Forex Trading = Gambling

[metal]

Lets consider the example of EUR/USD today.

All indicators and analysis were pointing towards EUR/USD hiting 1.1900 today. And then out of the blue came an Asian CB and a German name raising it back to 1.2000.

Now what kind of technical analysis will you apply to that?

regards and happy trading
Metal

[xtsunami]

All indicators and analysis were pointing towards EUR/USD hiting 1.1900 today.

Perhaps yours did, but mine didn't.

[birdjaguar]

EUR/USD is in a conflicting price area but that doesn't make it gambling. 1.1950-1.1980 is major support. This support is more likely to hold after oversold conditions. Bigger players may be buying the support rather than pushing the downtrend, particularly with the Italian economy improving and the German political situation improving. You must open your mind if you want to do this. You must set up like the casino rather than the casino customer. I recommend that you return to a demo account until you can develop an edge. Don't stress yourself about it. Happy trading.

[metal]

I knew the broker's employees will come up in defence of fx.

As matter of fact, you can always find some indicators to prove your point after the market action.

[ForexWizard]

Originally Posted by metal

Lets consider the example of EUR/USD today.

All indicators and analysis were pointing towards EUR/USD hiting 1.1900 today. And then out of the blue came an Asian CB and a German name raising it back to 1.2000.

Now what kind of technical analysis will you apply to that?

regards and happy trading
Metal

Nimble is the name of the game (war planners will tell you this). You have a short bias as you start your trading day but as soon as the first fire is shot you need to be able to adapt. If the trend is euro 1.2000 then trade accordingly.

Good trades!

[forexhr]

Originally Posted by metal

Lets consider the example of EUR/USD today.

All indicators and analysis were pointing towards EUR/USD hiting 1.1900 today. And then out of the blue came an Asian CB and a German name raising it back to 1.2000.

Now what kind of technical analysis will you apply to that?

regards and happy trading
Metal

Oversold 30min, H1, H2 charts. Clear bullish divergence on 60min chart with double bottom on 15min (30min...) chart confirmed at 1.1985 close. I made 50 pips from that scenario.

[graemenash]

Originally Posted by metal

Now what kind of technical analysis will you apply to that?

I'd apply the clear bullish regular divergence that existed on every timeframe from 1min up to 4hr, at S1 daily pivot support level. Price was miles outside the lower 60 bollinger band on the 5min chart, and with a divergence playing out entirely outside the band, a snap back up off that pivot was almost inevitable. It was also at a confluence of bollinger bands on the 30min chart with 10,20,40 and 60 period bands all in the same spot.

With the bullish signals on the oversold longer timeframe charts it was always going to be a decent-sized up-move. Then once the trendline broke it turned into a runner...

[metal]

Originally Posted by ForexWizard

you need to be able to adapt.

Good trades!

Adapt to what?

Losing....

There is no guarantee the market will not turn back.