Thanks guys. Glad to hear some people are doing well long term. Gives me hope.
Thanks guys. Glad to hear some people are doing well long term. Gives me hope.
Consider it. Market is pricing in the simple fact that UK is in huge trouble which explains the levels pre-announcement. GBP has been dropping like a rock lately. Market even priced at the .75% reduction that's intended to help alleviate the credit problems and hopefully restore some order. So, the cut of 1.5percent should really help alleviate these credit problems and hence since GBP was oversold based on .75% decrease expectations, it rallied back up. It is still fundamentals, just different way of considering it.
Just my 2 pennies.
It does seem strange that economic news (apart from interest rates) does not seem to be impact fx as far as it used to a couple of months ago. I guess this is simply a very volatile time.
What rally? It looked like a textbook news event to me. Spike down to support, bounce back up to resistance down and up from that point.Originally Posted by ;
I agree with you, I also agree with the guy who started the thread since I've experienced the exact same situation, I simply do not complain because I am realistic and I am aware that the market's behaviour is not at all the usual, the current economic situation is not usual. I would not dare to trade the new nowadays nor for a few months ahead.Originally Posted by ;
I would say don't get desperate. It's truth the currencies are not going the way we think they will these days, but it's a good opportunity to learn and try to apply different egies. If you feel like quitting since the GBP went into a different direction from what you believed then Forex is not for you, it's occurred, it is occurring and will continue to occur, with currencies or pairs, even more at the current problems.
I guess. . U dun have to know,,,u have to exchange everything u see. . .Out difficulty is trying hard to out flank the market. . .in stead of going in flow...
I come across one paper/article. .its heading is similar to this...
Are you really dumb enough to develop into a Techincal Trader??
I really do agree with this on some stretch...
Sonic
Today was another instance and REALLY my last day of trading news. Non-farm deductions came worse then expected, plus huge revision and worse unemployment rate. This is similar to the perfect storm of news trading and below ordinary market circumstances, you could have a massive fall in pairs such as USDJPY with little retracement for the first hour or 2.
Today, we got almost nothing and we really saw the USDJPY go up a few minutes after the news
So in short, I have traded about news events for the previous few years and have done quite well (made roughly 10x my starting account). I have given back about 30 percent of the over the previous two months. I am done trading around news. I guess it was fun while it lasted...