As is sometimes bound to happen, all traders go though dry spells in terms of successful trades. The fact is, not all trades work out, and more often than not they seem to come in bunches together. How you perceive and handle these will be of great importance to your long term success.
Remember, no business can be successful when it is only tried for a month at a time. And if you don't treat your trading like a business, it will not be successful. But for many new traders, this seems to take the "romance" out of it. The excitement is gone, and they find it boring. I suppose they end up saying the same thing about many other avenues in life; work, hobbies, relationships. The problem with many people is not their lack of desire for something better, it's their lack of desire to work at it.
They would prefer to treat the Forex as a gigantic lottery ticket. But when it doesn't pay out as they think it should, their ready to ditch it and move on to their next "ticket". Often this is true of their systems as well. They stick with them for the 30 day free trial, but at the first sign of problems, they are ready to bail-out. A couple losing trades, and they are back on the hunt for a new guru.
Such traders will never find success. It will always elude them. Not necessarily because they would have been bad traders, but because they never gave themselves the chance to find out!
It is important to note that all traders are trading off of the same information. We have the same government reports, interest rates, and press conferences. We are all looking at the same charts, and seeing the same patterns.
Last week we saw two triangle patterns in the euro. The first one paid out nicely. The second turned into a stop loss. Why? Simply because the market is not identically the same time after time. Many times it is. Triangle patterns have a 70-80% success rate according to some. But sometimes they just don't produce the intended results. At that point, instead of breaking out to the upside, other traders were looking to weakness to fall through the rising trend line. It was the weakness which prevailed that day. Does that mean it was a bad trade?
Not at all!
It was a good trade, even though it was a loser. We followed our parameters, looking for continuation in an uptrend. What I am trying to say is that good trades can be losers, too. It is up to us at that point to shake it off, knowing that sometimes that is exactly what will happen. There's no going back to it to re-examine the pattern and say, "if only I had seen this, or done this."
Generally that kind of retrospection is more dangerous than helpful. It leads you to doubt your system, and makes it very hard to trade. No system is perfect. And if there was a perfect system, there are no traders which are perfect. Put together imperfect systems with imperfect traders, it's a wonder any of us ever make money.
But you have to stick at it. See it through. Sure---feel free to make improvements, or add new indicators. But once you have a good system, don't try to re-engineer it. Don't try to tweak it indefinitely. When losses come, just take them as the inevitable part of the life of a trader and move on.
DON'T GIVE UP!
Trading for a living really is possible.
Bill
www.thefxtradingmasters.com
bill@thefxtradingmasters.com
Friday, June 18, 2010
Monday, June 14, 2010
Forex and Next Euro Targets
"Everybody is wrong when the trend changes." This is an old saying in trading, and is well worth noting. It first means that if you are trading following the trend (which you better be) that your trade will be a loser when the trend turns on you. Not much you can do about that. You might as well try to stop the ocean tides from turning. But there is also a more subtle meaning that evades less experienced traders. That is, trends seldom turn on a dime. In a bearish trend such as we've had in the euro since the end of '09, the price action will make several false bullish hints at a turnaround, before actually pulling it off. Even then, the downtrend may not be completely over. So you must always be careful about committing to a direction until it is clearly established.
We noted in the day's trade alert (just go to www.thefxtradingmasters.com to sign up) that the euro has put together it's first string of multi consecutive up days in over 2 months. That speaks a good deal about the underlying risk appetite that is creeping back into the market, and is reversing some of the safe haven US dollar buying that has been going on.
And while I would expect that risk appetite to continue for at least a few more days, it doesn't necessarily mean that the euro bear has gone into hibernation. From here, at 1.2245, we are just bumping up against the 200MA on the 4H chart. Price action has stayed below here since mid April. Breaking this barrier would be pretty significant. We should note, this is the first real attempt to do so.
Beyond this level, we have resistance at 1.2320, 1.2350 and 1.2450. That last figure is also the 161.8 extension of the move from the current low.
On the news docket this week we have a few big ticket items. Tuesday will bring the CPI (inflation data) from the UK, while Wednesday will present their Jobless claims and employment rate. We'll also see US housing data, permits and new starts, which while generally considered to be level 3 data, has been known to cause big moves in the absence of any other news, and especially f the results deviate in a significant way from what is expected. On Thursday we will have the US CPI data, and see if rising prices caused the sales slump last month.
