I thought this is interesting. OK, AUDCAD is a exotic pair, and spreads are huge. But this does not seem to be a bad tick. This happened in most of brokers as well. I guess it killed a lot of bulls who are shorting CAD in this pair with the fact that oil just had a bad day. Who’s the mastermind of this spike? Interesting…
Well this is a useless chart. Just for fun. Don’t waste your time to figure out the strategy to trade this… 😆
Here we go. My Really Dumb Trend system fires buy signal for EURJPY. It looks a little stupid… 😆
Anyway, let’ see how it work out, and who is the really stupid one.
(Click to view the full chart)
And here is Sell signal for USDCAD
Let’s do some boxing today. Though I am still waiting for the trade signal, I am a little bit of negatively biased. 🙂
USDCAD has formed a pretty nice box with negative momentum in 4-hr chart. Let’s see how it works.
(click to view the full chart)
I am out from market now. Well , in case you wanna know.. I was in the market since yesterday.
GBPUSD long position was stopped out before it rallied. And I was away from my workstation. oh well, it happens.
AUDUSD was flying. It feels really good to wake up in the morning with 300 pips profit in your trading account. 😆
Here is the ….CHART! It is for showing off purposes. 😆
Nothing much. Waited for price to squeeze, speculate the bloody rate cut. Boom. Then manage trailing stop, then , profit target hit…then…that’s it.
In case you wanna know, I am in the market right now. Long AUDUSD, Long GBPUSD. Speculating on the rate cut from Federal reserve. Small position though. Go go go
Just some thoughts when I am having my morning coffee in the rainy Melbourne.
How should a trader use a price chart? This is just another question without an answer. Some traders claim themselves as “chart trader”. Yeah, give him a chart, he can trade his ass up.
Thinking in this way. We trade our view or opinion about the market. Trading, particularly, currency trading in my case, we are speculating. Yup, it is all about speculation. It is speculation, because you, in fact, nobody, know for sure which way the market is moving. Regardless of the time frame, you are trading off, you are trading your own opinion.
So, I know I am speculating. I know the price won’t necessarily reverse when RSI is over 70/30 or the MACD is crossing over some magic lines. Then what?
Forming your opinion. Explaining to yourself why do you think Dollar sucked, and you should short it.
I am talking about your own opinion, not the one from the talking heads on CNBC/Bloomberg or DailyFX.
Face it, there is really no expert in the trading industry. There are just a bunch of people who know more jargon, reading more news, and writing more craps than you do. Disagree with me? That’s your problem.
Now use the price chart as a roadmap.
So, you have formed your opinion. Cool. But do you know where you are? You gotta know your current location before start driving to your next destination. Here is where the fancy technical analysis comes in. Start confusing yourself with the trendlines, CCI indicators, pivot points, or some chicken indicators.
That’s part of the process. And nothing is wrong with that. As long as you are convinced, and you know where you currently are, and where you are heading, they are all good.
Stop or being stopped at some points is just part of the game. We evaluate , and decide the next move. Well, at least, that’s how I trade.
Crap, I think I talked too much today. Enjoy your weekend.
