"Trade price not news", as well as "use hard stops and soft targets", was demonstrated to me when I was in a position, having totally forgotten the ADP news was due, and it ran right through my target zone. I got more than target but of course I covered way too soon :eek:
Good Morning ISM Services report at 10 AM (expecting 56 up for 55) and Crude Inventories at 10:30 AM as most of you know. Just did a sim trade last night short at 89.30 with a target of 88.50. Coulda, shoulda, woulda. I'll watch the open here and take it from there.
A heads up on DX http://www.barchart.com/chart.php?sym=DXH11&t=CANDLE&size=L&v=2&g=1&p=I:5&qb=1&style=technical
Crude weakness http://www.marketwatch.com/story/crude-trades-at-three-week-low-extends-selloff-2011-01-05
Actually this trade would have worked out perfectly. I had a stop at 89.60 which it didn't get to. Just learning these contracts. Let's see what the inventories report brings.