I've seen people here SHORT USDCAD , and SHORT USDJPY , when it doesn't make sense at the time because of the crystal ball they see in the price with no further evidence to support what they see. So, trading becomes gambling rather than trading. When they get stopped out, they have no reason why other than saying that their crystal ball was misaligned. lol! Surely, they will be correct and win many pips, but it is ludicrous to ignore reality.
So, today's trades will be my last, pure, technical posts. Some will win and some won't. Thus, I shall be focused on bigger time frames like the monthly, weekly, daily, 8 hours and 4 hours; and sometimes hourly or 15 minute for clarity before entry.
But there will be a reason and an investment theme behind my trades from here on out.
I will probably keep posting economic predictions, because I enjoy getting those right.
"Forget economics." is what you hear from unprofessional pattern-gamblers when they say, "forget the " or "I don't ignore the fundamentals." Just replace the word with or , and then you will see how ridiculous they all start to sound; like quacks; you know those quack doctors that inject you with oil and cement as medication or Botox?
This is the reason why economic-fundamental data are important, and why relying on charts alone are akin to professional gambling or electronic horse race betting:
I was hard to believe at first, but the wonderful "Fundamental Data and Outlook" finally kicked in after hibernating for one month; you can anticipate big moves beforehand, which are hard to wait for, but when it comes...it really comes. Sure, fundamental-economic traders look at charts to, but I like to put a face to the charts. I need reality to inform my views on what is going on in the world. This is a method to doing all of this without being frantic. Even if you traded 1 microlot on daily charts, you can be profitable this way. No need to make anything quick, but you at least can understand why you win or lose and not because there was a blip or cracked coded in the chart. Leave the big lots for hedge funds. 300 to 500 pips on 1 micro lot is also really good part-time profit.