USD/CAD Bullish Again?

I really liked the USD/CAD Bearish potential, but today it showed me I was wrong:

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  • NathanTucci

    Hi Joel, thanks for the comment. Yes, I am aware that I mentioned price can go in any direction, but that is because it is true. Trying to guess ahead of time where price may go is a waste of time and a way to lose your money; the way to trade is to set up rules and conditions and when price reacts, you also react.

  • NathanTucci

    Yes. Paul, you are completely right. Using your rules to determine what actions you will take is the only way to be a consistent trader. Thanks so much for your input!

  • Paul

    Many thanks for your excellent analysis and scenario ‘forecasts’, as always

    I agree, the FX markets are presently fairly stable and trend traders must demonstrate the professional skill of patience until something happens to generate some strong moves away from the current inertia (this could be a news event)

    Overall my current bias is strong AUD, GBP & JPY and weak EUR, CAD & USD. However, I am only in two trades (and have been for some time so they are at break-even or better, via my trailing stop rules: long GPB JPY & GBP USD) and I’m watching for any suitable set ups in the other crosses that fit my ‘rules’, until then I am just a passive observer of these passive markets!

    I couldn’t agree with you more that price can do one of three things in the future: go up, go down or range. As traders our rules will tell is which of those we think is most likely and then if we can sensibly enter the market with our stop & profit target areas at a reasonable Risk / Reward level to gain from the move if the market moves in our expected direction and not lose too much of our capital if it does the opposite. We can not possibly KNOW which direction it will move in, what we do know is that if we trade, we will either take a small loss, achieve break-even, or make a gain.

    It’s irrelevant what the result is, on any one individual trade, providing we consistently follow our rules and always take the set ups provided that pass all of our ‘tests’ or rules, we will, over a large number of trades, ‘beat’ the market, by allowing our ‘edge’ (strategy / rules etc) to play its self out

    thanks again

  • John

    I’m sorry Nathan but you should be used to being wrong if your copier signal service is anything to go by, as the results achieved are nothing short of abysmal.

  • Joel

    Just listened to your daily analysis. You pretty much stated every possibility was possible thus offering little actual insight. Sorry, was just hoping for greater understanding.