Gaining an Edge over the Forex game of Mind, Money, & Wealth
Friday, August 25, 2006
van Gecko 08:39 GMT August 25, 2006
The Path of the Euro:
the Past,
bulls are getting excited at the apex of the 5 year bull triangle.. Specs at record long anticipating 1.35 to break to resume the march to 1.40.. 1.50
guess what happen after?
the Present,
bulls are very happy & getting excited again at the apex of another m/t bull triangle.. record longs anticipating 1.30 to break & looking for 1.33 - 1.40 again..
against this backdrop, may be the only positive factors going for the bears are good long & mid term Dollar divergent support @ USDX 84.50 plus major crosses exhibiting Dollar friendly bias..
the 'Future'
good size s/t stops below 1.27 along with m/t bull stops stacked below 1.26~1.24..
breaking below the s/t 1.26 target expose the m/t channel support with potential fast break down to ~1.24~
m/t targets below 1.24 -> 1.1850 <-> 1.1550 ~ 1.13
FwIwW..
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..
The Path of the Euro:
the Past,
bulls are getting excited at the apex of the 5 year bull triangle.. Specs at record long anticipating 1.35 to break to resume the march to 1.40.. 1.50
guess what happen after?
the Present,
bulls are very happy & getting excited again at the apex of another m/t bull triangle.. record longs anticipating 1.30 to break & looking for 1.33 - 1.40 again..
against this backdrop, may be the only positive factors going for the bears are good long & mid term Dollar divergent support @ USDX 84.50 plus major crosses exhibiting Dollar friendly bias..
the 'Future'
good size s/t stops below 1.27 along with m/t bull stops stacked below 1.26~1.24..
breaking below the s/t 1.26 target expose the m/t channel support with potential fast break down to ~1.24~
m/t targets below 1.24 -> 1.1850 <-> 1.1550 ~ 1.13
FwIwW..
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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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