Disliked{quote} Hello traders, Just to update on my EUR/USD positions. I am still holding my 2 sell positions from 1.1403 and 1.1367. I don't see any serious sign of a reversal of warning for the further downside. Let's start first with the value. The value is clearly lower relative to the previous day and that would be a very hard change. Don't forget, we trade value not the price. Tempo is slow and nothing special happening but still sellers are in control. Short - term trend is down! Down references are set at : 1.1263 - poor low from the background...Ignored
Just update on EUR/USD and my new position on GBP/USD intraday. Yesterday, after the Powell speech, EUR/USD spike higher and I got about 1% return since the price took my levels. This can also happen when there is a news event, that is why you always need to adjust or close before the high impart release. EUR/USD tried today to above yesterday's high but it failed, which is important information for today that we carry on (potential weakness present). In my opinion, yesterday's buying was full of emotional buying rather than rational institutional buying, so there is a high risk that yesterday's up move can be absorbed or at least strongly corrected.
GBP/USD didn't sustain the spike from yesterday and we also got a fake breakout of yesterday's high so I sold GBP/USD from 1.2823 and already secured. Another strong sign that yesterday's spike was forced is caused the value from yesterday didn't move higher with the price. A lot of data points suggested solid intraday sell position. My target for today is yesterday's POC at 1.2743.
Most of the bad trading I got in my career is when I did positions emotional and not rational and patiently. I guess this comes with years of trading and practice and working on yourself at the first place.
Remember this: Self - understanding + market understanding = Success
"Buy on fear, sell on greed !!!