There is a great chance that we revisit 1.22. I think it will break the high next week by a hair and then go back to 1.22 within a week or two. Will be short anywhere above 1.255,if it gets there.
I got killed by the fed, I did not know there was a meeting! All in all, -$1800!!!! Will trade small and longer time frames, anything below one hour is definitely not for me! Will try to go long around 1.2290 if it gets there. We should get a descent pullback, it always happens after the fed, the next day goes the opposite way of the fed day!
Beaten to death! So far -$2100 on the challenge, I am eating the previous challenge! Plus an open loosing position. I think a bottom is in the working; It requires more than this to break an important support as1.22, but who knows? I expect the market to go to around 1.245 then come back to1.2390 and likely go fetch the recent high! It may seem too optimistic, we will see.
Never trade when tired! What a week! I got bad news from work and since then I seemed think more of money than charts. I can't believe I can be this biased! Now we are sitting right on my predicted low point, 1.222. If we go up from here, I will feel like a prophet and trade like a shoe to finish what's left. It is not the end of the world, I doubled my account in almost two weeks, I can do it again, but this time no constraints, just take whatever the market is given. I traded too big for my account$200,000 lots for a $6000 account defies all management rules. Rules: 1- never go back to a losing position 2- never risk more than 10% of the account. 3- never trade if you sleep at 4am!! or after 12am. 4- never look at a chart lower than hourly. 5- exercise and have a positive attitude. 6- record my stats seriously. 7- Put this on a post it. Happy trading all and happy holidays.
This game is a game of confidence, you can use any strategy and make money if you have an iron confidence. You cannot be confident when tired, when you have bad news, well when you are stressed! Good health and proper mental are 99% of the game, no questions. This is a job, that you have to take very seriously if you want to make money. I was dead wrong and kept on fighting the trend. The trend is clearly down no questions, but it requires energy to read the chart rather than wishful trading. Changing strategy every time a trade is loosing is a loosing game for sure. I can trade intraday, but I get carried out by the action, mainly when trading more than you can afford! May main mistake I think is trading too big for my account, and pilling up positions. It worked great when I had 50000 position and added one position when the price gets closer to my stop and let the trades run. I will go back there, hopefully stay there. The coming week will be the beginning of the year for me, and a beginning of something different, mark my word. My objective is trade well, I will not set any target in terms of gain, but count my mistakes and good decisions for every trade and record every trade I make. Happy new year.
My plan for the coming week: 1- If the price goes up expect the high of the day to be broken then go short around 1.2325 with the stop at 1,2355, target 1.2160, if it goes beyond that then wait for the next day to tell more. 2- If the price continues to go lower expect the price to bounce back around 1.212, that would be an excellent long entry with stop at 1.204, target 1.24 3- if goes lower but turns back (breaking two hourly highs), then expect it to go higher, it could be a reversal to sendus to 1.2