It is rigged. And at goverment level. Quicker you accept that the better. Not only is the goverment aware of the rigging, they are active participents and their pockets are almost unlimited. They can push prices to wherever they want them. Most obvious examples are the central bank announcments carefully worded to have the desired effect of whatever the agenda is.
Another example is the 500T's of gold that get dumped on Sunday evenings every now and then to drive the price down. Who the #@#$ has 500 T's of gold?
So in markets like this neither fundamentals or techinical analysis have any type of value.
Do yourself a favour, draw a line anywhere on a chart, then scroll left and see how many times price go through that line. Suddenly news doesn't mattter. You're going to go through any price many, many times regardless of what the news is doing. Then go and open a EurUSd long and a UsdChf long and leave it for 6 months. Just see what it does.
News, no news, big news, small news. Just doesn't matter. That position will drift in and out of profit for months without ever really causing hassles for the portfolio.
If you think about it, of the trading time, maybe 1% is news time, rest is just run of the mill price action and it's clearly a mistake to worry about the 1% when 99% of the time there is no news.
You can really trade fx randomly. Try today. Put down a few positions, leave them overnight and tomorrow when you look decide what to do. TP, add SL, increase, decrease. If you can't do that, your trade sizes are wrong. But you should be able to handle a portfolio in 24 increments with just a glance. To sit infront of the computer for the rest of your life is a really big waste of time.
Last Monday I went Long USDCAD @ approx. 1.30000 expecting it to hit at least the 61.8 fibo level which is 1.34570 on the monthly chart. It opened up above the 350 degree angle on the weekly chart which was support. All the technical indicators were positive, all the analysts were pointing out the weakness of CAD and to stay Long USD. Since then it has retraced to 1.29428 which is support on the 4 hour chart next support is 1.28554 on the daily chart. This morning I expected it to go lower and hit that support as just like when I went Long last Monday that was the closest level.
The 161.8 extension level on the last monthly candle is 1.34895! Why retrace when it was so close to taking out that level. Not only that why retrace below the 100% Level of 1.30673 which was last made 1 March 2009? Doesn't make sense!!!!
When I went long USDCAD Everything was in my favour - fundamentals, technical, and Expert opinion!!!! Price of Oil was still going down, rumour of interest rates in US going up, Canadian economy on the brink. I took everything into consideration. What sealed it for me was that the price opened up above the 350 degree line on the weekly/Monthly chart.
The pas 2 weeks have made a mockery of the market!!! One thing to consider though is this how many of those FXperts were really long and how many of them were trying to mislead small traders like me and you.
If bankers and the like don't want small traders making money they shouldn't haven't opened up the market to the likes of us in the first place. People's livelihoods are on the line and if you're like me you'll be taking it very seriously and trying to learn as much as possible.
WARNUNG VOR HOHEM RISIKO: Der Devisenhandel birgt ein hohes Risiko, das möglicherweise nicht für alle Anleger geeignet ist.
Der Einsatz von Leverage schafft zusätzliches Risiko und Verlustgefahr. Bevor Sie sich für den Devisenhandel entscheiden, sollten Sie Ihre Anlageziele, Ihr Erfahrungsniveau und Ihre Risikotoleranz sorgfältig prüfen.
Sie könnten Ihre ursprüngliche Investition teilweise oder ganz verlieren. Investieren Sie kein Geld, das Sie sich nicht leisten können, zu verlieren. Informieren Sie sich über die mit dem Devisenhandel verbundenen Risiken und lassen Sie sich von einem unabhängigen Finanz- oder Steuerberater beraten, wenn Sie Fragen haben.
Alle Daten und Informationen werden ausschließlich zu Informationszwecken bereitgestellt und sind nicht für Handelszwecke oder Beratung gedacht.
Die vergangene Performance ist kein Indikator für zukünftige Ergebnisse.