That should do it for today. Let's see what the market brings us.
Happy Trading!
Bill
www.thefxtradingmasters.com
bill@thefxtradingmasters.com
We noted in the day's trade alert (just go to www.thefxtradingmasters.com to sign up) that the euro has put together it's first string of multi consecutive up days in over 2 months. That speaks a good deal about the underlying risk appetite that is creeping back into the market, and is reversing some of the safe haven US dollar buying that has been going on.
And while I would expect that risk appetite to continue for at least a few more days, it doesn't necessarily mean that the euro bear has gone into hibernation. From here, at 1.2245, we are just bumping up against the 200MA on the 4H chart. Price action has stayed below here since mid April. Breaking this barrier would be pretty significant. We should note, this is the first real attempt to do so.
Beyond this level, we have resistance at 1.2320, 1.2350 and 1.2450. That last figure is also the 161.8 extension of the move from the current low.
On the news docket this week we have a few big ticket items. Tuesday will bring the CPI (inflation data) from the UK, while Wednesday will present their Jobless claims and employment rate. We'll also see US housing data, permits and new starts, which while generally considered to be level 3 data, has been known to cause big moves in the absence of any other news, and especially f the results deviate in a significant way from what is expected. On Thursday we will have the US CPI data, and see if rising prices caused the sales slump last month.
That should do it for today. Let's see what the market brings us.
Happy Trading!
Bill
www.thefxtradingmasters.com
bill@thefxtradingmasters.com
Thursday, June 10, 2010
Forex and Trading Triangles
While the world is awash in sovereign cash, interest rates are at extreme lows, and no one in power has either the guts or the brains (I'm not sure which is missing) to do what needs to be done to exit this crises, technical considerations take on a more significant place in forex market and trade calculation.
One of the most prominent chart patterns, especially in forex, with which you should be familiar are triangles.
There are three main patterns here that should be quickly recognizable, a symmetrical triangle, a falling triangle, and a rising triangle.
In the picture above you see an image (although not a very clear one) that I had to capture from off the web to illustrate these. The top image is a symmetrical triangle, where the top line is falling and the bottom line is rising. This is frequently referred to as continuation pattern. In other words, the market stops its move and rests, with prices compacting into an ever narrowing range. The likelihood is that the price action will break out in the direction of the already established trend. So the strategy is to enter the breakout in the direction of the trend, and set your stop at the opposite corner of the triangle, which forms the most recent swing high or low.
The next figure is that of a falling triangle, also known as a falling wedge. It has a falling upper line and a flat lower line. Simply looking at it should give you an idea of where prices will go upon exiting this pattern. As a rule, when they break the lower flat support line, the price action will drop. You can really see what is happening as the bulls a re defending their "line in the sand", but they can't push prices up. So each up move gets smaller and smaller, as fewer and fewer buyers are willing to take on the risk. Eventually the market runs out of buyer sand even the line in the sane fails. Set your stop in the same manner as the previous one, just above the upper corner of the triangle. You can also calculate an initial price target, bu taking the wide end of the triangle and applying it to the breakout. So a triangle that is 30 pips wide on the left end, will give you an initial target of 30 pips on the break down.
Rising triangle are traded in just the opposite manner. You look for the pattern to resolve itself to the upside, then target your trade using the wide portion of the triangle. Set your stop the same way.
Please note, this manner of setting stops and targets means you basically have a 1-to-1 reward to risk ratio in your forex trades. But as you are trading in the direction of an already established trend, you price target is only a "soft" one. there you may exit half of your position, and let the other half ride while moving your stop to B/E. or you can retain your whole position while moving your stop to B/E. Expecting the market to continue its trend, and trading in that direction, means you may have a much a larger target than initially calculated by the size of the triangle. At any rate, you should end up with pretty reliable trades, and a higher percentage of winners versus losers, even if you are 1-to-1.
Lastly, please note the chart of the eur/usd in the upper right corner, you can see a good picture of an ascending triangle. This is today's chart. A breakout could yield a 120 pip move!
Happy Trading!
Bill
Wednesday, June 9, 2010
Forex, Time, and Distance
In response to the number of requests I've had to write about day trading, here is a significant lesson. This can be applied to longer time frames as well.
One of the most crushing moves for a novice trader is to be watching a chart, seeing a strong move take off, waiting for it to clear a resistance, then hitting the buy button, only to see the currency begin tanking like a rock.
