Very interesting day indeed. The yen crosses plummeted but it was done via the USD.
(Noobs..ie, that means aud/usd went sharply while the usd/jpy was mainly flat)
I hate to admit that I had short eur/jpy and usd/jpy and I cut the eur/jpy and kept the usd/jpy..ouch. It got worse when I cut usd/jpy at 107.55 at basically BE. Double ouch.
My mental discipline was certainly tested today.
Market conditions, current weekly ranges, trendlines, etc... are very very interesting right now. From my perspective, there are a couple scenarios that could play out tomorrow. I could be a predictive trader and take some positions based on bias. Rather, I've found that being a reactive trader pays much better in the long run. The probability of winners increases at least 25% after getting good confirmation. Which is why I'll be patiently waiting until the market chooses whether or not to go to the road less traveled.
(Noobs..ie, that means aud/usd went sharply while the usd/jpy was mainly flat)
I hate to admit that I had short eur/jpy and usd/jpy and I cut the eur/jpy and kept the usd/jpy..ouch. It got worse when I cut usd/jpy at 107.55 at basically BE. Double ouch.
My mental discipline was certainly tested today.
Market conditions, current weekly ranges, trendlines, etc... are very very interesting right now. From my perspective, there are a couple scenarios that could play out tomorrow. I could be a predictive trader and take some positions based on bias. Rather, I've found that being a reactive trader pays much better in the long run. The probability of winners increases at least 25% after getting good confirmation. Which is why I'll be patiently waiting until the market chooses whether or not to go to the road less traveled.
"Timing Is Everything. Really I Swear It Is"