Once again today I was given a repeat lesson by the market in EUR/USD.
From 13:15 to 13:33 market was in a downtrend. The market then turned and I made an assumption that the trend would remain intact after a retracement. So I sold again at an assumed point without any signals from the market. The market was saying UP but I knew better and acted upon my assumption.
So a lesson relearned for me is as follows. ENTER a position only after I receive a valid market signal and EXIT on a valid reversal signal or an assumption, but Never, Never enter on an assumption that I think I know where the market is headed. Enter only on signals.
regards
emtee
From 13:15 to 13:33 market was in a downtrend. The market then turned and I made an assumption that the trend would remain intact after a retracement. So I sold again at an assumed point without any signals from the market. The market was saying UP but I knew better and acted upon my assumption.
So a lesson relearned for me is as follows. ENTER a position only after I receive a valid market signal and EXIT on a valid reversal signal or an assumption, but Never, Never enter on an assumption that I think I know where the market is headed. Enter only on signals.
regards
emtee