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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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.