Kathy Lien: Battle Tested Forex Trading Strategies

my name is Kathy lien and I am Managing Partner of BK forest advisors its issues with hearing my voice or my charts please, let me know and I will try to adjust them along the way the best I can, so today is Memorial Day Monday the weather here in New York is beautiful, so I’m hoping you know those of you that Americans will take some time to enjoy a day it has actually been you know are pretty interesting morning or overnight in the currency markets we’re seeing a little bit more volatility than we would normally see on a Memorial Day Monday particularly overnight in the Australian and New Zealand Dollars which are up quite a bit the Euro is obviously still under pressure what’s up in that a little bit this is more of a strategy session when we go into you know kind of what we would look at from a fundamental basis in the market now before I begin this some is the disclaimer that tells you that you know trading currencies is risky currencies and forests are obviously leveraged instruments, so they magnify your losses as well as your profits, so it’s pretty important to be aware of the risks that you have in the markets and you kind of understand on what you’re doing and we’ll head to wire the rationale behind most of your trading, so to begin I like to talk about how yeah there’s really only two types of markets out there and you know most of us spend a lot of time creating trading strategies and finding different ways to analyze the markets, but at the end of day all of our strategies kind of you know funnel into one of two pockets and that’s either trend or range and, I’m going to flip over to a live chart right now just to show you this dynamic on in the markets not to be doing that regularly doing this session moving between you know prepared charts as well as live charts, so what you’re looking right now is a daily chart you know live daily chart of the Eurodollar and as you can see here pretty much since the beginning of the month we’ve had a very strong downtrend in the euro dollar and this trend was you know I was saying about eight hundred pips was virtually no retracement before that however we had about four or five months four months of range trading, so this is the type of behavior that we tend to get the market which is on the left-hand side of chart is a very strong downtrend with very little retracement then a period of consolidation followed by another trend, so as you can see by these moods here in the left-hand side of this chart which is from November to the end of 2012 that it was basically moved from 1 to 42 down to 126 yes there were little recoveries along the way that you perhaps could pick the bottom here or bottom here or bottom here, but you would probably save a lot of gray hair and a lot of frustration and potentially losses, if you just looked for opportunity to join this trend rather than status, but then what happens when we enter into mode like this and it does these bottoms you turned into more consolidated mode how do we tell that that’s happening and how do we tell that’s the environment that we’re going to be in versus environments like the left hand side this chart or the right hand side of this chart, so that’s really the key to trading which is trying to figure out whether we’re in trend or range mode, because that will allow you to be able to implement your trading strategy I think this is a pretty important concept to understand from both a short term as well as a long term trading perspective, because even the futures you’re not treating daily charts like I just showed you the charts for daily charts even, if you’re just you’re trading you know intraday charts like five minutes charts or one or fifteen minute charts or one hour chart it’s pretty important to be aware of the overall dynamic in to let you know whether you know it’s worthwhile to say to move or it’s worthwhile to join the move, so how do we determine whether the market is in trend or range there’s plenty of different ways to do, so, um, the first question to ask yourself is what do you like better what do you prefer now the reason most of us come into this market and we try to buy low sell high buy low sell high is, because we’re coming into this market from the from the mindset of equities, so in equities were taught to buy low sell high buy low sell high, because you know equities and p/e ratios they have your value points things like that, but currencies do not on there’s no p/e ratio for a currency for example, so that is why I always encourage people to to look for opportunities to join up trend rise and fade it, but you know I will show you ways to join a track to depict off the bottom that I find a little bit more effective with some this in mind you know it’s important to realize that currencies are trending instruments, because we’re dealing with countries I mean just to look at that chart that we just saw over the past month the euro dollar I believe only had three days out of you know today’s 28th day at a 28 days we’ll had three days of rally that’s a pretty small amount, so yes you could have tried to look for ways to pick a bottom in this selva, but you may have thought that from the move from 135 that 130 would have been a good value point you know psychological level nice round number, maybe you should have bought that, but it just kept on falling, and then went down to 128, maybe saw the previous low year-to-date low 126 one point one point 625 would have been a good point to buy, but no once again it continued to fall, so that is why I think very dangerous to stick your hand out and say wow the Euro looks cheap I should buy it now it’s much better happy to help you identify the top or bottom in a currency, so this shows you a longer-term chart of the euro dollar, let me just show you this on live charts, um, as well that was actually weekly try the euro dollar, maybe once I can’t want