{"id":20039,"date":"2022-08-24T07:30:44","date_gmt":"2022-08-24T11:30:44","guid":{"rendered":""},"modified":"2022-08-24T07:30:44","modified_gmt":"2022-08-24T11:30:44","slug":"skip-the-cocktail-talk-and-follow-what-really-matters","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/skip-the-cocktail-talk-and-follow-what-really-matters\/","title":{"rendered":"Skip the \u201cCocktail Talk\u201d and Follow What Really Matters"},"content":{"rendered":"

I love trading the forex market because there are great opportunities<\/a> that pop up every week for currency traders.<\/p>\n

I also enjoy how simple<\/em> trading the forex market really is.<\/p>\n

Many traders worry that currency markets are incredibly complicated.<\/p>\n

They tell me it’s hard enough to keep up with news coming out of the U.S. – so how are they supposed to stay abreast of what’s going on in several other countries?<\/p>\n

But I tell them that they don’t have to keep up with what’s going on in other countries because macro-economic analysis is almost entirely useless when it comes to short-term trading.<\/p>\n

Knowing the ins and outs of European trade and monetary policy won’t help you decide when to enter or exit the market.<\/p>\n

Yet, technical analysis is a far superior tool when it comes to making trading decisions.<\/p>\n

Figuring out what the Fed might <\/em>do at its next meeting, or how an energy crisis might <\/em>affect the euro is what I call “cocktail talk.”<\/p>\n

It’s fun to discuss and it can make for an interesting conversation over some drinks – but ultimately, it’s just entertainment.<\/p>\n

If it wasn’t entertaining, news channels would be out of business.<\/p>\n\n\n\n
\n

Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

And I don’t know about you, but I don’t want my trading to be entertaining. I want it to be profitable.<\/p>\n

Luckily, technical analysis cuts through the noise so you can shine a light on what really matters – like price action.<\/p>\n

After all, you’re not trading news or economic events. You’re trading prices.<\/p>\n

That’s why I’m focusing on a great opportunity in the Polish zloty and Japanese yen currency pair (PLN\/JPY).<\/p>\n

Take a look at the chart below…<\/p>\n

\"Chart\"<\/div>\n

Since mid-April, PLN\/JPY has been tracing out a large head and shoulders reversal pattern.<\/p>\n

(The head and shoulders pattern is one of my favorite setups. Check out what happened the last time I spotted this pattern<\/a>.)<\/p>\n

This pattern has three key defining features – the left shoulder, the head, and the right shoulder.<\/p>\n

The pattern is complete once prices break and close below the neckline (blue line) that connects the bottom points of the left and right shoulders.<\/p>\n

To determine a target for this pattern we’ll use the final component, which is the neckline measurement.<\/p>\n

The neckline measurement is taken by drawing a straight line from the top of the head to the neckline (left vertical line).<\/p>\n

The length of this line is how far we can expect prices to travel once the pattern is complete… which in PLN\/JPY comes in around 25.50 yen.<\/p>\n

That would be an almost 10% move, which would be amazing to see in any currency pair.<\/p>\n

I spot these kinds of trading opportunities in the forex market every week. And because of the leverage that’s available to forex traders, it makes these opportunities potentially lucrative as well.<\/p>\n

The next time I spot another great trading setup in the forex markets, I’ll be sure to let you know.<\/p>\n

Happy trading,<\/p>\n

Imre Gams
Analyst, Market Minute<\/em><\/p>\n

<\/p>\n

Reader Mailbag<\/strong><\/h2>\n

Do you trade forex? If so, what has been your experience?<\/p>\n

Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com<\/a>.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

I don\u2019t want trading to be entertaining. I want it to be profitable…<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[76],"newsletter-type":[],"ticker":[],"class_list":["post-20039","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-imre-gams"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/20039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=20039"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/20039\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=20039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=20039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=20039"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=20039"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=20039"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=20039"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=20039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}