Being a “Jack of All Trades” is the only way to master the forex markets. Think it’s true? Here’s why I do…
I think the keys to trading begin with:
- Understanding that there are multiple market trends, meaning that one strategy cannot handle all types of price action.
- Understanding that multiple time frames offer differing view of price action and trends and that we must pick one in order to have a set up.
- Understanding that different markets can affect each other and that this presents both confirmation of trades as well as more opportunities.
These are just a few thoughts and I would welcome your feedback. In the meanwhile why is this so important right now? Because there are a number of points that are effecting the markets right now.
#1 WE HAVE LOST ALL INDIVIDUAL CURRENCY STORY CLARITY. We cannot trade trends like we have done for the past seven to eight months.
#2 Since last July/August 2014…we had very clear and determined strength in the U.S. dollar
#3 We do not have clear trends on the dailies. In fact more are in transition into chop…which means we can still trade them but NOT with a trend following strategy on this time frame.
#4 Focusing shifting central bank tones: RBA, BOC, FOMC, RBNZ…
#5 Working the Weeklies (with options): This longer term time frame is presenting opportunities!
The markets continue to be in transition and here’s what you need to know:
Questions? Comments. Leave them here at the blog!
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