my weekly chart load then I’ll refresh your screen in just a second, so this just proves to you how strong these trends are I mean look at this huge move in the euro dollar in 2011 also huge move in 2010 I mean it hold v-shaped move shows you that the trend really is your friend when it comes to currencies, so with this in mind the question then becomes how can I determine whether a currency is in a trend or range yes absolutely right, um, this is all in hindsight, but you know now I’m showing you why how you could determine this you know looking forward, but even though it’s in hindsight I don’t think it’s in hindsight at all to say that current, because that’s really what they are they are extremely trending instruments and there’s a much greater chance that will remain in the trend then watch to see a top or bottom and we need something to help us determine whether and top or bottom moving right along alright, so how do we determine trends versus range well this obsession is called battle-tested foreign exchange trading strategies and my battle-tested forex trading strategies I’ve had to do to something that I show often and I use Austin, because I find it extremely effective and what that is are on the double Bollinger Bands they help me determine trends versus range and I’ll even show you in live charts how they helps me get into quite a bit of these big moves recently and also what it’s telling me in some of the more recent charts and which currencies are actually kind of turn mode meaning that it may be you know good opportunities pick a bottom in some currency pairs, but not all, so I do use the double Bollinger Band to help me determine trend restoration my number one favorite on technical indicator, but before I show you how to use the Bollinger Bands and how they work I think it’s extremely important to be aware of what is causing these trends, so I said in the my description of this presentation I talked a little bit about how for Buffett would approach the currency market and what is the number one rule that Warren Buffett has when it comes to investing and for those of you that are familiar with his style with his style is well it’s don’t his money, but what it is to invest in what you know and what you understand and, so that is what we should take from his uh you know wisdom and bring it into, um, the currency market which is we should trade and invest in what we understand, because there is a very good reason why we’re seeing this huge trending move in currencies and in Euro particular, because when it comes to currencies they are affected by what we call the three M macro micro monetary policy now macro pertains to the sweet themes in the market and what these big themes are our political conflicts equities and misc appetite oil and gold, so in this you know current environment we are dealing with political conflicts and that political conflict it’s both political and economical I would say is the European sovereign debt crisis where all, um, you know as the mercy of the Greeks and what they decide to do with the euro and this morning you saw the Euro you know kind of trickle lower trying to extend this losses and the reason for that is, because first of all, um, Greece is you know trying to figure out what they want to do in terms of keeping the single currency and more importantly we have the market shifting its focus to Spain and a fortunately 10-year Saanich bond yields rose to a record high during the European training session this morning and on top of that what we had was the CDF spreads of stains a bond which basically measured the spread between you know how spy response training versus German bonds rose to about 450 basis points which tells people that you know we’re entering into dangerous territory it’s a farm you’ll get to temp get to 7% then we’re really in trouble, because that means that the European Central Bank and the European Union will have to figure out some way to help them last time I look sanest 10-year bond yields were about six point four seven percent, so we’re not too far away’s in that area you know there’s a lot of reports in The New York Times and The Wall Street Journal many different papers talking about how you know Spanish citizens are moving the money as a vein the greatest fear would be a bank run and over the on Friday we had Basia which is a pretty large Spanish thing report that you know there any some support, so all of this it’s putting us in a one-way downtrend in the euro dollar and it’s, so political as well as economical, because it’s political, because a lot of us be your official don’t want to take action until Greece or seen themselves on you know take additional steps to either do austerity make their own decisions or basically shore up their own finances, so everyone’s sitting on the sidelines waiting for the politicians to get their act together and whole idea is that once the politicians get to ask together the hope is that that’s going to lead to a bit of stability in the markets and I actually read a bit about this in I am a daily piece talking about how what it would take for this crisis to be over and also you know Greece were to leave the euro what are the steps and that would you know most likely happen over a weekend and the relieved is people saying that happen this weekend, but it was a little too close to timeline I think that they don’t have the political will to get this done before the election, but you know there’s be a lot of focus next weekend as well, because then four-day weekends in Europe stirrings due to the spring bank holiday as well as the Queen’s Jubilee and the reason why I really wanted to do at the weekend is, because they want to leverage on the closed market in order to have all the meetings that they need to have, because you know, if Greece pulls out of the eurozone you know European finance ministers were already convene as for the matrix treaty they would