Euro up at the major 1.29 level along with Usd/Jpy's 3 month high closing above 1.09 last week are short term Dollar positive.. Gold, with its role as the main hedge against falling Dollar, had fallen from its 430 peak and closing below the 21 week ma suggest futher correction down to the 380/375 levels..
Therefore over the short term, it is a reasonably good bet that the Dollar have more room to correct vs the Euro & other major currencies..
van Gecko 15:13 GMT February 26, 2004
gbp/usd confirming her Majesty's 'January Drop/February Flop' habits..
a return down to the decade long 1.70 range top may be in order m/t.. below, one can't rule out another 15 figure decline down to the 1.55's..
below 1.8550 this week would enlist more conservative short marching soldiers to join the rank of some brave contrarian soldier from up at 1.91..
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Trading is not an exact science contrary to the popular belief of most new or inexperience traders.. In trading, we must allow for some margin of errors within our defined risk & trading time frame.. allowing for this margin of error under the constraint of trading in micro time frames with stops & profit targets all inside a small fluctuating market noise band in hope of achieving consistent profits over time is very difficult, if not impossible.. as whenever we are right, we are only small right within the confine of the small P/L band which limit our odds to playing for break even at best over time.. Trading longer time frames allows for a wider margin of error but at the expenses of increased risk.. however, the odds of being right & achieving consistent profits over time are enhanced when good market analytic & trade management strategies are applied under the proper market bias.. When we are right, we need to ensure that we are bigger right over an expanded profit band in-order to compensate for those times when we are wrong..
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