When trading GBPUSD, I find its patterns are better predictable and much more consistent in terms of price action. The downside is its bid-ask spread cost is relatively expensive compared to EURUSD (where its spread is nearly zero during liquid periods).
But the downside of trading EURUSD is that EURO isn't really floating currency (although its volatility is still better than Yen), Unlike the floating currency GBP, EURO is kinda fixed. But I understand that it's not a single country currency.
I remember that one time I stopped trading EURUSD cos its volatility is relatively small but above all, I found that its patterns sometimes are not consistent with price action.
Have a look at yesterday's daily chart, if it was a floating currency, it should have depreciated instead of appreciated yesterday (the one in green circle). You might ask why is that? All I could say in terms of price action is that, EUR has to depreciate first before there is any uptrend, surely, when there is a downbar on the top of rally, then the next bar should be at least lower high and lower low, and that's what I always observe from GBPUSD.
Still EURUSD is kinda predictable on intraday timeframes, I am just saying it's not on daily timeframes. So after yesterday's ridiculous loss, I will give up on seeing the forest and only focus on trees when trading EURUSD. But I feel its kinda risky to trade EUR when I can't see the forest on the daily time frame...will see how it goes...
Although I don't really believe that monthly chart works on Forex market cos unlike the stock market, dealers close their positions by the end of daily session.
But even if I assume that it works, June's depreciation bar (the lower low and lower high) does not really indicate that there will be bullish market from July cos June's volume is higher than the previous bar.
it would have been much better if all EUR members use their own currency...Seriously, why do they want to use a single currency that does not fit and ends up like Greece...I guess apart from Britain, no other members in EU have confidence in its economy .
But the downside of trading EURUSD is that EURO isn't really floating currency (although its volatility is still better than Yen), Unlike the floating currency GBP, EURO is kinda fixed. But I understand that it's not a single country currency.
I remember that one time I stopped trading EURUSD cos its volatility is relatively small but above all, I found that its patterns sometimes are not consistent with price action.
Have a look at yesterday's daily chart, if it was a floating currency, it should have depreciated instead of appreciated yesterday (the one in green circle). You might ask why is that? All I could say in terms of price action is that, EUR has to depreciate first before there is any uptrend, surely, when there is a downbar on the top of rally, then the next bar should be at least lower high and lower low, and that's what I always observe from GBPUSD.
Still EURUSD is kinda predictable on intraday timeframes, I am just saying it's not on daily timeframes. So after yesterday's ridiculous loss, I will give up on seeing the forest and only focus on trees when trading EURUSD. But I feel its kinda risky to trade EUR when I can't see the forest on the daily time frame...will see how it goes...
Although I don't really believe that monthly chart works on Forex market cos unlike the stock market, dealers close their positions by the end of daily session.
But even if I assume that it works, June's depreciation bar (the lower low and lower high) does not really indicate that there will be bullish market from July cos June's volume is higher than the previous bar.
it would have been much better if all EUR members use their own currency...Seriously, why do they want to use a single currency that does not fit and ends up like Greece...I guess apart from Britain, no other members in EU have confidence in its economy .
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