July 31, 2024 at 4:33 pm – Bobby, for you I will invent the Dcam indicator (Darn Convergence Accumulation Meter) !
Side note, I very much like your view on Euro. Therefore I already have multiple staged and hedged orders especially at 10720 and 10680. For me it is more about how you trade vs prognostication, which is what analysts are paid for.
EURUSD Daily
If there wasn’t for the FOMC tonight , I would gladly say – 1.06850 here we come…
So let’s say it this way – Close below 1.08200 tonight would be calling for it.
Only Close above 1.08400 would negate this bearish sentiment.
p.s. Monedge – my Pattern/macd combination can do that – every day, 5 days a week 😛
One last thing and I will concede to the forum and stop hogging it until after the Moscow Fed –
Here is a small example of what I mean by being able to visualize the market – that little contra-flow Canadian Dollar trade I made earlier where I bought into a selling market? I filled at one HALF pip above the low and made 25.
Your accountant can’t do that. Your guru subscription can’t do that. Your Macd can’t do that.
As Jay pointed out and since we have 3 hours to kill before the Moscow Fed Announcement, I have a suggestion for novice traders from spending light years of time on technical analysis and drawing lines as both a normal person and an investment firm executive. You don’t need indicators. You can get to a point where you can simply see without them and you know how to play ball at a high level. Not many get there. You have to really want it.
That said –
Investors want structure and reasons why you allocate if they are to give you the tools to work with. They leave little room for pure absolute skill because they don’t understand it. A bit like an accountant who explains how to be an athlete where the numbers simply do not reflect some things.
So if you are going to secure funds you need a conservative and structured approach which includes a defined process of analysis and risk allocation. Regulatory bodies want it that way as well. Your indicators give you something to talk about, but it always comes down to what your “margin at risk ratio” is, which is how much you allocate at any given time from the total portfolio based on those defined parameters. The going rule has been if you go over 4% you are frowned upon as being a “maverick.”
Trying out the buy side of UsdCad in the 80’s here for small gains only. See the tide turning to the sell side overall in time in coming days. Fundamentals support the idea, flows are not necessarily exactly when you want them. Internals (forwards, options, futures, rates, orders, order flows, percents and the rest) are heavily stacked against Canadian Dollar itself overall at present.
I would like to see AudUsd 6450 or lower to provide an opportunity to load up on the buy side for 6650. That pair and Gold have stable fundamentals. People thought I was far fetched a month ago when UsdJpy was in pure buy mode and I said we would hit 153 or even 150 in coming weeks. Are we there yet?
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