Despite no major news even today, we have seen whipsaw price action on lots of forex pairs taking out stop loss on both sides, which is very common practice amongst smart money in time of low liquidity, as it is easier for them to create volatile price action, as the quantity of orders on the opposite side is thin, hence it is an ideal situation to create such volatile price movement.
Many retail traders would be looking at price chart now and would be upset and thinking, as to how they missed this whole move and didn't make any money.
However, I am not upset with missing today's price action because most of the moves were out of the blue and could have gone either way viz. up or down. Hence the price movement on majority of pairs were not based on solid technical or fundamental reasons but a trick used by smart money to trap weak hands in thin liquidity market conditions.
Day's like these test the patience and discipline of a trader.
Many retail traders would be looking at price chart now and would be upset and thinking, as to how they missed this whole move and didn't make any money.
However, I am not upset with missing today's price action because most of the moves were out of the blue and could have gone either way viz. up or down. Hence the price movement on majority of pairs were not based on solid technical or fundamental reasons but a trick used by smart money to trap weak hands in thin liquidity market conditions.
Day's like these test the patience and discipline of a trader.
