Gaining an Edge over the Forex game of Mind, Money, & Wealth
Wednesday, December 20, 2006
van Gecko 09:55 GMT December 20, 2006
Athens MK 09:04.. GBP/JPY must continue to rise above 234 while USD/JPY stays in a side to down bias in order for Cable to have a shot at 1.98/2.00 near term.. that being said, it had failed on all mid-term extensions up to the 1.93/2.00 zone over the past 25 years with an average correction of 25 figures after each failure.. imo yesterday's move was a cross induced 2 fig aberration..
"The Trend is your Friend.. until it comes to an Inflection End.."
Athens MK 09:04 GMT December 20, 2006
If cable is to maintain it's bullish rise then it becomes important that we have a close 1.9640 level at the end of the day in the US markets. If not then a run at the 1.9420+ area becomes more likely....
What picture is emerging for the end of the week has two scenarios:
1) A stronger sell momentum emerges for the next two weeks if price stays between 1.9850-1.9650 targeting the 1.9150-70
2) A break-out occurs at 2.0 and all bets are off...
What are your thoughts and what can you add? This is for discussion purposes...
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..
Athens MK 09:04.. GBP/JPY must continue to rise above 234 while USD/JPY stays in a side to down bias in order for Cable to have a shot at 1.98/2.00 near term.. that being said, it had failed on all mid-term extensions up to the 1.93/2.00 zone over the past 25 years with an average correction of 25 figures after each failure.. imo yesterday's move was a cross induced 2 fig aberration..
"The Trend is your Friend.. until it comes to an Inflection End.."
Athens MK 09:04 GMT December 20, 2006
If cable is to maintain it's bullish rise then it becomes important that we have a close 1.9640 level at the end of the day in the US markets. If not then a run at the 1.9420+ area becomes more likely....
What picture is emerging for the end of the week has two scenarios:
1) A stronger sell momentum emerges for the next two weeks if price stays between 1.9850-1.9650 targeting the 1.9150-70
2) A break-out occurs at 2.0 and all bets are off...
What are your thoughts and what can you add? This is for discussion purposes...
Comments:
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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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