Yeh, but in all fairness you don't really need to know what's happening at the macroeconomic level. What's been happening will tend to happen, so if the dollar has been getting weaker it'll tend to do so until it finally stops. You don't have to know why, just that it is.
That's not very helpful tho in trading, completely useless on the day to day to level. While national cashflow effects currency week to week and month to month, there's no correlation day to day. Realizing that was an eye-opener for me.
The number of bull days and the number of bear days will be about equal, the only difference is that the days in the direction of the big trend will average more movement than the days against over the course of time.
However even within that pattern there'll be enough retracements that you can't effectively trade intra-day without watching intra-day charts. To which there is practically no long-term trend correlation. Ie: The macroeconomic situation of a currency has no correlation to what happens hour by hour. It's pure order flow, and order flow is a combination of unpredictable external trading and technical responsive trading. That's why you can't know what tomorrow will bring until tomorrow comes, because responsive traders wait for some kind of initiative action before trading. It's also why technical trading rules the short term and fundamental trading rules the long term.
That's not very helpful tho in trading, completely useless on the day to day to level. While national cashflow effects currency week to week and month to month, there's no correlation day to day. Realizing that was an eye-opener for me.
The number of bull days and the number of bear days will be about equal, the only difference is that the days in the direction of the big trend will average more movement than the days against over the course of time.
However even within that pattern there'll be enough retracements that you can't effectively trade intra-day without watching intra-day charts. To which there is practically no long-term trend correlation. Ie: The macroeconomic situation of a currency has no correlation to what happens hour by hour. It's pure order flow, and order flow is a combination of unpredictable external trading and technical responsive trading. That's why you can't know what tomorrow will bring until tomorrow comes, because responsive traders wait for some kind of initiative action before trading. It's also why technical trading rules the short term and fundamental trading rules the long term.