Ben just conducted his regular meeting with his Fed colleague yesterday and highlighted that Fed has no intention to rise the interest rate anytime sooner. The Fed said the economy has “continued to pick up”.
This announcement paths the great way for the USD to start rising. I am indeed seeing USD is rising against Euro, GBP, CHF and JPY.
Took Short Position on EURUSD
While I was looking at the chart of EURUSD, I saw that EUR seemed to have hit a top. There was a long dark candle going downward and I started to see the EMA lines started to point lower.
I jumped in to take on a short position on EURUSD last week at 1.4758 when I saw EURUSD broke the 50d EMA support. The down trend indeed came true and I took the first profit at 1.4684 which is near the 100d EMA support.
Next, I started seeing the EURUSD broke the 100d EMA support again 2 days ago, I jumped in again with a short position and I just took my profit at 1.4345 few minutes ago while EURUSD traded near 200d EMA support.
My Positions on EURUSD
413 PIPS Profit
I managed to realized a profit of total 413 pips on EURUSD by observing failure of EMA supports on EURUSD chart.
Some of you might think it is no big deal, some of you might think it is pretty good result. Well, I am happy about it myself and it meant a lots to me to boost up my confidence in using technical analysis to spot money making opportunity.
News Are Always Too Late
I observed Yahoo Finance page everyday. I saw 2 news saying that Dollar Rises and Dollar Hits 3 months Euro High.
Now, I started wondering, there are so many people relying on the Yahoo Finance news portal to obtain new information in order to help them making a trading or investing decision. However, this news seem to come a bit too late. When it started appearing on the top stories, the dollar has already risen and the opportunity would have gone.
It will be risky to overly rely on news to trade or invest and it always comes too late.
News Are Always Late
Arm Yourself With Technical Charts
I am sure you would believe with me that news is too late. If you rely on news to trade.
Therefore, I usually observe the chart pattern and trend to help me structure my trading or investing decision. You might want to start now as I have a seen a great potential as I managed to realize 413 PIPS in less than 10 days. I am sure you can do that too.
Start learning now and we can all learning together.
P/S: If you are thinking where to get a Forex charting software, you can download it here for FREE. I am using the platform on FastTrader too, it is easy to use and you can activate a dummy trial account with virtual money to start learning.
We can all learning together using the same platform.
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
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