Trust me, I didn't like to in the past, either. However, I've recently realized that there are a lot of things nobody wants to do that bear the highest rewards (for just that very reason). One thing was trading longer timeframes (with then likely lower hit rate). I got over it. Then, holding things overnight. Well, I got over it. Holding things over the weekend... Last challenge I suppose. I wouldn't do it often, but I want to be able to benefit from great opps, such as the multiple long rejection of ES, dooming and glooming all over it. The point is that in the face of circumstances, nobody would really dare to buy over the weekend. So, sellers probably outweigh (which seems to have happened). Once the US opens, this might change a little, but we'll see. I'm flat for now, and ready to go again. Just look at the Yen man, it's insane. It just hit and well tested the 80% retracement level. That's a pretty good long sign in the long run. Who would've thought I'd go that far, when we took our profits at the 50% level? The Yen might retrace a bit now, maybe up to a few hundred points. But in the longer run, I believe the Yen might reach and break 9550 level, and as a secondary goal, could well break 10,000. Once a continuing US bear market is confirmed, it's only thumbs up for the EUR and JPY.
It appears each week is a narrow range of the preceding week for 3+ times, forming a triangle (equilateral?) now. Likely would be a breakout ahead soon. Just 2 censt.
While watching JPY, I wasn't prepared to trade EUR/USD today until replying Scientist's post. The best I could do this time would be around 1.2350. I have a very tight stop this trade.
In "The New Market Wizards" (a very good book) there is a interview with a big forex trader, Bill Lipschutz. He says that trading the information flow is what forex "is all about". "You need to be be plugged into the news and to know what the market is looking at". He knows a lot of other big traders (from banks etc.) og talk with them during the day - to hear what the market is focusing on.
Another good point from Lipschutz: You can't bank on being right on more than 50 procent of the time. "You have to figure out how to make money being right only 20 to 30 percent of the time". How? To be able to let your profit run. And a last one: "You don't want to hold a position when you don't know understand what's going on. That doesn't make any sense".
Add another testing long position @ around 1.2350, with very tight stop placed. That's all for today.