Hey, do me a favor. Look at NZD/USD for a second, on the daily chart. Look back, oh, say, six months. I'll wait. Most of you didn't look, I bet. Within the past week or so, this pair touched what looks like it's "top". Give or take a few pips, 0.6430 has been the highest since early March. I've been day trading it off and on for a week, with a strong bearish bias. This has so far served me fairly well, until 4 o clock this morning. It seems that today is destined to be an upcandle, which has me down 1/6 my total account. I can deal with that, as I believe it will still be coming down. Scary but...ok. What I'm worried about is later this week. I use forex factory's economic calendar, and they have three red fundamental events later this week. Thur 6:30pm JPN Tokyo CPI excl. Fresh Food m/m Fri. 1:00am EUR German Consumer Price Index m/m 9:00am USD Fed Chairman Bernanke Speaks This DOES concern me. I feel that given normal market conditions, the NZD would fall, and I would make back what I have lost. Fundamentals however, freak me a bit. I am worried this, any one of these, could toss the whole lot in the other direction, and what that might do to me. This is the part where you tell me how everything will always be fine, that no one ever loses money and that all traders live happily ever after. Alternatively, we could have a short discussion about fundamental movements, if you have anything to pitch in on what you believe NZD's "ultimate destiny" might be... gosh, that would be swell. In fact, if we mostly stuck to that and absolutely ignored the idiocy of being down 1/6th of your total and not immediately leaping out, and didn't even mention anything like "Gee Jason, you have the money management skills of a retarded panda.", That wouldn't be bad either. (sighs) Thanks.
Nz/Us, you noticed the bearish pattern developing on Au$? Wouldnt that have as much or impact than anything else? The aus fed is tipped to bump rates, beyond that, who knows. Only 1/6th? Dont worry, just jam your stop losses . You useing stop losses, right.............. :eek:
I sacrificed a goat. The market gods smiled upon me. Its a good thing that no one ever loses money doing this.
Jason...lol Welcome to ET... I like your writing style if you are still here and subscribed to this thread... Thanks.. Michael B.
Yes they are .....I get more and more experience daily...Now what are you going to contribute? Michael B.