Yes, I see it. But you are blind to the glaring stronger trend immediately preceding it. The situation looks like a consolidation phase. There's nothing to play for.
Hi Joe,
Sorry for the late reply. Whether this post is considered in hindsight or not is irrelevant. The trend is playing out (on this occasion) and is still in play as I write.
As is always the same with markets and peoples perceptions, they will differ, this is what makes up the markets. Where one person can see it going up, another will see it going down, hence the buyers and sellers always match. This is purely speculation, however, one could focus on other things as well, like news breaks, smaller time frames only or both, they may also use other currency pairs to gauge an opinion and even indices.
Either way the ultimate trader will make his/her own decision and live or die by it. The best way is to take everyone's views and break them down in to making something that works for you and you only. At this point all reservations are kept to yourself, ie, you don't share so you don't care.
Although T2W wont like this as much as many others on here but one of the main problems can be when you place a trade and someone else trades the same instrument in the opposite direction, this alone can shake the best of traders if they are already having a bad day.
I always recommend that people stick together, they see the same thing, trade the same thing and collate their thoughts between each other, at this point should all in the group agree, the trade is placed and the party (as a whole) wins or losses. If you win, celebrate, if you lose, analyse together and find out what you could have done better. If its the case that the trade was spot on but just didn't pan out on this occasion then so be it,forget about it and move on to the next trade.
Anyway, Friday night is party night. Happy drinking.
Lee Shepherd