Such moves are also called "traps". Depending on who you talk to it is called either a bull trap (one that traps unsuspecting bulls) or a bear trap (one that a bear uses to catch a bull). Since there doesn't seem to be a uniform usage, we'll just call them traps. Obviously, they can happen in either direction. Typically, they are fast moving, and extend a certain percentage beyond resistance. My experience is that they will often move to the 38.2 extension of the support or resistance, stop, and reverse.
That being the case, it pays to know where these reversal points are. Now you can' t just blindly set an order to reverse, you have to see as the price action approaches the point, if the pair is showing some signs of exhaustion. That, coupled with the fib extension, will often provide an excellent entry for one who is day trading. Also, if you are actually trading in the direction of the movement already, the 1.382 is an excellent target on a fast move, once the price clears the initial resistance or support.
Another means of measuring the same thing is the angle of the price action. In an uptrend, an angle of45 degrees is very pleasant. It indicates strength building, and no blow off runs toward exhaustion. Beyond that, every 5 degrees or so increases the likelihood of a strong reversal. once your pair is moving at an angle of 75 degrees, you can be pretty certain that this move will not last. If you have the time to watch it, waiting for the signs of exhaustion can prove to be a powerful trade. Even if it only retraces 1/3 t0 1/2 of the entire move, if it looks like good pips, then enter with a small small risk, just above the recent high, if it takes that out, exit immediately and wait for another sign of exhaustion.
This can be done on any time frame, but remember, the longer the time frame,the more reliable the signals are.
Also, the more familiar you are with a certain pair, the better you will get at this. Each pair contains its own idiosyncrasies, and the better you get at noting them, the better of a trader you will be.
For now, just remember, fast moves nearly always mean fast reversals. so even if y9u break a good support or resistance, maybe especially then, if the pair has made a long fast move, it may be best to stand aside, and wait for the extension, then reverse the pair on the way back down. Watch out for those speed traps!
Until next time...Happy Trading!
Bill
One of the most crushing moves for a novice trader is to be watching a chart, seeing a strong move take off, waiting for it to clear a resistance, then hitting the buy button, only to see the currency begin tanking like a rock.
Such moves are also called "traps". Depending on who you talk to it is called either a bull trap (one that traps unsuspecting bulls) or a bear trap (one that a bear uses to catch a bull). Since there doesn't seem to be a uniform usage, we'll just call them traps. Obviously, they can happen in either direction. Typically, they are fast moving, and extend a certain percentage beyond resistance. My experience is that they will often move to the 38.2 extension of the support or resistance, stop, and reverse.
That being the case, it pays to know where these reversal points are. Now you can' t just blindly set an order to reverse, you have to see as the price action approaches the point, if the pair is showing some signs of exhaustion. That, coupled with the fib extension, will often provide an excellent entry for one who is day trading. Also, if you are actually trading in the direction of the movement already, the 1.382 is an excellent target on a fast move, once the price clears the initial resistance or support.
Another means of measuring the same thing is the angle of the price action. In an uptrend, an angle of45 degrees is very pleasant. It indicates strength building, and no blow off runs toward exhaustion. Beyond that, every 5 degrees or so increases the likelihood of a strong reversal. once your pair is moving at an angle of 75 degrees, you can be pretty certain that this move will not last. If you have the time to watch it, waiting for the signs of exhaustion can prove to be a powerful trade. Even if it only retraces 1/3 t0 1/2 of the entire move, if it looks like good pips, then enter with a small small risk, just above the recent high, if it takes that out, exit immediately and wait for another sign of exhaustion.
This can be done on any time frame, but remember, the longer the time frame,the more reliable the signals are.
Also, the more familiar you are with a certain pair, the better you will get at this. Each pair contains its own idiosyncrasies, and the better you get at noting them, the better of a trader you will be.
For now, just remember, fast moves nearly always mean fast reversals. so even if y9u break a good support or resistance, maybe especially then, if the pair has made a long fast move, it may be best to stand aside, and wait for the extension, then reverse the pair on the way back down. Watch out for those speed traps!
Until next time...Happy Trading!
Bill
Monday, June 7, 2010
Forex and the Relative Strength Index
Today's' lesson has a very nice illustration that has set up on the eur/usd, so that is the chart you will see above (1H time frame). We will be discussing the Relative Strength Indicator (RSI).
