Gaining an Edge over the Forex game of Mind, Money, & Wealth
Sunday, August 03, 2008
Market Snapshot @8/08
Euro struck in range 1.55/1.60 dancing to the tune of eur/gbp & eur/jpy
need break by the crosses to break range
Euro+UsdChf weekly92-08
DJI+Monthly96-08
DJI@11327, expect correction to 12250-12500 then sell-off to 10000-9500
______________________________________________
"Shanghai bc 11:48 GMT October 10, 2008
Eur/Usd's medium-term correction from 1.60 level coincides with medium-term correction of Eur/Jpy ..In other words,unwinding of Yen-Carry trades was the main force behind strength of Usd and weakness of Euro for the last three months..."
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..
need break by the crosses to break range
Euro+UsdChf weekly92-08
DJI+Monthly96-08DJI@11327, expect correction to 12250-12500 then sell-off to 10000-9500
______________________________________________
"Shanghai bc 11:48 GMT October 10, 2008
Eur/Usd's medium-term correction from 1.60 level coincides with medium-term correction of Eur/Jpy ..In other words,unwinding of Yen-Carry trades was the main force behind strength of Usd and weakness of Euro for the last three months..."
Labels: Euro
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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