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Forex Help Forum Archive for 09/29/2009
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GVI Forex Jay 15:41 GMT September 29, 2009
Subject: forex essentials - Retail Traders
mva. This is purely anecdotal but we have observed over the years a tendency where retail traders seem to have a preference for fading the tops and bottoms of ranges. A lot depends on the time frame they are trading in but there a tendency to look to pick tops and bottoms. This strategy often does not include a stop. SOmetimes you lucky trading this way in a range environment but can be a disaster when ranges change or are broken.
This is also often the death knell when the market goes into a momentum or trend move and the top or botttom of range is not seen again. This is followed by doubling or tripling up on a loser until finally they are forced to throw in the towel as capital get depleted or wiped out.
It is wrong to make a general characterization but this a tendency we have observed both on our forum and in private communications.
Please feel to agree or disagree or express another perspective. We wrote the book to try to educate traders as to some of the pitfalls of trading and the same reason I am replying here.
GVI Forex Jay 10:42 GMT September 29, 2009
Subject: The Importance of Crosses in Spot Trading
EUR/GBP daily chart
GVI Forex Jay 10:41 GMT September 29, 2009
Subject: The Importance of Crosses in Spot Trading
One look at the eur/gbp 1 hour chart (see above) shows one flow that has boosted gbp/usd and weighed on eur/usd today. Most times these pairs do not move in opposite directions and shows to the extent the market got carried away with the breakout to the EUR/GBP upside. The catalyst was a better UK CBI report - as always reaction to news shows more than the news itself.
We have also posed a daily chart (see next update - above) so you can put the overall price action in p[erspective, which is still just a retracement.
Key eur/usd support is 1.4515. Currently the 20 day mva at 1.4549 is being pivoted.
Once again, as John has been pointing out, this is a cross traders market.
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