The RSI was developed as a tool to measure the strength of any move, whether long or short, and it's likelihood to continue. It is also a forward looking tool, as if used correctly makes for a decent forecasting indicator. Most of you will recognize the value in that, as most all other indicators are lagging, and provide very little help in the way of forecasting.
On our chart above, the RSI is the to of the three indicators you will find at the bottom of the chart. The settings I use for the RSI are 3 periods, applied to the close, with the indicator itself showing levels of 30, 50 and 70. All of these are adjustable in your MT4 charts.
So let's talk first about the indicator itself. Generally, as prices are rising, the indicator will rise also, thus revealing strength in a rising, or bull, trend. The inverse is true for falling prices. So at first glance, it seems to not show anything more than the price action itself. So what kind of good would that be? But let's take a deeper look.
In today's chart you can see a swing high in the price action at around 1.1990. If you look at the RSI, you can actually see two little peaks corresponding with that rise. As the second peak on the RSI is really no higher than the first one, we see a divergence in the indicator. Because the price continued higher, but the indicator did not. this is the first "evidence" of weakness in the rally. Higher highs in the price should be met with corresponding higher highs in the indicator.
Also, you can see the red line I have drawn on the chart in the price frame, showing the support level for the euro. In the RSI frame underneath, you can see a similar support line on the indicator. Here is the forecasting value of the RSI. When a trend is weakening, the indicator will often weaken before the price action. Many traders use that a signal to sell...once the RSI has crossed below it's support level. In such a case, you would simply place your stop above the most recent swing high.
Other traders will wait to see the a second validation, and that is the RSI crossing below the 50 level. This signals that the move has turned bearish. As the move continues, (which this chart does not show), traders watch the RSI on subsequent rebounds, to see if the indicator stays below 50. If so, then the trend is still intact. Above 50 becomes questionable. Moves that continue on below the 30 level are considered very bearish.
For a bullish just revers the above information, and everything above 70 is considered very bullish.
In our chart, you can see that the last hour posted a strong rebound, closing well off of its low. The RSI remains below 50 and is pointed downward indicating a continuation. But as we watched the RSI cross the support line around 1.1960, and the impulse move continued down to 1.1916, that would have been a great move all by itself, even if it is reversing now. Following the price with a trailing stop would have you out with 20 or so pips, or simply keeping your stop at the recent swing and then moving it down as the price makes a new swing low, will also keep you in. If it turns into a longer term move, you may gain more pips this using the latter method.
Now some of you may be wondering why i didn't recommend this trade in today's alert. Here's why. For a short term trade, this is a very nice set up. But for the longer term trades wea re looking to make, I';d prefer to see a rise tot he Fibonacci resistance that you see marked in yellow. A rise to the line marked 61.8, with a stalling action in the price and then a cross of the RSI would be very nice. But i'd consider it a much safer entry to come in at that level, rather than on a weaker entry such as has been exhibited.
Remember, we want to cherry pick our trades from the very best set-ups, and not take ones that are marginal. And even if this turns into a big move down, it does not change the fact that the entry, and thus the prospects for the trade, are only marginal, rather than optimal. We'll watch to see how this unfolds, and comment on it tomorrow.
Happy Trading!
Bill
Friday, June 4, 2010
Forex and The Continuing Euro Move
The euro has done it again. Over night we saw another new low hit against the dollar. Each new low gives us more opportunities to profit.
But last night something historic happened. The euro passed it's all time median point at 1.2130. That means that out of all it's entire range for its complete history, it has now returned from its very high highs, to the very middle of its all time range. What were the heights from which it fell? 1.5100!
That means it has fallen 3000 pips, and has 3000 more to go to the bottom of it's range. That would place it at around .9000.
Now while it may not stretch that far on this move, it is certainly well within reason that it would move half that far to 1.0500. An I am inclined to think that as the year unfolds, that may certainly happen.
So hang on to your hats, and let's ride this baby as long as we can!
Happy Trading!
Bill Jenkins
www.thefxtradingmasters.com
But last night something historic happened. The euro passed it's all time median point at 1.2130. That means that out of all it's entire range for its complete history, it has now returned from its very high highs, to the very middle of its all time range. What were the heights from which it fell? 1.5100!
That means it has fallen 3000 pips, and has 3000 more to go to the bottom of it's range. That would place it at around .9000.
