I tried one trade early today. I came to the charts about 4:30 CDT, saw a big run on the GBP corresponding with news, that was followed by a sustained pullback. But it looked like the pullback had run its course, and I took a yellow line trade considering that this was still in a clear directional move upward. I decided I’d give it one try. That proved to be wrong, and I took a full stop on the GBPUSD…
I did trade yesterday, though only briefly. I had an appointment that I had to leave for at 9:45 CDT, so I got about an hour and a half in. In that time, I entered 5 trades, took 1 full stop and two smaller losses, and two small wins. Net when I had to leave was <17.3>. I also made a half-hearted attempt to trade the AUD monetary rate news last night. There wasn’t a whole lot of movement, but…
This is starting out to be a wierd day. I was awakened at about 2:15 am – just after the London sesssion open – by the sound of a couple alerts going off on my MT4 trading platform. I often leave it running overnight, but I try to remember to turn the speaker off before I go to bed. I apparently forgot last night. I got up to turn the speaker off, then did a quick survey, and found the…
Still trying to clear my head from 3 losing days last week that took me down 6%. But today is a new day and a new week, and I’m approaching it with a fresh attitude. There was some Brexit news as I came to the charts that was sending the EURO and GBP pairs way up, but I was a little late to get into it. Everything else is pretty much ranging. I was able to get into EURUSD, EURJPY,…
I don’t normally trade on Fridays, but because the news this morning is Non-Farm Payroll, and also because I’m still looking to recover some more of my losses from early in the week, I’m going to give it a go. I probably won’t trade much beyond the news. Trade plan is showing the EUR and GBP pairs, and, to a lesser extent, the AUD pairs, in pretty solid directional moves, and the others clearly in ranges. We’ll see what break…
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,…
Reviewing the charts early this morning, I found no really convincing direction. I traded the CAD news on both the USDCAD and the CADJPY, and got stopped out both times for <10.0> and <12.0> respectively. Down <22.0> and scanning the charts before the market open. Took a pullback trade on AUDJPY long, which stopped out for <12.1>. Pending orders were hit for re-entry on USDCAD and CADJPY after the losses on the CAD news. Currently down <34.1> and holding USDCAD…