FOREX PRO Weekly March 05 - 09, 2012

i forgot to mention something important. take a look a H1/H4 chart of eurjpy (e/j). i made the mistake of trusting the indicators too much today: i thought that because the MACD, the Stoch, the DPO all had turned or were turning bearish, that e/j price action would become more bearish and fall in line with that of the e/u which by that time had already been dropping at least 60 pips.

and guess what? price totally ignored the bearish mood of the indicators and instead of dropping like the e/u, it followed the u/j up. i made a bloody 1.6 pip profit on that trade. the most frustrating trade of this years so far. :(

so, i'd say patterns within price action and price position relative to bollinger bands and significant SPPT/RSST levels (that includes fib levels as well) and trend lines (breaks or confirmations or retests) and price momentum are way more important than indicator mood.

indicators are there to confirm the previous, i guess. and they don't forecast anything. especially if price action doesn't already show it.

yeah i'm waiting to enter at 3090 just to be sure but the reversal is not clear yet although i'm seeing H1 and Stoch bullish.
 
i forgot to mention something important. take a look a H1/H4 chart of eurjpy (e/j). i made the mistake of trusting the indicators too much today: i thought that because the MACD, the Stoch, the DPO all had turned or were turning bearish, that e/j price action would become more bearish and fall in line with that of the e/u which by that time had already been dropping at least 60 pips.

and guess what? price totally ignored the bearish mood of the indicators and instead of dropping like the e/u, it followed the u/j up. i made a bloody 1.6 pip profit on that trade. the most frustrating trade of this years so far. :(

so, i'd say patterns within price action and price position relative to bollinger bands and significant SPPT/RSST levels (that includes fib levels as well) and trend lines (breaks or confirmations or retests) and price momentum are way more important than indicator mood.

indicators are there to confirm the previous, i guess. and they don't forecast anything. especially if price action doesn't already show it.

Guess what? I'm using all the same indicators as you. Best trade of the year for me is 0.1 pip and break evens. Beat that! My charts are getting so cluttered now that i got to use crosshair to view the price levels ;)

By the way, everyting is showing bullish for H1 and some indicators showing bullish as well for H4. This is very tempting indeed.
 
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