A follower sent me this and asked if he can still LONG the USDIDR pair.
https://jakartaglobe.id/business/breaking-idx-halts-stock-trading-after-5-pct-drop-in-benchmark-index
If we look at the weekly chart, we can see the first peak was in 1998, then 2020 and soon, possibly and most probably will hit the 17000 psychological level.
What happens after that ? I dunno, that is the truth. If it is certain to go to 20,000 or more, then I would sell my organs and bet big on it. Forex is a trillion dollars market and many factors can affects its price movements and I do not have vested interest (properties, stocks in Indonesia) that requires me to hedge my positions.
In short, the LONG days are around 2011 to 2014 period, if not earlier. Of course, I am looking at hindsight based on this chart pattern.
Would I long if you put a gun on my head? No, the risk reward ratio is too negligible. When you learn to manage your risk, the returns are easier to assess, in this case, it could retrace to 15000 price level and goes sideways before rallying again. That means, unnecessary risk + unnecessary funds tied in this position. Move on to other better propositions. If there is NONE, relax and chill, the market always offers you opportunities, just need to be on the lookout.
https://jakartaglobe.id/business/breaking-idx-halts-stock-trading-after-5-pct-drop-in-benchmark-index
If we look at the weekly chart, we can see the first peak was in 1998, then 2020 and soon, possibly and most probably will hit the 17000 psychological level.
What happens after that ? I dunno, that is the truth. If it is certain to go to 20,000 or more, then I would sell my organs and bet big on it. Forex is a trillion dollars market and many factors can affects its price movements and I do not have vested interest (properties, stocks in Indonesia) that requires me to hedge my positions.
In short, the LONG days are around 2011 to 2014 period, if not earlier. Of course, I am looking at hindsight based on this chart pattern.
Would I long if you put a gun on my head? No, the risk reward ratio is too negligible. When you learn to manage your risk, the returns are easier to assess, in this case, it could retrace to 15000 price level and goes sideways before rallying again. That means, unnecessary risk + unnecessary funds tied in this position. Move on to other better propositions. If there is NONE, relax and chill, the market always offers you opportunities, just need to be on the lookout.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.