The Road Ahead...

Hi All,
Was a bit busy today with the trading and all that and so could not post much earlier. I apologise for the posts on GBPCHF as i realise that me taking a profit may not be so important to many of you that you need to know about it through my blog. Anyway, it seems that all is set for even more gains ahead for the crosses.

The crosses just seem to be caught in a range for now but i feel that this is just a consolidation period for now and that the crosses are getting ready for the next move up. The next move up should target 125 for UJ, 250 for GJ and 168 or 169 for the EJ. Please note that all these are just predictions based on my intuition and knowledge from what i have seen and not something which is got through some great analysis. The crosses keep changing their character everyday and so they need to be monitored on a daily basis. They might go down and make me look like a fool as well.

But the daily analysis and what i think would happen on a daily basis, i would continue to post them on my blog. So far today, the crosses have had a nice run up and i think the market is waiting for the rate statement due out today. That should give the next direction for the market.

Nowadays, the news seem to have less and less effect on the pairs especially the crosses and the technicals and the overall news of carry trades seem to be the driving forces behind the moves. This makes it all the more important that the traders , especially the smaller ones, dont trade the news. Like all newbies, i also used to trade the news, but i slowly began to understand the futility of trading the news in the midst of brokers, market makers , big traders etc. So i stopped trading the news and am just as fine for it if not better. Thats what i advice the new traders as well. Trading the news would be very tempting looking at the volatility but in the long run, it is just not worth it. So watch out.

Happy Trading!!