scalping eurusd

[expiated]

What is driving EUR/USD higher?

2017 was not a good year for the US dollar, although people believed at the start of the year that the opposite would occur.

However, economic conditions were not seen as the cause of the decline in the value of the US dollar as political considerations appeared to dominate the scene.

It seems as if the market is now looking for reasons for the US dollar to decline, and this will create an underlying softness in the market throughout 2018.

Looking forward to 2018, my impression is that the market favors US dollar weakness and will find any reason it can for moving the value of the US dollar lower.

John M. Mason

 

[cvds16]

Interesting view, yes everybody and their dog were expecting parity and that probably got some people overextended in their long view of the dollar ... monthly ema200 will be interesting ...

 

[cvds16]

Sold everything at 1.2080 ... my gutfeel says this isn't the end of the bullmove but got to see the dentist this afternoon so got no time to babysit this so I took the 'logical exit'.

 

[cvds16]

extra lesson of the day: trust your charts more than you trust your gutfeel ... in fact I would quite 'gutted' for not having sold this by now ...

 

[cvds16]

1.2083 is the target of the 3H ABCD projection, if hourly forms an inside bar here, I might still buy the breakout for that since I got some time left for my dentist ...

 

[kellys]

I probably could trade of 1H only ... but having 2H/3H/4H on helps my overall reading of charts more clearly ... that would be my edge in having multiple time intervals ...

don't know what is driving eurusd higher but there is a clear bullmarket on all of my charts ...

Imagine for a moment that reading a chart has nothing to do with being successful. Absolutely nothing.
What then?
You know those data sheets a mechanic prints out that give readings on engine performance? Are you saying that by reading those data sheets you know how an engine works?

You don't think it is critical to find out why EUR/USD is moving higher? Or what is driving it higher?

How much do you actually know about the foreign currency market?

 

[kellys]

2017 was not a good year for the US dollar, although people believed at the start of the year that the opposite would occur.

However, economic conditions were not seen as the cause of the decline in the value of the US dollar as political considerations appeared to dominate the scene.

It seems as if the market is now looking for reasons for the US dollar to decline, and this will create an underlying softness in the market throughout 2018.

Looking forward to 2018, my impression is that the market favors US dollar weakness and will find any reason it can for moving the value of the US dollar lower.

John M. Mason

Excellent!
You've talked about the 'quote' currency. What about the 'base' currency? What about the other leg of trade?

 

[cvds16]

You don't think it is critical to find out why EUR/USD is moving higher? Or what is driving it higher?

How much do you actually know about the foreign currency market?

actually I don't think it's critical to find out WHY the EUR/USD is moving or what is behind that move ... I trust my technical reading much more ... but I do have a broad sense of what is happening fundamentally speaking in the markets ... that should suffice, the charts will be telling the rest to me ... that's how I see it ...

 

[cvds16]

there are often many things to take into account fundamentally speaking and that can lead to information/interpretation overload where in the end you don't know your head from your feet anymore ...
the inside bar didn't materlialise here, forming an evening star instead but without the divergence in stochastics it just means nothing (at least not to short) it means more that the bulls lost some steam here after they reached that 1.2080 level ... not unexpectantly.

 

[kellys]

actually I don't think it's critical to find out WHY the EUR/USD is moving or what is behind that move ... I trust my technical reading much more ... but I do have a broad sense of what is happening fundamentally speaking in the markets ... that should suffice, the charts will be telling the rest to me ... that's how I see it ...

They say that persistence is the key to success.
That though depends purely on what one is pursuing and how stubborn one is in pursuing it.

I won't be giving away how I trade exactly so don't ask (it took me over 10 years to finally get it, I am not going to give the keys to the castle away for free).

Imagine on getting to the castle you throw those keys into the door and it doesn't unlock. Just imagine.

How long is the long way round?