Gaining an Edge over the Forex game of Mind, Money, & Wealth
Monday, October 30, 2006
Usd/Jpy Singapore Sling @10/30
After setting new highs in October, the dollar is teasing the bears again by doing a 3 yen liquidity dip to m/t support here prior to another go at the 120's..
The Dollar turning up anywhere within this 117/116 m/t support band would have very bullish implications as it would form a mini Sling within the main m/t Singapore Sling formation retargeting 120+ near term with potential upside acceleration up to the 121.50/122 zones..
Usd/Jpy Monthly & Weekly click to enlarge
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 analytics & 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 inorder to compensate for those times when we are wrong..
The Dollar turning up anywhere within this 117/116 m/t support band would have very bullish implications as it would form a mini Sling within the main m/t Singapore Sling formation retargeting 120+ near term with potential upside acceleration up to the 121.50/122 zones..
Usd/Jpy Monthly & Weekly click to enlarge
Labels: Usd/Jpy
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 analytics & 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 inorder to compensate for those times when we are wrong..
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