now short euro at the top of this range. Surely it cant punch up through this range before Drahgi no Thurs??? I will have all the answers as soon as my friend Hindsight comes round.
Stopped. What an impressive push by the euro. What is Drahgi going to do to try and get it back down? Those were great levels i traded and it was also the 38.2 of the daily high to low. Crazy.
I really don't feel we are in easy trading conditions at the moment. This euro has not gone the way ECB have expected and 2mw is a nightmare of a day with drahgi and nfp. The potential for risk 2mw is huge. I think Drahgi is going to be mention those 2 dreaded words 2mw....Q E - and when he does that euro will fall to the depths of hell (which is where it belongs) and bonds should rally through the roof. So because of this i have entered long bund at the bottom of this range. i can't see why anyone would want to short this so close to Drahgi possibly introducing QE 2mw. Here goes
Stopped on Bund. Great push lower out of this range and unexpected considering 2mw's big event. There is a lot of nonesense on these website of traders with thier silly 80% strike rates and pennies to millions claims. My purpose of this journal is to highlight the frequency of how often a pro trader actually loses. And that is A LOT. If you don't like losing money - do not become a trader. A trader is someone who has invested years into conditioning themselves to have no emotion connected to their trades. I had a loser and i couldn't care less. My style of trading works in the long run and as long as i maintain discipline and focused on being consistent then i will continue to make money in the long run. There is no get rich quick in this business. Only way to make small fortune in trading and that is by starting off with a big fortune. To be a trader you have to know how to lose money. When the market moves up or down 1 of 2 things is happening - someone is making money and someone is losing you are not trading price action or any of that complicated bollocks. you are trading 4 things at any given time. Human decision, indecision, fear and greed. There is no algo or indicator that can predict those kind of variables. So pick a style that works for you. Accept those losers so you can ride those winners. but of course all this is much easier said than done.....
Good morning guys. What a non event thursday turned out to be. Strong NFP numbers and 6 year low unemployment at 6.1% initially pushed this euro lower. 6.1% unemployment - What a load of crap! You have cities like detroit that are totally bankrupt and according to the data 93.9% of the entire US workforce is in employment. Something is seriously wrong with these numbers. NFP also up accounting for all the part time vacancies that became available (probably at the expense of full time vacancies). Make no mistake guys, what i beleive we are seeing here is the wealth divide getting bigger and the middle class getting eliminated. Rich getting richer and poor and definitely getting poorer. Regardless how you look at it - the Fed are in a much stronger position to start raising rates before ecb so im still optimistic we will see this euro break below 135....eventually. as today is the first real day back into the markets since thurs i expect further digestion of the US data to allow this euro to push lower and i have entered short at 136 with stop above R1.
What a frustrating day its been with this Euro. I can't remember being stuck in a trade for so long. I trailed my stop lower so losses were limited but enough is enough. I had my stop at 13609 and was relieved when it got hit. Cable had a nice push to new lows and equities rallied at 1 point but the euro wasn't interested. It was just the wrong product to trade. Lets see what 2mw brings.