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There are many reasons why online traders struggle to succeed but the one I am focusing on today is the Psychology of Trading. It is hard enough to make money that you don’t need psychological factors to work against you but that is the reality. As with all my discussions, everything I say comes from experience and not from anything I have read in a textbook.
Psychology of Trading. This article may change the way you look at trading
Psychology of Trading. This article may change the way you look at trading
USDX DAILY CHART – WHERE ARE THE FLOWS GOING?
While the US Dollar Index (USDX) closed about unchanged, the currency market traded mixed with EURUSD closing about unchanged, GBPUSD higher, and the CHF and JpY weaker. The star of the day was gold.
CLOSE VS PRIOR % CHANGE
EURUSD 1..0869 VS 1.0865 +.03
USDJPY 155.65 VS 155.414 +.15
GBPUSD 1.2701 VS 1.2672 +.22
USDCAD 1.3615 VS 1.3612 -.02
AUDUSD 6692 VS .6682 +.16
USDCHF .9092 VS .9061 +.34
XAUUSD 2515 VS 2377 +1.55
Do the math.
GBPJPY was the outperformer with GBPJPY coming in second.
XAUUSD outperformed all currencies with a wide margin and weakness in JpY and CHF suggests there might have been XAUJPY and XAUCHF carry trades involved.
US 30 4 HOUR CHART – DJIA CLOSE ABOVE 40000
While US30 closed just above 40000, it stayed below the 40053 high
Looking ahead, there is only one level to watch and that is 40000. If it becomes support and 40053 is taken out next target would be a guess.
Of course, a failure to break the high and hold above 40000 would suggest a faikure but there is noi percentage to stand in from of a fast-moving train.
Of interest is all markets ignored a rise in US bond yields today
Next week sees a very light US economic calendar.
BTC DAILY CHART – LAGGING BUT…
Since BTC trades over the weekend let’s see where the risk lies.
As I have noted many times, I look at round number levels like 60k, 65k, 70k
In this regard, if BTC can hold above 65K then the focus will turn to 70K
If not, then the choppy trade will continue.
So far, BTC has been lagging the move up in gold so see now if it tries to play catch-up.
US 10-YEAR TREASURY – NON-CORRELATION DAY
Note the price of bonds is inverse to the yield. 10-year is currently at 4.418%, the high of the day (low for the bond price)
If the forex market was correlating with the yield in bonds it would be a different story today but such is not the case.
Yields up, USD down gold up. stocks mixed.
Note USD was up earlier with firmer yields but has since decoupled.
This chart is using The Amazing Trader and what amazes me, and I created the charting algo, is how it performs with any instrument your broker offers and in any time frame.
USDCHF 4 HOUR CHART – WHY IS USDCHF BID?
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USDCHF is bucking the weaker USD trend elsewhere as can be seen by this straight line move off its low.
The significance of .9102 is that a break would confirm the end of the last leg down and open the door on the upside.
Why is USDCHF bid?
Scroll down and see the posts on CHF crosses.
EURCHF WEEKLY CHART – DOES 1.00 LOOM?
I can’t believe I am even posting a EURCHF chart. I swore off even looking at it following the infamous SNB-inspired 2015 flash crash when it pulled support from this cross at 1.20.
EURCHF resistance at .9878 has been tested and its significance is that if firmly broken it would have the market talking about 1.00.
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