Well after getting stopped out two times this week on my trades I said, “OK enough already!” It’s bad enough if I have a losing trade from time to time but if someone else has a loser because they followed my advice, well I just don’t like that. So I took a night off and pulled out the forex microscope. It’s funny that even now I find myself swayed from time to time from preconceived notions, little market prejudices that blur my attention to the obvious.
Example one: Often we see buyers come into the market leading into Wednesday’s session when triple interest is on the table. Now I know that actually holding a long until NY close for the interest itself is usually not worth it but to buy into that momentum can be great.
The prejudice comes from assuming that it will happen instead of waiting for the set up which is what I was guilty of this past week. This assumption blinded me to the longer term trend that was staring me in the face.
So my apologies to anyone who read my post that night and thought I knew what I was talking about! LOL.
I love this market though and in the long run it is the place to be. Over the last year I have had a 40% win to loss ratio.
So you say, “Why on Earth would you tell me that?” It’s because early on in this business I almost went down the tubes by letting 1 loser wipe out 20 winners. Since the time of my “awakening”, I have averaged 150 pips on winners and 50 pips on losers. (I guess there is something to money management after all)
I enjoy this thread and I hope I can give back as much as I get.
I have posted hourly and corresponding 5 minute charts below for each day of this past week as well as an hourly chart that covers the whole week.
Hopefully the review will help others as much as it helps me!
Example one: Often we see buyers come into the market leading into Wednesday’s session when triple interest is on the table. Now I know that actually holding a long until NY close for the interest itself is usually not worth it but to buy into that momentum can be great.
The prejudice comes from assuming that it will happen instead of waiting for the set up which is what I was guilty of this past week. This assumption blinded me to the longer term trend that was staring me in the face.
So my apologies to anyone who read my post that night and thought I knew what I was talking about! LOL.
I love this market though and in the long run it is the place to be. Over the last year I have had a 40% win to loss ratio.
So you say, “Why on Earth would you tell me that?” It’s because early on in this business I almost went down the tubes by letting 1 loser wipe out 20 winners. Since the time of my “awakening”, I have averaged 150 pips on winners and 50 pips on losers. (I guess there is something to money management after all)
I enjoy this thread and I hope I can give back as much as I get.
I have posted hourly and corresponding 5 minute charts below for each day of this past week as well as an hourly chart that covers the whole week.
Hopefully the review will help others as much as it helps me!
Attached Image(s) (click to enlarge)
Energy and persistence conquer all things! Ben Franklin
