Gaining an Edge over the Forex game of Mind, Money, & Wealth
Monday, April 19, 2004
van Gecko 06:35 GMT April 19, 2004
Euro may be on the verge of repeating late March's 300 pip retracement up to 1.2390.. however, since not all retracements are born equal, the underlying market dynamics may push it up over 1.24 this time..
with 1.19 acting as a baseline, a near term weekly close over 1.2150 may see long time & born again euro_topians doing bull dances in the streets of Barcelona..
Cheerios..
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..
Euro may be on the verge of repeating late March's 300 pip retracement up to 1.2390.. however, since not all retracements are born equal, the underlying market dynamics may push it up over 1.24 this time..
with 1.19 acting as a baseline, a near term weekly close over 1.2150 may see long time & born again euro_topians doing bull dances in the streets of Barcelona..
Cheerios..
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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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