on the EU would need to decide whether or not Greece could stay in the euro and a try oka would need to decide whether they need to withdraw bailout funds the IMF will probably be called on for assistance, because Greece potentially be defaulting on its loans, so they may need money to run their country, so the IMF will be called on Greece will be shut out of the capital markets, so central bankers around the world as a result of a probably of a pretty big sell-off the markets would need to convene and figure out whether or not on the need to respond through such things as emergency dollars lending measures, so a lot is to be accomplished and, if they want to avoid a gap down in the markets when they open don’t need to have all these meetings quickly, um, and around the clock over a weekend, so it’s going to get messy and that’s why do your dollars under pressure, so when it comes to macro until this solution comes we have a very difficult time rallying in the euro dollar it easily can help they can send the losses by either expanding their long term refinancing operation or by you know cutting interest rates, but that would only be a temporary and not permanent solution for the euro dollar, because you know at the end of the day, um, at the end of the day it is you know quite again today it is quite, um, you know a big situation and yeah something that ways to pay attention to you know please, so on a day-to-day basis you know micro economic data is really what matters the most and when it comes to micro economic data we’ve got a plenty of it and last week we had quite a bit of European economic data that surprises downside namely a PMI numbers the ISO report we also have the we also had you know kind of the non-farm payrolls report due for release this week, so overall you know Michael McDonald McDade is pretty important, because even though risk aversion is the primary reason why the dollar the US dollars performing, so well we cannot ignore the fact that on improving US economic data is making the US dollar a shining light source shining star in an environment where things in Europe are just getting a worsening by the day, so micro economic data will be what can determine the shorter-term flows in the euro dollar both currencies in general and it’s part of the reason why, um, you know we’ve been seeing such significant weakness in the British Pound, because last week we had a lot of employment in UK data, so that’s kind of determines where currencies move on an intraday basis and finally you know aside from macro development monetary policy really plays a very big role on how currencies are trading and it’s one of the main reasons why is one of main which is why they’re showing a New Zealand dollar are performing, so well today, because overnight we as such saying that perhaps a show does not need to cut interest rates again on the market pricing another hard 25 basis points of easing from the RBA, so, if that’s, if they don’t need to be that aggressive and Fitch believes they don’t that to reach a little bit of a short squeeze in the Aussie dollar which is probably what we’ve been seeing in the israelian dollar overnight, so those are the fundamental drivers of currencies and what Warren Buffett would be looking at, if he was a currency trader, so, let’s go back to our technicals and, let’s get back to our trading strategies now what is the standard way to trade Bollinger Bands now many of you may be familiar with its on the fast ads either two ways to look at Bollinger Bands Bollinger Bands on help us measure consolidation our stash in the market, if the Bollinger Bands are really tight that tells us that we’re kind of in consolidated mode, maybe while a breakout in the currency is a Bolger bands are really wide that tells us we’re in a trending mode it also, um, is basically considered overbought oversold signal, so in this chart here you know a traditional way of using Bollinger Bands the whole idea is that as a bonus, if the currency pair touches the lower Bollinger Bands considered oversold it, because the upper Bollinger Band is considered overbought and what you’ll find here is that, um, the, if you use that you would have been left with quite a number of losing trades because, if you bought every single time to touch the lower Bollinger Band you know all the red circles be losing trade all the blue circles the winning trades there would have been winners as well, but saw not support quite a bit of losers and the same thing on the top side, if you would have bought when the crank repair touched the Bollinger Band, so instead what I wants to use what I use every single day in my charts are what we call the double bowline Japan, so the double Bollinger Bands is a double Bollinger Bands consists of the following they are basically they are basically on the 20-period center of two standard deviation bollinger bands and the 20-period one standard deviation Bollinger Bands, so the 20-period two standard deviation Bollinger Band is kind of the default whenever you add Bollinger Bands on your chart and the 2301 standard it is what they should Bollinger Bands is what I’ve added it, so I’m actually going to put this on the charts to show you how look at these on live charts, so right now you should be looking at my live chart of the Eurodollar and, let me actually split back to the daily chart, because that’s, um, you know we, please a little bit too long just give me one second one my chart load, so there you go the charts loaded, so, let’s actually get these Bollinger Bands on charts first, so you can do this on any charting package this sum right is a GSP charting package, so adding Bollinger Bands defaults are twenty periods two standard deviations I get rid of the middle line I just changed them to one color, um, and once you do this usually your most your charm packages will remember it or you can save this amount to do it every single time, so these