There is nothing wrong with standing aside. It is as valid a postion as long or short. A quality that is difficult to learn also. "Sometimes the Best Moments in Life are when you do nothing at all" ---Somebody famous
I will be interesting to follow your Long Term trade once you enter. Keep us posted when you decide to enter. I never look at things like COT so how about reporting some updates on this as you review it. DRT
i live in italy of course. my nick name contains the "vi" that's the abbreviation of my province (vicenza) on our vehicles number plates vicenza is close to venice. ciao ps: buy order for half position @1868, i'm looking for a test of the 1865 area, if it gives the way the stop @1853 will be triggered but it won't be so painful
Monday 2-28 North American Session Euro FX (ECH06) Adaptive Dynamic Values Price = 1.1887 1.2016 Resistance 1.1975 Strong Resistance 1.1902 Resistance 1.1876Long Above/Short Below 1.1867 Strong Support 1.1765 Support This is a tough environment right now. If price pulls back to this 1.1876 area, then this would be a good area to consider a long. Watch for the spot price to pullback to the 1.1864 area that was in focus yesterday. I would only consider a short trade if price pushes down through 1.1867. I have a lot of mixed signals as I am sure everyone does. Be careful. In general, I think we still have some nice topside potential today. DRT
I will post the COT info as it arrives. The latest numbers will be available at the close today. May be choppy this morning until at least ten, with various data releases. Here are the releases for 10 am today: Feb 28 10:00 Chicago PMI Feb 28 10:00 Consumer Confidence Feb Feb 28 10:00 Existing Home Sales Jan
Gee. Sure glad I took the easy exit. Only cost me a few zillion dollars. She has a way of humbling you.
I find when the market moves quickly like this and I am not on board, it is demoralizing, at least in the short term. Somewhere, in of the numerous trading books I have read, some trader said that he found it was psychologically more difficult to miss a move than it was to take a loss. Once you experience that you know exactly what he means. I guess it is because we beat ourselves up with "if I only had" etc. etc. This is where discipline comes in. Dust yourself off and get back in the game on the next signal. Good luck everyone.
What's a few measley zillion when ya have gadzillions already? - lol Fortunately, the opportunities are boundless - to miss one now and then is quite acceptable to me. And seems like you had a pretty nice piece of the pie today, DRT Naturally, the time frames one lives in would be a significant consideration - I know that there were numerous signals in the daytraders' world today, both for the trend and the chop. ".. he found it was psychologically more difficult to miss a move than it was to take a loss." I definitely can't buy into this one, unless it means strictly that the trader froze at the trigger and couldn't execute the signal. This would imply that the fear has not been conquered. But to just "miss" a trade for lack of focus or other circumstances is easily shrugged off, as there are countless more lined up in the wings. To expect anything more is to desire perfection, and that ain't happenin' anytime soon. Please excuse the ramblings ... have a great day, guys ...
Besides, news driven events aren't that predictable, next time they might just flush it down into ... even faster. Getting out before news announcements has never been a bad strategy, imo.