Lone warrior Monday so there is no live room today, However, that doesn't mean that I can't give a little update on whats going on in the market. Early last week I mentioned that I got filled in five longer term swing trades (AUDUSD, AUDJPY, AUDCAD, NZDUSD, NZDJPY). You'll also remember me saying that I wasn't too excited about it because they are all correlated pairs basically. I don't think about pair correlations at all when I place order but it doesn't take a genus to realize that if I am going short on 3 Aussie pairs, then there is great chance that if one rolls over the other will, and vice versa. So in the live room I jokes around by saying that when all five of these trades complete I'm either going to be a very happy or very upset customer. Obviously, I was joking a little bit as I completely knew my potential risk by entering 5 swing trades with triple digit stops and the same time, but let's be honest it would hurt a little to be stopped out of all 5. I make it my goal to operate like a robot but I still am human after all. Throughout the week the majority of these trades moved against me. Some only being slightly down, and some being in the red by more than 150 pips. But because of my experience in the market (aka making mistakes in the past), I wasn't scared because although I was down, none of the pairs had broken the key structure level that I made sure to place my stops above. I was away Friday afternoon so I didn't get a chance to see how the market moved, but when I opened up my charts this Sunday I was pleasantly surprised to see that all of the trades took a turn in my direction. The rookie me would have quickly took my profit off the table after going from down 150 to up 150, but I'm not rookie. Hopefully I'll get some targets filled today, but congrats to everyone that is involved in these setups and have survived the pain to see the glory of profit. That's what trading is all about. Hopefully I'll be joining you soon.
On a side note, the last chart is of the EURUSD pair. I think I mentioned this trade in a Chart Talk post last week or two weeks ago, but price action had finally reached that area that I was watching (ABCD, 161.8 ex, 38.2 re).
On a side note, the last chart is of the EURUSD pair. I think I mentioned this trade in a Chart Talk post last week or two weeks ago, but price action had finally reached that area that I was watching (ABCD, 161.8 ex, 38.2 re).
RSS Feed