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  • #1,501
  • Sep 1, 2023 9:13am Sep 1, 2023 9:13am
Quoting PatienceFx
{quote} as expected {image}
i was expecting strong PMI
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  • #1,502
  • Sep 1, 2023 9:30am Sep 1, 2023 9:30am
Quoting PatienceFx
{quote} i was expecting strong PMI {image}
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 14 KB
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  • #1,503
  • Sep 1, 2023 9:38am Sep 1, 2023 9:38am
reading and understanding news is important

not indicators

indicators depend on price

price depends on news
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  • #1,504
  • Sep 1, 2023 9:40am Sep 1, 2023 9:40am
Quoting PatienceFx
{quote} i was expecting strong PMI {image}
Do you mind sharing why you were expecting a strong PMI with a neophyte?
  • #1,505
  • Sep 1, 2023 9:41am Sep 1, 2023 9:41am
Quoting PatienceFx
{quote} {image}
Im on the right side of the trade, btw.
  • #1,506
  • Sep 1, 2023 9:48am Sep 1, 2023 9:48am
Quoting PatienceFx
{quote} {image}
H4 sets the direction. The drop in EURUSD starting on July 18 actually means better data about the US economy and small victories for the dollar, except for the last few days. The EU area doesn't really have anything to throw a party for.
  • #1,507
  • Sep 1, 2023 9:49am Sep 1, 2023 9:49am
And Historically September has been month of Dollar
PaRaM
  • #1,508
  • Sep 1, 2023 9:55am Sep 1, 2023 9:55am
Quoting pgidia
And Historically September has been month of Dollar
The fiscal year in the USA ends in September.
  • #1,509
  • Sep 1, 2023 10:08am Sep 1, 2023 10:08am
Quoting pgidia
And Historically September has been month of Dollar
Thank you!
  • #1,510
  • Sep 1, 2023 10:08am Sep 1, 2023 10:08am
Quoting Gelubrin
{quote} The fiscal year in the USA ends in September.
Thank you!
  • #1,511
  • Sep 1, 2023 10:33am Sep 1, 2023 10:33am
Quoting wealthyqueen
{quote} Thank you!
PMI - Just a few aspects:

ISM manufacturing PMI
- refers to production, new orders, employment, stocks, outstanding
-when the ISM PMI increases, bonds decrease
-we look at the values of the last 2 months to see the trend (on a longer term)

PMI services
-correlated with Production Production

New orders PMI
- predict the official orders from the factory
-correlates with durable goods orders and factory orders
- are not revised after publication
- it shows us indications about the manufacturing PMI
  • #1,512
  • Sep 1, 2023 11:06am Sep 1, 2023 11:06am
100 200
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  • #1,513
  • Sep 1, 2023 1:00pm Sep 1, 2023 1:00pm
Quoting PatienceFx
{quote} Please guide what trade I should be taking I am new to forex I am still learning {image}


Next: buy!

  • #1,514
  • Sep 1, 2023 1:15pm Sep 1, 2023 1:15pm
Quoting Gelubrin
{quote} PMI - Just a few aspects: ISM manufacturing PMI - refers to production, new orders, employment, stocks, outstanding -when the ISM PMI increases, bonds decrease -we look at the values of the last 2 months to see the trend (on a longer term) PMI services -correlated with Production Production New orders PMI - predict the official orders from the factory -correlates with durable goods orders and factory orders - are not revised after publication - it shows us indications about the manufacturing PMI
I will research this from the perspective you laid out to better grasp the context. I thank you kindly for sharing! Buy, buy, buy Now......
  • #1,515
  • Sep 1, 2023 8:03pm Sep 1, 2023 8:03pm
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  • #1,516
  • Sep 1, 2023 8:17pm Sep 1, 2023 8:17pm
Quoting Gelubrin
{quote} H4 sets the direction. The drop in EURUSD starting on July 18 actually means better data about the US economy and small victories for the dollar, except for the last few days. The EU area doesn't really have anything to throw a party for.
Now you are a seasoned trader, congratulations

One more thing, never exceed 5% of account balance while trading, because it is harder to recover losses than making net profit
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  • #1,517
  • Sep 1, 2023 8:44pm Sep 1, 2023 8:44pm
Quoting Gelubrin
{quote} Next: buy!
Next lesson

Compare GDP of usa and Europe

Considering PMI and jobs data which GDP can grow faster,

GDP growth = currency strength
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  • #1,518
  • Sep 1, 2023 8:51pm Sep 1, 2023 8:51pm
Rollercoaster week

Next week will be dull
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  • #1,519
  • Sep 2, 2023 12:47am Sep 2, 2023 12:47am
Trade 2 economies, currency pair fluctuation depends on the economy as a whole.

You should be able to predict the movement for the next week in advance

And use the technical indicators to fine tune those predictions

Euro PMI weak , usa PMI strong

Eurusd fell

Jobs comparison
Interest rate comparison
GDP comparison
Inflation comparison
Govt debt / GDP

Instead of running after trading strategies and indicator

Find why the price is moving
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  • #1,520
  • Sep 2, 2023 8:13am Sep 2, 2023 8:13am
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