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What craziness is this?

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8 minutes ago, dmedin said:

🤓

Why?

GBP_USD_20190822_14_29.thumb.png.c468aa1c18e6820a007e46f4e1fc5ebb.png

 

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Its all about the USD.  Technicals showed the way, no need for news...

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From Mark Douglas "Trading in the Zone"  sometimes, technicals can be overridden

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What seriously?  You mean technical analysis doesn't always go to plan?  Crikey I'll have to try something else, let's see, where is the number of my psychic?

 

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@elle,

👍🏾 Thanks for that piece from Mark Douglas - Trading in the Zone. Great book. If anyone has not read it then it is worth a read. 

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The psychological part of trading is one of the most important factors when trading and this book explains this brilliantly. 

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Also he emphasis the importance of probabilities. It does not matter what the market is going to do next. We don’t know as we don’t have crystal **** that can predict with any robust accuracy. What is important is what we as traders do next and this is where this book excels. 

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Posted (edited)
1 minute ago, TrendFollower said:

Also he emphasis the importance of probabilities. It does not matter what the market is going to do next. We don’t know as we don’t have crystal **** that can predict with any robust accuracy. What is important is what we as traders do next and this is where this book excels. 

I always have one to hand;)

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Edited by elle

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@elle, 👍🏾😂 I wish I did.

In my experience markets do not always behave like economic theory suggests. Neither does it always behave like market experts are predicting as reported in the media. 

This is why price action is king. Traders often forget that the markets are is future discounting mechanism of around six months into the future so the current price action is not always in tune with current news and activity.

Traders find it easy to associate current price action as with current market news as they find comfort  in such an explanation but the media ‘market noise’ make it worse by influencing the thinking of traders. This is why one must ignore market noise when trying to understand price action as it is not always what the media try and convince its audience to be.

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Apologies for the bad typing but I am doing it on my iPhone from my hotel room as away on business hence the lack of much posting from me.

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1 hour ago, Ludwik Chodzko-Zajko IG said:

We saw this as a direct reaction to Merkel's comments in the Hague. GBP rallied sharply against all other pairs, sharp uptick in flow across the board.

as did I, hence the earlier ( Ransquawk) post

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