are the outer bands and, I’m going to add in the inner band, so twenty periods change this to two one get rid of the middle line, and then change our lines to black same thing with this here change our line to black and voila there you go there’s our Bollinger Band, so the first thing that the Bollinger Bands teach us or tell us is whether we’re in trend or rage and the way to interpret it is that, if the currency pair is trading within the one tube, and then we like to say that it’s in a trend, so in the case of the euro dollar right now you can see that pretty much since, I’m not too sure what the state is I think it’s May 7th May 4th is when it entered the downtrend, because it blew into the one cabana downside that’s when it moves into a downtrend and, if I turn it up I open up my chart I see that train and one sedan and downside like it is right now then what it tells me is that the euro dollar is in a downtrend, so, I’m going to be looking for opportunities to sell on Valley and looking for further losses in the currency pair and to hone this point in even further right now I would be bearish to the euro looking for another break below 125 given how its trading according to Bollinger Band it is trading between the one two bands like in this region over here, let me just i refresh this, if it’s trading into the ones who been in this region over here, I’m going to be looking for a range for the current compared to consolidate for and I would be saying that the currency pair is basically in range trading mode um, so the another scenario would be in the uptrend on the up time would be somewhere over here, if the currency pair is creating the one today on the upside I would say that it’s in a uptrend and, so I’ll be looking for opportunities to buy on dip and looking for a stronger rally in the euro dollar, if it was in an uptrend, so this is what’s on the bolder stance helped us to do initially which is to help us determine whether we’re in trend or a range, so, let me go back to my slide, so your, so it helped us number one to determine whether we are in trend or range and this just shows you more charts that is where trading the one sedan the upside when up trends once again downside when a downtrend where I don’t have a lot of time I’ll show you what something is in a really nice uptrend right now these are more charts showing you where the range trading zone would see which is between the one two then where the downtrend would be with it uptrend would be, so how do we actually use the Bollinger Bands to trade well the Bollinger Bands can help us pick tops our bottom, so, let’s get back to our live chart before I show you how to pick tops and bottoms, I’m going to show you that uptrend on in a second and it’s going to be UNC dog tabulations are Swiss, but unless and show you a chart of dollar cad, so this shows you that when a currency pair in a very strong uptrend that it will remain pretty comfortably within the 1/2 then, so I would not be even though like, for example, the dollars tab is selling off a bit today I wouldn’t be taking a top in the dollar cad until we closed below the birthday and deviation Bollinger Band, so that kind of answers the question of how do we pick a top or bottom well we pick a top or bottom by waiting we wait for the currency pair to close below the first standard deviation Bollinger Band, so in this case here what I want to call your attention to is, let’s uh move left from right to left here with a little bit of a downtrend and dollar cad, so in this case you would you know remain short look for losses wait for the currency pair to close above the first standard deviation Bollinger Bands targeting the Bollinger Band on the other side and, so once again just to kind of hone the point in a little closer what I want to say is that, if we’re in the 1/2 then in a downtrend and we closed above the first standard deviation Bollinger Bands that’s when you would go long targeting the Bollinger Bands on the other side, so once again dog hat is not turned according to our Bollinger Bands tacit here you can see it goes into the uptrend closes below it take sometimes high spikes back up into a Bollinger Band, but eventually it touches the Bollinger Band the other side and we kind of see the seesaw price action here we’re in a larger up this is a more consolidated mode, because the Bollinger Bands kind of tight on the tight arrange trades a pair, but, if we’re in a broader trend and we turn once again it still touches the Bollinger Band the other side in this case you would see the pairing up trend it closes below the first standard deviation Bollinger Band, and then targets the Bollinger Band the other side this one we move into two downtrend we closed above the first standard deviation Bollinger Bands targeting the Bollinger Band the other side, and then it does it again and again something that’s happening right now that I would want to call your attention to is the Aussie dollar and you actually also see this in the Kiwi dollar, um, and what you see right now is that whoops sorry my screen to splash, let me move my chart over a little, so you can see a little bit more price action and I’ll just refresh my screen just in case for some of you that’s not calling up, so right now you’re seeing that the Aussie dollar on Sunday morning or Sunday Sunday basically gaps upwards moves above the first and deviation Bollinger Bands it tells us that it’s turning you know this candelabra Springs not closed yet, but you know, if it closes like this that tells us the Aussie dollar is turning, and then you know perhaps we can get a stronger rally to touch the Bollinger Bands on the other side or at least as you get close to it, because you can see in this downtrend here, there are some little perks upwards which didn’t quite get there, but there were at least 100 pips move upwards, so that’s what they know we could expect that it would you close