After this week's economic reports and central bank decisions I had thought the cobwebs would have been shanken off the DX.
There were mild reactions during the week but nothing I would call significant follow- thru or trend defining with the majors.
Looks like the "Trade Wars" have had a disconcerting effect deeper in the currency department than I imagined.
I closed out my long CD becaUSE once again today it began to give back some of what I had hoped to be a significant move.All week it was like that and I sure was gettin g nervous each day having barely broken even with significant risk.
Usually exposure like that doesn't end well for me.
Anyone watching this stuff?
John
Thanks john,
I'll try to take a look at the dollar over the weekend . I know of several others here that follow it....especially since it plays a role in the price of a lot of commodities.
You can't just trade currencies by the charts. You have to keep up with the policies taken by each country involved. And with the DX, you have to understand the sentiment of trading many things, like oil, and how they are moving with it. Currencies are a very fluid market.
Mark,you are right about that.
This how I got interested in currencies.
Swing trading looked like a good fit for me-trades that would be couple days or couple weeks.
But how does one determine the start of such moves?
Someone brought to my attention that once a currency began to trend,it kept trending for a while.
Good "healthy" cross-overs of moving averages coupled with some solid Elliot Wave analysis might be the key to all this.No more of this which central bank is buying gold or selling,no more changing weather forecasts and who can really tell what the South American bean crop is doing.
Anyway,it all sounded too easy and it sure is. I still feel most comfortable with the" coins", but they carry their own demons for sure.
I'm having some luck with simple support/resistance-picking away and trying to be disciplined more in the risk/reward and money management departments.
John