Analyze different stocks and markets to understand trends leading to successful trading and possible long term investments
Saturday, May 16, 2009
Chart of US Dollar
Long Term view of US dollar. See how RSI moved above the purple dotted line for the first time in 10 years. Now it is finding support at the purple RSI line.
I have been actively trading for the past 3 years. After 2 years of struggling with stocks, I reached an inflection point in October 2006 and have been making good profits since then. I learnt that identifying trends early and focusing on the fundamentally best stocks in that trend is very important. Moreover just fundamentals are not good enough. You need to complement that with good Technical Analysis to pick great entry points and exits. They say a picture speaks a thousand words and I strongly believe in that. I use trendlines, Fibonacci and Elliott Wave theories as part of my TA tool sets. Last but not the least, one needs to keep accurate trading records and have a sound money management system to succeed.
Long Term view of US dollar. See how RSI moved above the purple dotted line for the first time in 10 years. Now it is finding support at the purple RSI line.
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