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Originally Posted by 4xfool
I understand that. I just think its a waste of mental energy.
Albert Einstein had only one arrangement of clothing; same jacket, shirt and pants, every day (he had a few of each but the same color, etc). He wanted to not waste mental energy on things like deciding what to wear. Thats kind of how I view "why" the market moved. Why waste the mental energy...right?
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Have to disagree. Studying news releases and the market's reaction to them is. imho no less valid than technical analysis. The main reason people fail though, is that they expect everything to be black and white. They say 'Payrolls median 175k, actual figure 100k, therefore eur/usd MUST go up. Life just isn't that simple. But this holds true for all types of market analysis. If there was any infallible method out there everyone would pile into it until it didn't work any more.
The main thing is to try and get a handle on the human aspect of the market. But you can't do that unless you are looking at the same info as the majority of the market. And that means data releases, tech levels, positioning / 'contextual' info, the works.
GJ