This is a great thread, but one thing I've noticed is people's tendency to assume or "think" something particular will happen. Whereas, the best attitude to assume in the markets is that of "anything can, and probably will happen". As soon as you have a particular directional bias, you may be denying information to the contrary, and that's dangerous. Never forget that really ANYTHING can happen. I quoted a popular story on this in my DAX thread once: Anyone and anything can change the course of the market, anytime! Never forget that! Now you might say: "If I can't have a bias, how can I trade?" Well, you can always trade, by taking an "educated guess". If the R:R (and possibly even hit rate) is in your favor, there is no question you will do well, and that without having any bias whatsoever.
Hey Steve! Many thanks for the words. I see you're doing some very decent calls these days... Here's a quote summing up the major reasons for my cutting back on the boards: All the best to you, Sci.
It's doing okay now, but for a while, it had just been vascillating around; it hadn't really made any significant move since I had entered the position. I think the position is sound, so I'm going to hold it for a while longer I think; possibly overnight.
Hopefully, the calls will last.... Thanks. Perfectly understandable why you're cutting back. Really no point in working hard to be successful if you can't enjoy it. Take care, Steve
Oh, this could get interesting. Guess it's the most obvious spot for a stop as it (eye-balling it) seems to be approximately the 50% retracement point for this last upwards thrust from 5/14 to today on the hourly chart.
There is something about forex that just won't let you switch off at times. I have an LCD monitor on my bedside table now, which I can use for music, music videos (or so the excuse to my better half) and of course checking quotes at night. Thanks to extended monitor cable and amazing bluetooth technology (10 metres / 30 ft range, goes through walls etc), I can use my keyboard and mouse without having to have a noisy PC next to my bed. I can really recommend it!