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Hi everyone. I am new trader. I have been reading and learning from all of you for a while. This is the first time replying to this thread. I have some questions here because I don’t understand it at all. 1. How come Euro become so strong even there is no news at all? 2. Now my account is all red , do you guys think hegdging would be ok? (I didn’t set the stop loss and now it is far from where I open the order around 800 pip.) Thank you so much for your opinions.
1- As John Maynard Keynes said “the market can remain irrational longer then you can remain solvent”. Thats for your first question. And maybe the new guidance issued by IRS (https://www.bloomberg.com/news/artic…e-with-changes) is keeping the often weak dollar, more weak, and Euro is making its move, as well as the Swissy.
2- For your second question, with all due respect, your first tactical error was not set a SL. Never do that, even if your trying to get 1 or 2 pips from the market. In my particular view, hedging may not gonna work now cause eurusd is heading to a daily and weekly major resistance (in the 1.2030 to 1.2090 area, please check that out), so if you have the margin in your account and that allows you to wait the reversal, wait for it. Going long coming in a major resistance is not a tactical move.
Hope it helps. And remember, its all my opinion. At the end, you are the only one who can pull the trigger.
Thank you and Ata for open this forum to talk to about this passionate world of currency trading.