above the first two sanitization Bollinger Band that we could get to parity before we turn lower again, um, sometimes a really nice chart like this move over here or this move down here, but sometimes you get these little smaller ones, so how do you set the soft loss when it’s out of the first day or d-day should bulge of it very good question the best stop-loss is a swing low swing high, so in this case over here, if that is too far away with sometimes it will be you liking this left hand side chart the stop loss is too far away then I would say, so we’re back into the Bollinger Band in a middle area would be sufficient, so once again that would have to close, because we got you know a solid saving of this it’s not clear whether it’s going to close here or not and you see a very similar situation in the Kiwi dollar Kiwi dollar uh just give me one second well munch are close also turning, but we got a little doji happening you know overnight it looks much better than is looking right now, because it was you know at one point in the top of that candle, but right now it’s fading, um, now on a shorter term basis is that’s another way to picked off the bottom that I actually like to use quite a bit and it uses 15-minute charge for those of you on the like shorter term training and it still leverages on the Bollinger Bands and it’s something I like to call the extreme fade, so, let’s move over to 15 minute charts and I’ll show you how this would work, so the, because we’re at 15 minute charts we use slightly more significant Bollinger Bands, because the law the shorter term you go the less significant the deviations are, so on the daily weekly charts we use the 20 periods to standard a shinbone you man and a 20 period one standard deviation Bollinger Band, so on the 50 minute charts what we use is we use a 20 period to standard deviation and the 20 periods 3 standard deviation, so, if you compare with me one second I am going to change this to the third standard deviation Bollinger Band and what we are going to add on here is another technical indicator which is the ADX which measures to strength at Rend make it a little darker, and then, I’m going to add just a little horizontal line in here just for reference purposes ok, so right now it’s a very similar concept as what we were had been looking for at a minute ago, but it uses slightly expanded Bollinger Band, so what we’re looking for is we’re looking for a very extreme move before we pick a top or bottom, so in this case here we’re looking for the currency pair to rally close at or above the third standard deviation Bowl in Japan, but we don’t just take the trade just, because it does that what we do is we wait and we wait for the currency pair to close fast lo the second standard deviation Bollinger then at that point we’ll just the ADF and we only take the trade, if ADF is confirming our trade, so basically I will show you what the rules are here extreme safe, and then we’ll look at the charts just, so you can understand a little bit clearer, so extreme stage we use Bollinger Bands we use ADF we use 15-minute chart, so we want to look for the currency pair to watch the crazy pair close at above the third standard deviation Bollinger Band and that shows you at closing a door Bob’s apparent deviation Bollinger Bands, and then you wait for the pair to move from Thursday indication Bollinger Bands to the second standard deviation Bollinger Band and we want to close below which is this candle over here then you only kept to see and you take the trade, if ADF is less than 25, because the reason for that is, because we want, because you know the rally that’s happening here is very strong, but, so you know could be caused by piece of economic data it could be caused by a really significant news, so what we want to do is we want to wait for the currency pair to basically show us or tell us that the tell us that the shreds of China is not that strong and that’s why once the ADX below 25 that is coming from an uptrend we want to sell at the open of the next candle, so we short to here stop swing high swing low usually about 15 to 20 tips, and then, um, your target would be 1 times risk or and trail to stop or to change it, so back to our live chart, so right now we have we saw this one earlier today we see the ATX below 25 and, so you were gone long with the clothes above the first annotation Bollinger Band which it did here and that, and then it continued sell-off, so it’s not a good trade, but, because your swings your entry would have been pretty much I would say at 125 42 and your stop would have been at this time of swing low is here 125 32 I mean you had less than 10 tips loss here, um, it closed at above the Bollinger Band, but we’ve not taken this trade, because a DX is greater than 25 this one you know it is pretty much hovering around 25 um, so, maybe you have taken trades, maybe you would have haven’t, but, let’s look at some you know actual trades that we would have taken, so here’s a good example betrayed you have taken it would close at or above third standard deviation Bollinger Band you would have gone short here’s when you actually been stopped out um, so finally some trades we’ve taken here this one is closed at or below the Bollinger Band we don’t take the trade until the currency pair closes above the first standard deviation Bollinger Band, and then you check the ATF’s is below 25, and then targeting the Bollinger Band you decide either one times risk and trail or two times risk for two to one risk reward this one you also have not taken this trade, so the ADF helps us and save us from from very trending moves and uh I guess bad signals, because it’s above 25 this is a trade you would have taken it closed below the first third sanitization mall in Japan you wait for it to turn out you would have gone long here and you know basically had about 40 50 pips move, let’s look for more trades here you wouldn’t