I'm sorry, but I really have to write it somewhere, regardless of the author of the article..and since I realized posting this simply into some comment section, the author would probably feel I was on about HIM instead of ANYONE(regardless of who they are as individual) doing this kind of thing..
Here's the thing:
We get a bearish engulfing EURUSD candle; a setup discussed strictly chart based and valid for candles as well as bar setups. Our little J16 thread picks it up, discusses it as a bearish setup THE NIGHT BEFORE.
Some fellow elliot waver(hello LearnToTrade and Beartrade ;p)also had a potentially bearish EURUSD alternative scenario cooking as well.
Again - all of this BEFORE it happens, i.e. actually useful to trade with.
Then it triggers - what a surprise - and not 5 hours after the steep drop the first news rumor crap trickles in...someone said something, oh no, he did gone do it, he talked the EURUSD down..
Quite a feat, considering doing exactly this has failed the last what, 2? 3? 4? Years.
So, if these things move the market and one guy says dovy dove one day and 300 pips down, surely this bulletin
http://forexfactory.com/news.php?do=news&id=65552
and - update - this
http://forexfactory.com/news.php?do=news&id=65458
means 1.6 in the next 10 minutes then?
Doves! Hawks!
Animal farm!
Is there any kind of weighting perhaps of who says what? These people all seem to say a lot day in day out it seems..
Exactly. All this stuff is just reiterated ad infinitum; occassionally the odd member coughs around a bit to feel more important and you get to see "ECB talks down EUR" written by everyone with a pen and spare time.
We just had Trichet(that's, once again, the president of the ECB) take a stance and a steady ECB; why would a week later the world be different just because someone of the crew talks the usual empty phrases into a microphone..this type of thing has occured all of the last 2-3 years during strong upward trending moves; nobody said they caused a rise then; things drop and there's a proximity of this type of thing and there's suddenly a necessary connection..
It's especially irrelevant to hear one guy's opinion considering it's still a multi-vote based process and a single opinion has no impact whatsoever except creating wire buzz..
But then half the forum reads these things and turns around saying "yea it was that ECB guy(or worse: it was the ECB) who gone did move it"...so very, very tiring..
Seriously - if a single interview could move the EURUSD 300 pips at any one time, don't you think they would have used that "leverage" before when they were utterly distraught about the constantly rising EURUSD?
Oh but they did try to...it just never had an effect...what do you call something that doesn't work more often than it doesn't?
Randomness.
I am getting seriously fed up with this. Not because I do not like the people as persons or because I want to stop them from earning their wage and doing their profession, but because a lot of people read that kind of junk and actually believe that.
Well we all know how very easy it is to say after the fact another thing coincided with the other fact, but even if there was a fragment of truth to it, it does absolutely zero good to know after the fact as the move has already happened.
So even if somebody were to take it serious, it is still an utter waste of time to concern oneself with it as there comes no real trading edge from it as it is after the fact.
And yet people "believe it". It is almost like a religion. I know why, because just like religion, it gives them a reason why things happen in their world while they are so desperately looking for answers. And someone desperate for answers will be grateful for any provided to them even if they help them not one bit to further their own progress or profit. And almost everyone starting or still muddling along in FX is prone to this desperation. They want/need/crave explanations - they get them supplied by the truckload by the noise generators.
I believe this is a very big trap beginning traders fall into, and I can only recommend to completely disregard 95% of the daily headlines on Bloomberg and in the news section and to figure out what the things are that really matter.
Merlin has already pointed out some of this himself: one of the most important factors are the actual rate decisions and directions, not any of the day to day noise and buzz. They are actually important per definition as they are the actual tool used to "valuate" a currency. An interview is not.
And there is a big difference between an official ECB statement on the monthly meeting and rates decision announcement and some guy talking nonsense into a microphone any other day of the week.
Seriously.
This had to be posted.
Here's the thing:
We get a bearish engulfing EURUSD candle; a setup discussed strictly chart based and valid for candles as well as bar setups. Our little J16 thread picks it up, discusses it as a bearish setup THE NIGHT BEFORE.
Some fellow elliot waver(hello LearnToTrade and Beartrade ;p)also had a potentially bearish EURUSD alternative scenario cooking as well.
Again - all of this BEFORE it happens, i.e. actually useful to trade with.
Then it triggers - what a surprise - and not 5 hours after the steep drop the first news rumor crap trickles in...someone said something, oh no, he did gone do it, he talked the EURUSD down..
Quite a feat, considering doing exactly this has failed the last what, 2? 3? 4? Years.
So, if these things move the market and one guy says dovy dove one day and 300 pips down, surely this bulletin
http://forexfactory.com/news.php?do=news&id=65552
and - update - this
http://forexfactory.com/news.php?do=news&id=65458
means 1.6 in the next 10 minutes then?
Doves! Hawks!
Animal farm!
Is there any kind of weighting perhaps of who says what? These people all seem to say a lot day in day out it seems..
QuoteDislikedThe bulletin editorial closely matches ECB president Jean-Claude Trichet's introductory statement to last week's ECB news conference.
We just had Trichet(that's, once again, the president of the ECB) take a stance and a steady ECB; why would a week later the world be different just because someone of the crew talks the usual empty phrases into a microphone..this type of thing has occured all of the last 2-3 years during strong upward trending moves; nobody said they caused a rise then; things drop and there's a proximity of this type of thing and there's suddenly a necessary connection..
It's especially irrelevant to hear one guy's opinion considering it's still a multi-vote based process and a single opinion has no impact whatsoever except creating wire buzz..
But then half the forum reads these things and turns around saying "yea it was that ECB guy(or worse: it was the ECB) who gone did move it"...so very, very tiring..
Seriously - if a single interview could move the EURUSD 300 pips at any one time, don't you think they would have used that "leverage" before when they were utterly distraught about the constantly rising EURUSD?
Oh but they did try to...it just never had an effect...what do you call something that doesn't work more often than it doesn't?
Randomness.
I am getting seriously fed up with this. Not because I do not like the people as persons or because I want to stop them from earning their wage and doing their profession, but because a lot of people read that kind of junk and actually believe that.
Well we all know how very easy it is to say after the fact another thing coincided with the other fact, but even if there was a fragment of truth to it, it does absolutely zero good to know after the fact as the move has already happened.
So even if somebody were to take it serious, it is still an utter waste of time to concern oneself with it as there comes no real trading edge from it as it is after the fact.
And yet people "believe it". It is almost like a religion. I know why, because just like religion, it gives them a reason why things happen in their world while they are so desperately looking for answers. And someone desperate for answers will be grateful for any provided to them even if they help them not one bit to further their own progress or profit. And almost everyone starting or still muddling along in FX is prone to this desperation. They want/need/crave explanations - they get them supplied by the truckload by the noise generators.
I believe this is a very big trap beginning traders fall into, and I can only recommend to completely disregard 95% of the daily headlines on Bloomberg and in the news section and to figure out what the things are that really matter.
Merlin has already pointed out some of this himself: one of the most important factors are the actual rate decisions and directions, not any of the day to day noise and buzz. They are actually important per definition as they are the actual tool used to "valuate" a currency. An interview is not.
And there is a big difference between an official ECB statement on the monthly meeting and rates decision announcement and some guy talking nonsense into a microphone any other day of the week.
Seriously.
This had to be posted.
Trust price. Know yourself.