Now while it may not stretch that far on this move, it is certainly well within reason that it would move half that far to 1.0500. An I am inclined to think that as the year unfolds, that may certainly happen.
So hang on to your hats, and let's ride this baby as long as we can!
Happy Trading!
Bill Jenkins
www.thefxtradingmasters.com
Thursday, June 3, 2010
Forex and Faithfully Trading One Pair
I've been asked numerous times, "How do you choose which pair to trade?"
The question is a simple one, but the answer, and the rationale behind it, often eludes traders.
There are many wrong ways to trade forex. Which means there are a lot of ways to lose money. One of the fastest is by over trading. Most unsuccessful traders understand that to mean simply trading too frequently. But there is more. We have frequently talked in this forum about the dangers of leverage that is too high. Using such positions is another form of over trading.
But then there is this: trading several pairs at once. Especially when trading the majors, as they have various tendencies to move in in sync with one another either yielding to or overpowering the USD. So that in trading several pairs at once, often you will will find your trades are all essentially the same, either buying or selling them all against the USD.
Thus if you take trades in the euro, sterling, and swissy, they will all generally trend in the same way. But you have actually increased your leverage by 3x's. That seems great when the trades go your way, but the opposite move, if you've made the wrong call, will put a huge dent in your account. Also, if you are trading pairs that are moving out of sync with each other, then, more often than not, your trades will simply offset one another. Again, no great benefit in that. But if you've made the wrong call, you've doubled your leverage against yourself, and that's going to hurt.
Also important to consider is the effect of news on your pair. It is difficult, if not nearly impossible, to keep up with all the news on multiple pairs. It can be done, but the major effect is sheer confusion.
So after years of trial and error (mostly error in this department) my "infinite wisdom" on the subject is that a trader is better off to specialize in one pair. As you work with it day in and day out, you get a better feel for the currency, and how it acts and reacts. You get a feel for it's news responses, and how fast it moves and for how long. All this is important. But you also get to have a sense of which direction the news is moving. And, apart from the major releases, which secondary ones are likely to make the pair move, how much of a surprise the news has to be percentage wise to generate a move, how big the average move is based on your surprise percentage, and how long it takes for the move to play out.
Frankly, it is more than a little difficult to keep all of that straight for multiple pairs, even though you could print it out on a spread sheet. But additionally, if you are trading multiple pairs at once, then you actually have to watch them in your portfolio in real time.
I'll be the first to admit, I am no genius. But that's OK. Whatever impediment that is to becoming a good trader, I've gotten beyond it. But I've also learned my limitations. And I tend to think that my limitations are not all that different from the average trader. But trying to trade multiple pairs has virtually always proven a serious mistake, for the reasons I've mentioned above. But if you don't think they apply to you, more power to you. But you better experiment with them very carefully. Don't bother doing it with demo accounts. The truth is, even a marginally bad trader can make money with a demo.
Why?
Because nothing is at stake. Any trader worth his salt knows that the heart and mind work far differently when real money is on the line. Period.
So if you want to experiment with multiple pairs, do it in a real account, with the smallest leverage possible. Then make your evaluation over several months...6 at a minimum.
But now we have to get to the first question. I have tried to show why I find it prudent to only trade one pair at a time. I hope that will save you a boatload of money. But how do I find the right pair? That is a little more simple. In general, I want to find the pair that has decent volatility to make the moves I need.
But when I say "decent" volatility, I mean it in two ways. First it has to have enough volatility. Trading a boring pair is not all that much fun, or profitable. Second, it should not have too much volatility. Trading a gut wrenching roller coaster gets old in a hurry also.
Next, I want to find a compelling story. What is making this pair move, and, how long can I expect it to last? The Euro has been that story for over a year. Is it playing out now? Is the excitement all gone? I doubt it. We've taken a bit of a breather, but this looks like it has the ability to continue moving. The volatility is neither too high nor too low. And of all the pairs to trade, it has the narrowest spread, so it is least expensive. Plus, I tend to think that what traders are doing to the euro now, they will be doing to the US dollar next. So we can use this as the training ground for "cutting our teeth" for when the USD goes on fire sale.
In my first successful days of trading, I was actually a sterling specialist. But when the recent credit crunch came, it became too volatile for me. So it was time to switch to the euro. Up until then, the euro was just a boring currency as far as I was concerned.
