Quoting summitfxDislikedI don't make predictions. I only trade the obvious. I think anyone who follows this market would agree that the $ is bullish and that there will be some short term profit taking soon unless we seem some fundamental -$ at which point the $ will reverse. Duh! I enjoy your posts- keeps me in the grins
Hey- I posted this in the "What really works" thread
It's as simple as going long when the currency is rising and going short when the currency is falling. Any system or indicator you use will only be profitable if you use it coreectly. Ever notice how all of the indicators rise and fall with price!This is my contribution~hope it helps![img]images/smilies/wink.gif[/img]
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You can't make money in forex without a good opinion about what the smart money is doing. What I've said may be obvious to you, but it isn't to many people, especially the newbs. Let me give u a subtle point that may not have been so obvious regarding yesterday's Trade Balance number.
We saw the dollar get shorter when the number was first released then gain strength. I'll give you my opinion of why this happened and u tell me what you think.
IMHO-the trade bal doesn't really amount to much as it pertains to the US economy. When the EUR and GBP gained after the release, what we saw was all the professional money that has been long the $ since last friday protect their positions by buying more $'s. It didn't retrace because of some candles, charts, fibs, EW's, resistance levels, profit taking or any other reason but that.
We got people posting trades they made after the retail number was released based on candle counting! Ridiculous IMHO even if they made a couple of bucks. It spiked up because of a mis-reading of the number; when it became established that the sales were very strong, the $ moved as it should have. The market read it wrong to begin with, then corrected based on a correct reading of the info, just like what happened last week with the jobs number.
This was an excellent trade for anyone who waited, listened to bloomberg, heard the full analysis then did the right thing. The EUR was still in the 40's 2 minutes after the release.