Over & Out!

Well, the news announcement came, and it kicked me out of my aussie dollar trade. There's no excuse......I really screwed myself up on this trade.

I KNEW when the news was coming, and I still entered my order - despite knowing that I'll be walking on thin ice.

Why?

Simple.

I was greedy.

Enough said!

Sitting on my hands

My open aussie dollar trade is currently not making any headway. It totally lacks momentum.

The reason?

There's an upcoming news on Unemployment Claims in the US, which has a high probability of impacting all the USD crosses. All the traders are currently waiting in the sideline.

News announcements can totally blow away all the technical analysis.

In a nutshell, this is a trade that I should not have jumped in.........

So, what do I do now?

Nothing.

I'm just gonna sit back and watch the fireworks, if it happens.

In any case, my stop loss is already there to bail me out, should the pair plummets down after the news announcement.

Let the firework begins!

New Trade

A trend line break, followed by a minor pullback.

Looks good, no?

Well, the market will let me know, in a few hours time, whether or not it agrees with my opinion!

Trade Management

My cable trade was closed out with a net position slightly above BE. All this took place while I was out in my family at a local shopping mall.

I managed to lock in some profits on half of my position, before the market reversed and stopped out the remaining half of my position.

This trade showed why proper trade management is very crucial. Heck, it's even more important than having good entry setups. In this example, I managed to walk away relatively unscathed.

Was I lucky? Maybe. But I did spend a considerable amount of time tweaking on my money management aspects. I cannot tell you the numerous changes that I've made on my money management spreadsheet, as I evolve myself as a trader.

Trust me, spending time to work on money management is definitely a time well spent.

New Trade

A new Short position. Will shut down my computer now and come back in a few hours time. No need to look at the charts all day long.

Enjoying my Kiwi fruit

Exited my trade on nzd.usd this morning, at the end of the momentum bar run-up.

New Trade

It's not often I trade off a daily chart, simply because good opportunities do not come as often as intraday trades. However, opportunity is opportunity......irrespective of timeframe.

Looks like the Kiwi Dollar is moving strongly. I'm about to hit the sack now, so I've moved my stop loss to BE - just so that I'd sleep more soundly tonight!

Let's see how this trade turns out tomorrow morning!