Some may look at today as a day of missed opportunities. I'd rather look at it as a day of smart trading. I didn't take any trades today in the live room but there was a lot that I was watching as shown by some of the charts above. About 3 trades had limit orders set but for one reason or another never got filled. There were also a few other trades that I predicted but didn't get involved in because of my trading rules. 

In my heart I am a very aggressive shoot first type of trader. However, past experience has changed my view on things and as of late I have become much less aggressive when placing orders. Its no conquincidence that my change from very aggressive to a more conservative style of trading has gone hand in hand with my accounts change from consistently negative to consistently profitable. However days like todaymake me think "what if I was still aggressive?"  In the back of my mind I know what the right move is, but it's often irritating to predict a correct area yet not be involved when the profits are being made.  So the question is, if I'm so irritated then why don't I go back to being aggressive. Well the answer to that is simply. It's because the pain of losing money in the market is worse than the irritation of missing out on a trade and not losing money. I'm still pretty new to trading on the 5 min time frames and as my friend Rick said it moves pretty fast, leaving less time to think especially when trading multiple pairs. 

As I've done in the past, I'll continue to review my trading and make adjustments to my plan. If I notice that a more aggressive strategy on the 5 min charts is worth it, then I may change up my strategy. (Kaizen) Until then, I'll keep doing what I know best and that is making as much money as I can by not losing a lot of money. See you tomorrow traders!
PL
2/28/2012

When the announce was made about the fall of 4% of the US durable goods, I was sure the Eur/Usd would immediately go up since this is bad news for the US. But no, I went down, very down and I closed my long position and I just closed the computer. Later on when I checked, the Eur/Usd hit a old support and then rallied and broke up the daily high as I predicted. So I asked myself why? Is it because the big players pushed the price down in order to have a better price to rally after? What do you think about it?

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Akil
2/28/2012

That caught me by surprise as well. I try not to speculate the news but I often find in strange when good new results in a bad move or vice versa. I honestly wouldn't be shocked if it is "big money" pushing price up or down to certain levels so that they can get involved since it's harder for them to get there orders in then it is for us. At least I remember reading that somehwere

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Lax
2/29/2012

Following on from comment by PL, just before a major news release market tends to go flat. In my early days of trading I waited for an immediate breakout from the news release., Looking back, this is where I lost my most money and one of the major reason I used to blow my acvcount. It is not worth trying to guess. THIS IS GAMBLING AND NOT TRADING. High probability trading is not about guessing which way the market should go. I now wait 10 mins after the news until the inital spike is over then resume my trading.

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Lukin
3/2/2012

If news impact on price would be that expectable, there wouldn't be much of a market. Market's job is to fool the most. And everybody knows the old saying. "buy the rumor sell the news".
That's why I personally don't care about the news at all (just when the most important are), market reaction is what counts, I saw countless times selloff on e.g. bad NFP numbers just to find good supp and that was about the low of next couple of days. Same for the opposite.
As for the $ news I read somewhere that good news are good for the the $ ccy where bad news makes investors rushing into "safehaven" US bonds which means $ up as well. I find that pretty funny actually. :)
I see it basically like a gap trading. You can have "gap and continuation" or "gap and crap"..both ways. Why it's so? Hmm..does it really matter? Obviously there was more sellers then buyers or the other way around. Learn to trade it or stay flat..
Let it settle down as Lax said 10-15min and then look for entries following the white rabbit (the trend).

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PL
3/3/2012

you guys are right about it. I'll stay on the side next time thanks!

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