moneyLast couple of days were a little choppy and slow for me, so I took the time to go through my various email accounts and see what's in them. Some of my accounts are filtered some are not, but I always get a lot of junk mail. As a matter of fact tons and tons of junk mail. Most of them are from the usual suspects, but lately something new started to show up.
Evidently, there is a new and easy way to make money in Forex. It's very simple, if the US stock market goes down, buy dollar. If stocks go up, sell USD. What could be easier and simpler. I'm, freaking, overwhelmed. Of course, none of this explains where to you look for a lead. Is the dollar moving first or the stocks?
There has been some correlation lately in the direction of these two markets. While there is always SOME connection, it didn't become very visible until the Yen rally last month.
There are already books written and systems created to take advantage of the fact. That's fast. Wonder how it worked on Friday, when exactly opposite happened. 2-3 months down the road this particular fad will disappear and new one will come out the woodworks
We updated our website. Here is the link.
http://www.spectrumforex.com/weeklycomments/09022007.html
My personal trading was a mixed bag. Week started good, only to dwindle down by Friday. Things got very choppy and, for me, unpredictable. Not that they ever are, predictable, I mean. Every trade is taking a chance, each ones outcome is uncertain, only some have higher probability of success than others. Here is GBP-JPY for last week.
And what now? Well, 4 H chart is setting up a breakout buy above 235.75, with a target maybe as high as 242. There is a small problem though. When I compare it to other pre-breakout patterns from the past, this one fits the mold of a high % failure pattern. I guess I have to watch 1h for moves to the downside. And maybe smaller moves, too. I'll worry about tomorrow.
