NFP

Now I know why the NFP is today rather than the usual 1st Friday of a new month. The reason is because tomorrow is the US Independance day, it's a public holiday for the folks over there.

That means it's likely gonna be a slow day tomorrow.

Here's something that I saw in the local paper today that caught my interest. Good to stretch your brain a bit, every once in a while, no?

"Aoccdrnig to a rseearch sduty at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be in the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe."

Well, it wasn't that hard, was it? Now let's get back to trading!

CHF.JPY Trade

Have now moved my stop to BE+1. Yes, I have one eye on the NFP....that's the reason for moving my stop quickly.

Now it's a free trade.

Yep, free is always good!

I reserve the right to change my mind!

I did mention that I was eyeing the CHF.JPY pair. I also mentioned that I don't plan to enter any new trades today, due to the upcoming NFP news.

Well, the CHF.JPY broke to the downside, and I promptly went on-board! I like the setup, and I think there may be enough move to the downside to at least give me a chance to reduce my risk as the trade progresses.

Let's see how she goes!

Big News Day

Not much action today on all the pairs that I'm watching. Probably because of the looming NFP news later in the evening.

The NFP used to be on the 1st Friday of a new month. Don't know why it's on Thursday this time around.

Because of this, I probably won't enter any new trades today.

Waiting in the bush

I'm watching this pair now.....rifle in place.......

Come here, wabbitt!

"Hope" has NO business in this business

Almost all businesses have some kind of business plans. It keeps everyone focused on what need to be one to achieve the business objectives.

My approach to trading is also business-like. I normally have a plan on how I would manage the trade that I'm about to enter. There is some flexibility involved as the trade progresses (such as trailing my stops), but the main framework remains unchanged thruout the duration of the trade.

Sometimes however, I do jump off the wagon. When this happens, the market usually punishes me when I do not follow my own plans.

This happened on my recent EUR.YEN trade a couple of post ago. I had my reasons, but the market couldn't care less.

As I said before, I ignored my own plans. Once this happened, price took a different course from the ones that I had analyzed prior to taking the trade.

As a result, I became a headless chicken - not knowing what I should be doing next. At this stage, I was trading based on hope.

I usually learnt a lot more from failed trades than the ones that banked in the money.

A trade that I passed

Some of the FOREX old-timers had said that if you need to think hard when you want to enter a trade, then it's probably nt worth it. The good ones are those that really stand out, screaming "trade me!"

Well, I hemmed and hawed on this GBP.CAD pair. Heck, I even went as far as actually placing a Sell order, before yanking the pending order off.

Although I like the shape of the pinbar and its location, I was a bit concerned about the potential roadblock at 1.9000. I felt that I'm risking too much just to eke out a few pips.

Besides, this pair has been trending upwards so strongly that I really don't want to stand in front of a speeding freight train!

Next train, please!