Forex Analysis Today

[MarketMovers]

Hello traders. I am a forex beginner and willing to learn.
Looking at EURSGD, what are your views?

 

[maxinger]

daily chart
Over the past few days,
EURSGD (and EURUSD and GBPUSD and ...) has been on the downtrend.


Intraday chart
Over the past few hours,
- most currencies hardly moved except AUDUSD (due to the rate announcement).
- Also US, Germany, Italy ... bonds hardly moved.
- copper, crude oil, and gold (all USD based) moved in tandem with the Asian and European stock markets


Many traders choose to ignore the above big pictures.
They just focus on the chart.
They just use TA on the chart.


So what to do with EURSGD?
You have to sit on your hands.

 

[MarketMovers]

Thanks @maxinger
I liked your daily chart analysis, it is a true reflection of the market today.
However, the focus of my strategy is to earn at least 10 pips in a trade risking less than 2% and targeting 2% return.

 

[MarketMovers]

I have been able to achieve that today

 

[MarketMovers]

@2rosy thanks again for the insight last time,
@maxinger thanks too. My strategy wont work for anyone in the US because of the high spreads.

 

[padutrader]

Thanks @maxinger
I liked your daily chart analysis, it is a true reflection of the market today.
However, the focus of my strategy is to earn at least 10 pips in a trade risking less than 2% and targeting 2% return.

is not market action the focus of any trader?

 

[padutrader]

I have been able to achieve that today
View attachment 324349

i do not see a moving average on the chart?

also if you have indicators you spend a lot of time focusing on them to figure out something you can see directly on the chart

 

[padutrader]

i find ES much better for trading than any forex pair.....could never figure it out it takes forever to make 10 pipps even on the liquid pairs
but that is my personal issues

 

[MarketMovers]

also if you have indicators you spend a lot of time focusing on them to figure out something you can see directly on the chart

I do not rely on indicators. I use currency correlation which I consider a leading rather than lagging indicator.
I use EMA period 14. Sometimes I wait until retracements occur and price touches this EMA.
All my trades are long.

 

[padutrader]

I do not rely on indicators. I use currency correlation which I consider a leading rather than lagging indicator.
I use EMA period 14. Sometimes I wait until retracements occur and price touches this EMA.
All my trades are long.

if an indicator leads price, unless you know by how much it is leading you sometimes get into big trouble.......
the very meaning of leading means that the indictor -correlation in this case- goes in one direction and price in another.
since profit is measured by price, you need price to move in THE SAME DIRECTION with the indicator, ultimately to profit.