This week was a week that proved how good technical analysis really is. By the time Friday approached the two trades that I were in were already in the positive. To protect myself I also moved my stop/loss beneath the most recent structure so i was locked into profit no matter what the market decided to do. The reason Friday was such a big day was because it was the first Friday of the month which of course means the announcement of the non-farm payrolls. I was not home on Friday so I didn't get to watch the madness happen live, but I was tracking the news announcement on my phone. When the numbers were released, they were nowhere close to what was predicted. I think the prediction was roughly 150,000 and the number came out at 36,000. OUCH. So when I saw this announcement I instantly assumed that both of my trades were stopped out. When I arrived at my hotel later that evening and loaded up my charts I was surprised to see the aftermath of the results. Even though the number came out horrible (which is bad for the USD) the USD continued to rise. If this doesn't tell you that technicals rule the world I don't know what does.
Now on the bad note, I few post ago I mentioned that I made a mistake by closing out a trade that was in profit and then got sucked all they way back to break even. Well, if I would have suck to my guns and not punked out, I would have still been in the trade and in the black. Lesson learned. I hope that was a mistake that I don't make again.
Lastly to update you on the trades I',m in, well they are still in the black and as the market rises and falls, I'm continuing to trail my stops at the most recent structure points.