I have recently visited a forex forum that I haven’t checked for a long time. The situation isn’t really any different. People are still asking about what to do on their position. Their fellows will respond with some ‘smart’ advices.
One asked, “I have some Sell trades open a few weeks now since EUR/GBP took its damn rise. Anyone know if EUR/GBP is going to go back down anytime soon?”
And here’s several responses he got from fellow traders:
“I heard that it is going to stay around .7000 in an effort to teach people to use stop losses.”
Heard from where/who? LOL
or watch this one: “it wont turning back….believe me”
Yeah, sure.. you’re having some insider info there?
and this one is fun too: “Hold on to your shorts. It is going back to 6800.”
Hahaha..LOLL.. so inspiring.
And there’s someone with a ‘more technical’ advice : “You are still inside .7 and .66 range, let’s see what happens next before you make another move.”
Alright.. Let’s wait and see forever and we can have beer while waiting for the margin call.
And someone was responding with no better situation: “I’ve been frustrated with this pair on several trades and being range bound as folks have been saying makes it easy to think one has picked a top or bottom only to see it move in the wrong direction…”
He has several nice folks.
Oh and this one too, a ‘more experienced’ one: “Right now the overall direction appears to be trending upwards ever so slowly!! What is the consensus on the pair breaking the .7028 top (of Sept 26th)? I’d like to see it get there as I think it might take off quite speedily after that …”
Allrite, how can I pay you for a complete daily analysis?
Let me tell my view on the market. Regardless of the support/resistance lines we might have somewhere on the chart, or how the stochastic or MACD is pointing at, or the economic fundamental situation is, the pair have the same probability of going lower or not. I’ve seen so many times, any kind of trendlines or support lines or fibo lines have been broken, then all the technical traders/analysts will eventually find another technical explanation to describe the revealed situation. And even worse with the fundamental analysis mumbo jumbo.