Another One Of Those Moments
May 15, 2007 by Trader Rich
I'm sure a lot of you have had the moments of frustration where you get stopped out and then see your trade idea come to fruition thereafter. I had another one of those moments this morning going long the GBP/USD on a GBP reversal trade. You'll see the graphic below where I clearly spell it out. The problem with this trade is it happened after a US economic release where traders were still digesting the news. In hindsight, I should have waited but I got a signal and took it as I should have.
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Good labeling job there. Haha
Usually after major news.. Its safer to trade crosses as they catch up after one of the two majors takes a breather.. well anyways just wanted to let u knw that we just hit the # 13 on the DOW today and also the 61.3 Fib Extension so expect downturn in DOW and also impacts on currency markets
Same trade (coincidence not using your system), same SL, same result. I went back in long this morning on the cable.
Some interesting risk reward trade ideas in JPY currencies
forexinsights.blogspot.com
I took a quick peek at what you had and a quick suggestion. Use candle closes as your marker in the sand. Also, your stop, idealistically (considering your money management), should have been below the lows of the candles preceding the green bull candle. This keeps you out of trouble. One just has to ensure that it is within your risk profile of money management. Good signal, but ok execution. Hey, I know what it’s like. Good luck to your trading!
Frank Thomas
Do you ask yourself if in fact your broker is trading against you? Do you imagine that he never does?
Question: If he is allowed to legally, then why wouldn’t he?
Trading spot forex is like kissing your money goodbye.
Trade a properly regulated exchange instead. Why on earth woudln’t you?
It’s at moments like that, that I appreciate being offline!
I’ve vested so much time in Forex at this point that I feel compelled to continue. I may eventually look at other exchanges in the future.
Good blog!