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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3119
Posted: Feb 22, 2010 5:00
Comments: 3119
Forum Topic:
Commodity FX (CAD AUD NZD NOK)
Discuss Commodity FX (CAD AUD NZD NOK)
If we take the last swing down to be from 1.0200 high to 0.9702 low a very common reversal target to new high is 127% external retracement which would be @ 1.0312. (hit today). Beyond that the 161.8% external ret lies at 1.0478 but the 127% is often favourite for good reaction.
do you think the USDJPY "flash crash" is a demonstration of a healthy fx market?
I think it's just the opposite. That was the end of position trading at least for me.
I calculate a 5.7% gain from the 0.974 area to 1.0295 without much correction which is very odd. Even the canadian dollar which had more reason to stay high with high oil, hasnt gone above its earlier highs in such a fashion. So i have feeling that the AudUsd rise is because of 1) volume being very light, and 2) many longs in EURAUD closing positions.. the chart from 1.425 to 1.3690 is telling somehow.
very true... should i say words of wisdom? :)
i'm sure everyone had their share of bad experiences financially and pyscholgically...
to become a consistent trader... one must invest a lot of effort, time and money...
i admit... my first five years looking back was really horrible... the next five years was combination of good and bad.... i thought i started to understand the market and consistently increased my capital until boom.... losing several months of hard work in a day or week... a roller coaster ride up and down.... only now i can say that i'm really consistently increasing my capital and the past three years have been good to me... learned that discipline and patience would go a long way....
from my 13 years of trading... it's hard to believe the words of some ego maniacs claiming to know everything... our best example would be CAT.... :)
good luck traders!