yeah...I think all of us might have to start trading it like it's a strong trend. Personally, I've gotten out of the habit and have shorted this puppy twice, once at 1.2748 and then again at 1.2788 (spot). I was stubborn on the first one and so I'm still underwater a few pips (current price 70).
Ah, if only I had had the confidence to stay in my short USD trades. Way to go, Neal; excellent trade!
Thank you. I fought the war, mine as well enjoy the spoils! Looking for 1.35 or so, unlikely I will hold on that long. Will hold until the market does something wrong. Thanks. Neal.
Well let's see, first of all I wasn't going to trade tonight. The plan was to go to bed at 7 or 8 and be up for the European open. Then I shorted a major up trend and held it for a 27 pip loss which is a violation of my trading plan (I can risk that or more if I'm going for a bigger gain). Then I got back in short, got most of my money back and let a good portion of that slip away. Then I really did it and added to my position using more leverage than my trading plan ever allows. And then to top it off I didn't get out at break even but held on to the huge position until I made a days worth of profits. I know exactly why I was such a stupid son of a bitch: I had a great week last week with only one small loss on my first trade of the week and I had gotten attached to being right. Well, time to put my stupid ass to bed and tomorrow I will not use too much leverage...I will not use too much leverage...I will not use too much leverage... Cheers, TRADERguy
Deutsche Bank comments that they think daytraders will be very careful today. That's my impression too. I think we can see very choppy conditions because of uncertainty of the substance in this rally. Oil and the double deficits are the usual suspects, but now we also have corporate hedgers and a whole dustbin of rumours. Point is, we probably will not see that much of a trendy move during the US RTH session. That's no surprise with the giant move during the asian session and pre-market asian gap even. US names will have the whole political uncertainty with an election which seems to be starting out like a lawsuit outta hell, as well as doubts about how strong the US economy and growth is - enough to curb the recent onslaught ? Popular talk lately involves a lot more USD bashing. I have been programming and tweaking all weekend, even all night until now. I think I will wait almost until the european close for some clues ... this market needs to mature to these levels - at least in my head. 90-60 mins before the european close will be my focus, with a passtime of reading analysis and comments until then. Thomson are long from 1.2803 with target 1.2930 and 1.2740 stop .. Thomson and DB both say that a 1.30s are very likely to be explored soon.
I was ahead in that particular trade but I was behind for the evening from the first loss that I held too long because I was being stubborn. Basically I violated my trading plan in several different ways but the one where I used more leverage than I ever allow myself to use is the one that dramatically increases my risk of ruin and should never happen. That I made money while committing all the stupidity probably doesn't send my brain the right signal either. The word for today for me is discipline. Cheers, TRADERguy
I think we all have been there. The little voices in our head try to persuade us that this time is"different" and it's OK to pile up the contracts....