Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[HC]

USDSGD formed a hammer in daily chart, breaking the down trend line while the slow stochastic just did a bullish cross.  This pattern looks good for me to do a long trade:

Long: 1.4341, 3 pips above the high of last candle
Stop: 1.4256, 3 pips below the low of last candle
Target Price: 1.4404, 38.2% retracement level plus previous congestion zone low.

But when I work on the reward/risk ratio: 63/85=0.74.  I don't like this ratio, so I will not take this trade.

Anyone get any suggestion?

[joshwa]

hold long until fed declares rate cut decision, in my view

[csk]

The Fed Funds market is trading at a rate that is pricing in a 50 basis point cut.
This is 50pct cut to 3.75 from the present 4.25. Therefore, a cut is no surprise
and may not weaken the USD.

Singapore inflation rate is very high now. Highest in many many years.
Historically, gov.sg has been using a strong Sing dollar to keep imported
inflation down. So a downtrending USDSGD is to be expected.

Presently, the USD is in downtrend against major currencies except the GBP.
For some reason, GBP is weak. Its weakness shows against many currencies.

[hybridvestor]

I read somewhere that the GBP weakness may be contributed by the speculation which the central bank may cut rates this year ...

.

[HC]

One of the problem I have with FX data is: there is no ONE set of data that everyone uses the same.  You see, this is a market marker market (mostly), however efficient the market is, there will still be some discrepancy among different market markers (brokers), so the charts we see in one platform - especially those in smaller time frame, may not be exactly the same as the other.

To add to that problem, somehow the same platform may change the data a little if you load the chart at different time.  Though it does not occur frequent enough, it does bother me.

Take for example this same USDSGD chart.  Notice that that candle mention  previously is now no longer a hammer.  Anyone has the same problem?

(Yes, I have check the time zone in the horizontal axis).