@Marnix well I don't want to change your point of view on the market. I'm just writing my point of view on different pairs that I think offer good opportunities to trade. Of course I can be wrong too that is why i use stop loss.
If you are wondering about the levels I'm looking to buy, here is the chart.
I just came home from a very heavy day, during the day I was reading your very interesting posts, right now, I insert a pending order on BUY - GBPUSD at 1,6502 waiting to get into the trade of th enew trend.
On my way, I think that EUR will drive up in BUY on all the crosses, due to Politic new Governance.
At the moment I opened in BUY also EURJPY
Last night I have been continuing studying my strategy, called Long term, I'll post here the translation in english on how it works, and continue studying and I read Fibonacci levels and the analisy to enter in trades on the retracements on week and then on Day graphics.
Thank you for all your efforts, thanks also to Marnix
Just to clear up some obscurities, all the advice and stuff you are reading here is about only one type of trading, technical. The forex market as it now exists is only about 12 years old. In the beginning, aprox. 2001, there were no strategies created for the new forex market, new traders brought over their systems from the stock yards and futures markets. They did not work on the new forex market too well and over 90% of trades were lost. Today that rate is down to about 80%. In the early days the warning to new traders was don't trust you broker, today, your broker can be your best friend, times change.
There are three types of trading, fundamental, which is trading the news, technical which is more like an art form, you either get good or drop out, and systemic trading, which was created for the forex market. Systemic trading is mathematical in nature because it works with robots. Currently more than 70% of all investment trades are done via computer and investment programs. The big investment companies rely heavily on these investment systems. There are a number of EAs or investment robots available today but they were mostly designed for high risk-high profits. For someone just starting out, I recommend going to the forex-assistant.com website, there is nothing to buy there, just learn about systemic systems. The book 'Robotic Investing' is a course work into systemic trading.
Technical trading is hard because you are learning an art form, systemic trading is easy to learn because it is more science than some new way to read charts. There are 4 types of systemic trading systems available at the moment, you may download any of them and use for as long as you like on a demo account, so you can see how they work while you are reading about them.
After you are comfortable with systemic systems then go to BabyPips or Investopidia to learn the technical systems. Some stay with systemic and never learn technical or fundamental, but a good trader will continue to learn even after he already knows it all.
To the guy who lost all his money, most new investors do because they don't start or stay long enough using demo accounts. That is why they exist, use them. You will always have some looney tune saying that demo trading is different than live trading because there are no emotions involved, that is just nuts. You don't want emotions involved and by demo trading and learning your skills, you will keep the emotions from being involved. The moto is, 'Learn before you earn'.
The fastest way to learn to trade is to start with systemic trading and that is at the forex-assistant research site.
Short EURGBP two equal lots at 0.8270, set stop loss at 0.8310. First target 0.8210 and second target 0.8060. Good setup based on risk/reward perspective. It seems good idea to play some GBP strength before going short vs USD.
If 0.8220 breaks before trade gets filled, cancel the entries.
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