+89 points. Hit the major support area. I re-evaluated my strategy and decided that if it does break the monthly support, I will re-enter. Yes, this is my biggest problem as a trader. I plan for long term trades, but, as you can see, my trades are highly successful for big gains in a short amount of time.
4 comments:
nice blog. I am an investor, not a trader, but I still find your posts interesting. Good luck with your trading.
Thank you for visiting my blog and your wishes.
hi Oj. Breaking out now! WHY?
Your guess is as good as mine bro. If we continue to see stocks rise in price, eur/usd will reach 1.40 level easy. Looks like stock market is capitulating huh? The only way the dollar is going to top out is with help from the stock market. Global equities are all in the shits, so, we have extreme volatility in the Forex market and until the extreme volatility in the stock market eases, there is no way to really tell where anything is going! My picks of tops and bottoms hasn't been working the last few days.. It is so hard right now. The only setups that have been working for me are the ones that short after reaching the highest resistance and longing the one that reach the lowest support. Anything other than that is risky at the moment and even those setups carry more risk than usual. I find myself often thinking as an investor rather than a trader and it gets me into trouble because I am constantly looking for a reversal.
On the + side, I had a 150+ point trade on GBP/USD which balanced everything back out.
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