Technical Analysis Fallacy

Taken several losses today from sacrificed scouts. Stubbornly refusing to see that the STF trend is up (EUR-USD).

Same old scorpion of 'anticipating' a trend change instead of just feeling the flow and going with it. Going to sit on my hands for the rest of the day and just watch.

Still, we learn fastest by making mistakes. When a problem is fully understood, it's well on the way to being resolved.

This is a quote from a book:

.......................
"The oil price increases have made the System fragile," said my banker. He handed me a sheet of paper. "Here are the sixty biggest banks in the world. Within the next three years at least one of them will be in serious trouble. So we hope the fire trucks are ready."
What happens then? I wanted to know.
"All the central bansk have agreed that each will be the lender of last resort in his country. And each one is going to try to know the total position of all of his banks- not easy, because so many of the banks are over the border" In Euroland, that is.
What are the chances of serious trouble?
"I'd say at least two out of three. I don't think it will be an American bank, or a German bank, though the Bundesbank has no control over German banks outside Germany.There are a lot of very big banks in the world now.
"After the First Oil Crisis, the banker got quite confident, as those OPEC surpluses went down.Nobody rally expected the Ayatollah and the Second Oil Crisis, which shows that events have a way of breaking loose."
Are the various central banks equal to the task?
"Some of them aren't."
Then who will they turn to? There is no Lender of Last Resort for the world.
"We hope that OPEC is reasonable and that IMF has more resources."
That's a lot to ask for. What if OPEC isn't reasonable and the IMF gets lent out?
"There will be no choice. The Federal Reserve will call the central banks for help, but it will be the Lender of Last Resort."
To the world?
"To the world."
Where will the Federal Reserve get the money?
"It will print it."
But that's superinflation!
"The System must survive. A burst of liquidity at the right time can save the System and buy time to solve the problems. Otherwise we will have a massive depression, and the Western nations will battle one another for the scraps, as they did in the Depression."
....................

The book is called "Paper Money" from 1981, fti thank you for recommending it. It's a great book, enthralling and educational.
So now the FED's are the lender of last resort to the WORLD. Cool, isn't it Let's print some money and lend it to the EU, they have sovereign debt crisis there, don't they.
But what about superinflation, especially in food prices

P.S. I apologise for any mistypos because I typed it from the book.

eu .3107 mine, it is reacting hard

the daily close will have to say something, tomorrow the $$ it will recover after today losing ground that's only my bias and what the market is telling me at the moment.

edit: ej seems to be in sync with eu expecting the same, just need to time my entry
edit: short 108.87 already mine
they are pushing really hard

What a move.
Most of the time I was not in my trading room.
So not sure if I would not have taken some damages too.

However - hope your books are all ok.
Damage is part of the battle ...

My skew is L5 - at 1.3131 sell
(L5 is now my last level, when fail... bloody Fana killing)...

still keeping my positions, the battle is not over yet, tomorrow will be another day.

the momentum was stong enough to push price and make another leg to the upside

the price behavior should tell me tomorrow what shell I do, just waiting for them to establish the high and the close ,till then I'll mange my positions

all the best !!

Skype: MaMood2601

Fana: You skype app is not running!!!!

How many pips to BE and How many pips to death?
Recent lot size please?

I'm the only one who doesn't use skype?

maybe I'm to primitive

or maybe I'm to lazy to install it

Niels. Thank you, i cant call now, because my mother is sleeping...
recent loss 7%
ball : 40.000unit, equity 2045 USD Now.

Ok, but we can chat there too!
No voice needed.

Please answer the questions above.
Don't give up!!!!!

Fine, so we have some time left
Glad to hear ... :-)
Where is your BE price?

1.3090 around....

Take out L5 now, you can add it later again, ...
Don't let it become a loss too.

Done. Now 20.000 in field

Cann you tell me how many $ per Pip is 20.000 units?
20 USD per pip?

Let's wait for retest of recent high.
If break with good momentum and in confluence with cable + UJ I would suggest kill the troops.
I will check equities gold and oil for further hints ...

2USD per pip
OK, thank you.

Fine. Thx for info.
Please give me recent price with relating loss, so I can do some maths