The day will come when traders will no longer be as fond of the euro as they are now. Volatility will die down, opportunities will become more scarce. Then we will look abroad for another pair to trade!
I hope that this was helpful!
Happy Trading!
Bill
www.thefxtradingmasters.com
The question is a simple one, but the answer, and the rationale behind it, often eludes traders.
There are many wrong ways to trade forex. Which means there are a lot of ways to lose money. One of the fastest is by over trading. Most unsuccessful traders understand that to mean simply trading too frequently. But there is more. We have frequently talked in this forum about the dangers of leverage that is too high. Using such positions is another form of over trading.
But then there is this: trading several pairs at once. Especially when trading the majors, as they have various tendencies to move in in sync with one another either yielding to or overpowering the USD. So that in trading several pairs at once, often you will will find your trades are all essentially the same, either buying or selling them all against the USD.
Thus if you take trades in the euro, sterling, and swissy, they will all generally trend in the same way. But you have actually increased your leverage by 3x's. That seems great when the trades go your way, but the opposite move, if you've made the wrong call, will put a huge dent in your account. Also, if you are trading pairs that are moving out of sync with each other, then, more often than not, your trades will simply offset one another. Again, no great benefit in that. But if you've made the wrong call, you've doubled your leverage against yourself, and that's going to hurt.
Also important to consider is the effect of news on your pair. It is difficult, if not nearly impossible, to keep up with all the news on multiple pairs. It can be done, but the major effect is sheer confusion.
So after years of trial and error (mostly error in this department) my "infinite wisdom" on the subject is that a trader is better off to specialize in one pair. As you work with it day in and day out, you get a better feel for the currency, and how it acts and reacts. You get a feel for it's news responses, and how fast it moves and for how long. All this is important. But you also get to have a sense of which direction the news is moving. And, apart from the major releases, which secondary ones are likely to make the pair move, how much of a surprise the news has to be percentage wise to generate a move, how big the average move is based on your surprise percentage, and how long it takes for the move to play out.
Frankly, it is more than a little difficult to keep all of that straight for multiple pairs, even though you could print it out on a spread sheet. But additionally, if you are trading multiple pairs at once, then you actually have to watch them in your portfolio in real time.
I'll be the first to admit, I am no genius. But that's OK. Whatever impediment that is to becoming a good trader, I've gotten beyond it. But I've also learned my limitations. And I tend to think that my limitations are not all that different from the average trader. But trying to trade multiple pairs has virtually always proven a serious mistake, for the reasons I've mentioned above. But if you don't think they apply to you, more power to you. But you better experiment with them very carefully. Don't bother doing it with demo accounts. The truth is, even a marginally bad trader can make money with a demo.
Why?
Because nothing is at stake. Any trader worth his salt knows that the heart and mind work far differently when real money is on the line. Period.
So if you want to experiment with multiple pairs, do it in a real account, with the smallest leverage possible. Then make your evaluation over several months...6 at a minimum.
But now we have to get to the first question. I have tried to show why I find it prudent to only trade one pair at a time. I hope that will save you a boatload of money. But how do I find the right pair? That is a little more simple. In general, I want to find the pair that has decent volatility to make the moves I need.
But when I say "decent" volatility, I mean it in two ways. First it has to have enough volatility. Trading a boring pair is not all that much fun, or profitable. Second, it should not have too much volatility. Trading a gut wrenching roller coaster gets old in a hurry also.
Next, I want to find a compelling story. What is making this pair move, and, how long can I expect it to last? The Euro has been that story for over a year. Is it playing out now? Is the excitement all gone? I doubt it. We've taken a bit of a breather, but this looks like it has the ability to continue moving. The volatility is neither too high nor too low. And of all the pairs to trade, it has the narrowest spread, so it is least expensive. Plus, I tend to think that what traders are doing to the euro now, they will be doing to the US dollar next. So we can use this as the training ground for "cutting our teeth" for when the USD goes on fire sale.
In my first successful days of trading, I was actually a sterling specialist. But when the recent credit crunch came, it became too volatile for me. So it was time to switch to the euro. Up until then, the euro was just a boring currency as far as I was concerned.
The day will come when traders will no longer be as fond of the euro as they are now. Volatility will die down, opportunities will become more scarce. Then we will look abroad for another pair to trade!
I hope that this was helpful!
Happy Trading!
Bill
www.thefxtradingmasters.com
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