Under my new self-direction, I'm not in the market but watching (only audusd). I sit on my hands and check my emotions on how often I want to jump in the market, but I won't do it. It's been a great lesson so far and will contribute to an end of over-trading. In accordance to discipline training, I'm only allowed to watch one pair for the time being.
2 reasons I'm following AUDUSD: Leverage for a small account. It's cheap and my trade plan is to pile up the trades upon a medium or long term trends. I get in when the news causes the market to pull a huge move when the move is in the direction of technical trend reversal plan. We saw a bit of this in December but the volume wasn't up there because of the pre holiday volume.
Despite the dollar moves down, AUDUSD was showing good strength (in this low volume environment). It's a good sign. So far, this pair is still headed into a trend up. I'll be watching early January to see if the daily price caps (0.8050, prolly) and why. I will look to jump in following NFP news (like, literally, way after) if NFP or other news forces the dollar to down trend. I'm not hopeful, because the dollar is more likely to range for a while. Watching this follow through is important for me to learn, so I'll be sitting on my hands through most of it until I see it play out and begin to learn to anticipate such a trend change. Meanwhile, it's time to learn the fundies behind AUDUSD Of which there is little info and managing the price of drawdowns and its impact on a small account. It can swing fast.
AUDUSD daily range is pretty squat but it offers some decent leverage for small accounts. It's cheap. The weekly price action is nice and smooth as seen in this chart. Plenty of trend playing opportunity coming up next year on this pair when the dollar isn't ranging.
2 reasons I'm following AUDUSD: Leverage for a small account. It's cheap and my trade plan is to pile up the trades upon a medium or long term trends. I get in when the news causes the market to pull a huge move when the move is in the direction of technical trend reversal plan. We saw a bit of this in December but the volume wasn't up there because of the pre holiday volume.
Despite the dollar moves down, AUDUSD was showing good strength (in this low volume environment). It's a good sign. So far, this pair is still headed into a trend up. I'll be watching early January to see if the daily price caps (0.8050, prolly) and why. I will look to jump in following NFP news (like, literally, way after) if NFP or other news forces the dollar to down trend. I'm not hopeful, because the dollar is more likely to range for a while. Watching this follow through is important for me to learn, so I'll be sitting on my hands through most of it until I see it play out and begin to learn to anticipate such a trend change. Meanwhile, it's time to learn the fundies behind AUDUSD Of which there is little info and managing the price of drawdowns and its impact on a small account. It can swing fast.
AUDUSD daily range is pretty squat but it offers some decent leverage for small accounts. It's cheap. The weekly price action is nice and smooth as seen in this chart. Plenty of trend playing opportunity coming up next year on this pair when the dollar isn't ranging.