Currency market: 70% losers, GBP/AUD vs EUR/AUD, EUR, JPY, gold

Decade after decade, the figure remains today as 70% of traders lose. Within every financial instrument, the market price screams loudly, here please take the profits. And much is to gain from shortest term traders to daytrades, weekly and long term. Are 70% losers led by crooks with promises of big profits and expertise, are trading systems running 24 hours failures, are old trade methods failures, are traders ready to become traders.

Please see my old friend John Hill at Futures Truth magazine and all will note John has been at the forefront of testing trading systems or algo systems as they are called today, since the early 1980's. The amount of failure systems in 40 years is astounding. Very few systems make it and are recommended for trade and sale. Today, the amount of hedge funds using trading systems is more astounding and explains 50% winners to losers.

Crooks in markets with promises of big profits always existed in markets and won't ever change in the future. John Hill has 40 years of stories and 40 years of court battles to stop the dishonest.

The Journal of Technical Analysis first introduced charts and chart pattens with Ichimoku in 1997, John McGinley's Dynamic 1998,  Robert Prector's Fibonacci numbers  in the 1970's and 1980's and candlesticks in the 1980's.  Explains today's use of Fibonacci numbers and growing use of charts and chart patterns.

Today's dishonest approach to markets is to socialize traders under one roof. Literally millions of traders today are locked down in trading rooms listening to market professionals that don't exist and  attracted by a small monthly fee. The rate of return and  turnover must be astounding. The individual trader hardly exists anymore. Every trader is a member to something.

For the most part, the written word is becoming a waste of time as nobody exists to read due to trade rooms. My story is slightly different as I delivered profits for the past 10 + years and proven to consistent profits and methods. I don't view trades and markets as the trading crowds.

The week

GBP/NZD and EUR/NZD began the week at 2700 pip spreads. Those spreads compressed to 2500. Reveals not much action to GBP/NZD and EUR/NZD yet however the big move is on the way.

EUR/AUD and GBP/AUD

The week began as 2400 pip spreads and remains today at 2400. EUR/AUD and GBP/AUD are the next set of currencies behind GBP/NZD and EUR/NZD to provide insight to movements and ranges. Fairly normal for GBP/AUD and EUR/AUD is 2600 to 2700  pip spreads and informs the bigger move is ahead. Most vital is ranges for EUR/CHF, EUR/USD and EUR/JPY will compress and normalize.

USD/JPY

USD/JPY achieved 136.00's and overbought as written Sunday. Lows traded to 136.00 from 136.70. The big break and target is today and weekly 134.55.

On the ranked favored list as best trades today are USD/JPY, GBP/JPY and EUR/JPY.

Gold achieved highs at 1848 and weekly target at 1898.

S&P 500

Higher targets are located at 3723.50 and 3889.28. Watch 3739.30 for higher SPX. For SPX opens today at 3764. Today's high target is located at 3796.

EUR/USD targets today are located at 1.0559 and 1.0601. GBP/USD targets back to 1.2300's.

Watch GBP/AUD shorts at 1.7735 while EUR/AUD at 1.5250's trades neutral. Divergence between GBP/AUD and EUR/AUD as reported Sunday remains today. Oversold AUD/USD targets higher at 0.6993 and 0.7007. If seen today, AUD/USD won't trade highs until after 10 am.

GBP/JPY bottoms are located 166.13, 165.26 and 164.46.