When is a Trend not a Trend?
Deciding what qualifies as a trend in your particular intraday trading style is entirely subjective, but today's action in sterling was interesting.
At a casual glance, the £$ and £¥ charts look to be in a uptrend from midmorning onwards, but look a little closer and you see there was only one candle that shifted the price up to a new range during the morning. After that there was some bullishness during the first 90 minutes of US trading before it tailed off in the same sideways fashion in which it had spent most of the morning.
So if you were tweaking a system to take advantage of intraday FX trends, I'd say this is one to discount.
(For anyone wondering where my results went, I've shifted back to a spreadsheet as I find them easier to eyeball.)(And yes, it's still as up & down as ever!)
Deciding what qualifies as a trend in your particular intraday trading style is entirely subjective, but today's action in sterling was interesting.
At a casual glance, the £$ and £¥ charts look to be in a uptrend from midmorning onwards, but look a little closer and you see there was only one candle that shifted the price up to a new range during the morning. After that there was some bullishness during the first 90 minutes of US trading before it tailed off in the same sideways fashion in which it had spent most of the morning.
So if you were tweaking a system to take advantage of intraday FX trends, I'd say this is one to discount.
(For anyone wondering where my results went, I've shifted back to a spreadsheet as I find them easier to eyeball.)(And yes, it's still as up & down as ever!)