have taken this trade it doesn’t set up all the time, but when it does it can be quite significant, let’s see, let’s just look for one more example of the trade, so here’s another example closed add above the Bollinger Band this place ad s probably would have been above 25, let’s see, if we can get some better setup, so here’s an example of closed ad above the Bollinger Band you would have sold here for a small move here’s another one that closed at or below the Bollinger Band and it took a little while ATS was below 25, and then more significant turn this is another example of it, so that’s how the extreme fade would work, so the last thing that I want to show you is that on at the daily chart and, if you bear with me once again, I’m going to change this to back to the to the first standard deviation Bollinger Band get rid of the ADF you just up is how to remove the middle line sometimes what we trying packages is just a check mark, so you can just check it and you can remove it that way, so the last way to use the Bollinger Band is a help you identify points to get into the move at value, so, let’s say when a prolonged downtrend here, so one of the greatest fear that people have is selling into the low or buying into the top, so what I was supposed to do is wait for the currency pair to retrace the first and deviation Bollinger Band and that provides a point of value for us to enter into the trade in the direction of the trend, um, and in that case you know we could do that, and then try to capitalize on the continuation move, so this would be a point to enter in value you know you could have left just your order overnight enter at this point at value I’m in enough trend every single time such as the first standardization Bollinger Band would be points to enter at value your stop cause be somewhere in the middle line, um, yeah these, let’s see how would look on the pound dollar, because we have ones with that pair in a while town dollar also in a pretty significant downtrend right now trust my chart, so points to enter a value this would have been a point to enter at value this one is point to enter a value within stuffed out there, but like here you have multiple points to enter at value which is this point here this point here this point here in this point here and even, if you get this point this point this point are all points to enter in at value, so that’s some different ways that I like to use a Bollinger Bands and show them Austin, because they are truly battle-tested and I use them pretty aggressively and the last thing I want to leave you with, if you’ll bear with me is just a little information on what we do at DK forest advisors at BK for us we trade on both short and swing trading signals we basically including in your included in the membership we provide you with one to two intraday trading signals each day one to two swing trades per week as well as eight to twelve ideas on economic data tray news trade a week as well, so all of these are included in your and your subscription to DK for us divisors, so, let’s get down to business to trade effectively it means to have a trading plan and a treatment plan should be approached like a business plan, if you don’t write it down you won’t do it, so every single trade that you take should include the reason for your trade what he will be trading and what types of risk control you will use at BK we provide you with all of these information on every single trade we take how will we train what only trade and what risk control we will use along with updates along the way we’ve got a private Twitter feeds for clients that updates them on all the trades that’s one way we communicate with our subscribers we also have a website where all the information is featured as we also send this we send you information you know via SMS or text message your cell phone as well as email on our website Twitter and also in a chat room on our member section of website and we have a $59 one-week trial that we’re offering these days I encourage you to go to DK fourth device comm to get more information, so with that, I’m going to open up the floor to questions I know I see some coming in from Len on mt4 put a simple M a over the Bollinger Band provide the same color as the background I think he’s asking you know, um, he’s helping JP answers questions which I appreciate, um, on the one-hour to you used to be in two or one and two on the one hour aroma I use one and two standing ovations not three in two, because it’s a little bit too long with her any other questions hmm any other questions, so, if you don’t have any questions you can always contact me by clicking on the contact us button at BK for EPS advisors for hours and we’re still using the two in the one, because it don’t even go really short term that we go to the three and the one voice the spice for your twist last Thursday was caused by a whole bunch of reasons, but it was an intervention there was some speculation that there’s going to be a Swiss pass law office rented on wheat deposit and that would have led to quite a bit of a ah yeah flow in Europe slip or flow into your into the euro which because, if they had to pass that tax revenue over to Greece that would involve selling francs and buy euros also just kind of some in general market blows, so once again I thank you all for joining me today on this Memorial Day Monday, I’m going to go and enjoy my holiday and having a barbecue, and then just last question which payer works best with the strategy I use this on all the majors I’m selling from bands once in a down time how this differs from buying when it closes above there it is different tactics see one is joining the trend and the other one is sticky top and bottom, so I’m just illustrating the different ways that you can use the Bollinger Band, so have a great day and you know enjoy the nice sweater.

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