Rash decisions

October 7, 2005 by Trader Rich

Seeing I don’t want to make any rash decision before the weekend, I
will keep 2 open positions into next week. The 2 positions are the
following:

1. Short EUR/USD at 1.2103 (-23 PIPS)

2. Long GBP/USD at 1.7801 (-198 PIPS)

First, let me say that part of the reason I entered into the long
position was because of a commentary I read from Thompson. I try not to
listen to the hoopla from anyone except for me but I got sucked in this
time. Make it a rule to never listen to what anyone else says. Do your
own homework and I’ll do mine.

My strategy for Monday is quite simple. This is assuming the Dollar will have a clear direction on Monday. If
not, I will put it off until it does. Once the direction is
established, exit 1 of the 2 positions. So if the dollar is looking
bearish for the day, I’ll exit position 1 above. If the dollar is
looking bullish, I will exit position 2. Have a good weekend.

-W

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