The GBP has become finally one the weakest currencies. How long is it going to continue like that? I don't know, but if Kiwi stays as strong as it is of late, this pair can make further substantial advancements to the down side. Currently, the GBP is neither overbought nor oversold but clearly enervated. The NZD is in a declining stage of its momentum cycle, yet far from being oversold. However, it recently oscillates on very high levels of momentum, as it is very strong, so either further weakening or another wave of strength is to be expected. There's a median line of a (great) pitchfork containing the price on a daily chart, which may be one of the targets of the ongoing price action.
Comments
ForceFollower
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I've got the last leg to come to being in my scenario. Let's see what this market is going to say to that.
Technician
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Well Traded :)
ForceFollower
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Thanks, Technician. :-) The last leg seems to be the hardest to come up to my expectations...
Technician
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U Already got more than 95 percent of target
Technician
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no need for every projected leg to materialize for me :)
ForceFollower
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You can learn a lot about pitchforks' application from Paul Coghlan's and Tim Morge's webinars. I like using the median-line sets, they tell me a lot about the market's direction, strength etc., but I'm afraid they're inadequte tools by themselves. I also apply the methods I've learnt from Robert C. Miner, esp. his book.
You'll probably also need other instruments of technical analysis in order to be able to trade successfully. You may have to develop them by yourself.
First, you need to have a method in place, by which you'll determine the market ongoing direction.
Second, you need a method or criterion of selection of those very few markets you're going to trade. That criterion may be the market's structure, market's current condition, stage of trend etc. You specialize in it and have the select best 4-5 markets you watch closely for as long as they meet your criteria.
Next, you develop a method of harnessing and milking that market's condition to your advantage, ie. where and when to enter and the same - to exit. Plus the risk and reward components. The higher the probability of your method's success, the less you care about the RR ratio.
Good luck!
forexfox
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thank you :)
forexfox
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I like this fork.. I try to use it but without success :)