First, my apologies. I got so caught up in focusing on the trades as they were happening that I completely forgot to start my running commentary. So this is an after-action summary rather than a blow by blow. I spent quite a bit of time before the market opened in meditation and prayer, contemplating the question, What are the lessons to be learned from two straight losing days that put me down almost 5%. Aside from the obvious of missing…
To be completely honest, I’m still trying to get my head right and shake off the lingering psychological effects of yesterday’s big loss (79 pips). Combine that with a market which has taken wild swings overnight, leaving virtually everything in ranges, and it’s looking to me like it might be a rough morning. We have the first of two major CAD red news events coming up at 7:30 (in 4 minutes), so we’ll see what happens. I saw no discernible…
Here I am at the start of a new month and new season, and back after a summer hiatus with a new attitude and a new determination. Let’s see how it goes. My impression of the market as I come to the charts is that there were some strong moves overnight, but, in my experience, those often degenerate into sideways chop for a while at this time of day. So I’m being a little cautious and not jumping into anything…
Kim Krompass, founder of Price Action Traders Institute, recently sent out an email asking traders “Why do you trade forex?” I didn’t respond to her email because I believed (correctly) that she was compiling statistical results, and my answer wouldn’t fit into any statistical “buckets”. But, more importantly, I didn’t respond because my answer was too complicated to write down in a few sentences. Even now, after a summer hiatus and as we prepare to start the fall trading season,…