Smart and profitable traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. Stock and forex traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new traders will try and fight the trend.
Friday, March 7, 2014
GBP/USD Daily 14::35 GMT - Look above 1.6770 this am. has been sent back at some speed this pm. to/ through the am. pivot 1.6735. Pull below 1.6720 now weakens the market- suggests a top reversal is trading (into 1.66/ next week.)