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Originally Posted by el cid
Markets become irrational rationale/logic of indicators becomes useless.When the euro rose to 1.36 a load of overbought indications were being thwarted at 1.28 many traders did not join the trend at 1.28.
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Markets may act irrational but indicators work just as well. The reason oscillators on daily charts failed is because the euro was in a trend 1.23 to 1.34. Any MA would have caught that ridden it all the way to the top.