Technical Analysis Fallacy
If I feel that the market is taking me short from a particular entry point.
For example a couple days back I felt that the market was wanting to go short at the 5747 area which I viewed as possible resistance so I entered and followed her steps .
Yesterday the same only the 5737 area possible resistance.
Today, even though I view 5728 and 5747 as possible resistance I wouldn't enter short dance if I felt the e/u was leaving that area heading towards 5660 because I feel its to risky today as the trend for the day seemed stronger coming out of todays lows 5660 area.
Hi lilpip,
I see, so when you say short dance, you mean that you were short EUR/USD.
Just that you may be aware, forex is quoted in pairs.
So, short USD/EUR=long EUR/USD
and long USD/EUR=short EUR/USD
do you see the confusion.
the dealing protocol is that we speak from the perspective of the Pair, as when placing orders.
But when we discuss markets, the protocol is to speak in USD terms.As in long or short USD.
The purpose to sync frame of thoughts, esp when you may be speaking about USD dorminant pairs vis a vis common wealth pairs. This protocol of discussion will standardise the basis of thoughts , esp allowing traders trading differening pairs as well as those who may be trading futures contracts (who trade reciprocal quotes) to speak to each other coherently.
In the interbank, it used to be that the only two non USD dorminant pairs were the Cable and the Aus. Now we have the Eur as well.
I hope you may find this protocol for discussion acceptable and less confusing.
Of course if you were speaking from position then inclusion of the pair intended, would provide better communications.
regards
You can install some of TRACE ROUTE programs. Just Google''em. You can trace the route, and find where is coming from, but get some good firewall, and don''t worry, there is a hundreds attacks all the time randomly happening on the net..
