My views on future trades, past trades, the market and lessons learnt

Wednesday, April 11, 2007

Wednesday FOMC

Clean Euro session for news

but the asian was wild with UK rumours of TAX repatriations so range was 80 pips. Got a 2:15 long and was going for 10 pips next candle dojied and then got a push straight to (10) pips and then fell back and hovered near BE eventually touched (20) and then got slammed 50 pips on the rumour news.

There was no NY snatch or anything but I got stuck into a CHF short and I had to hold it for 6 yrs until 1am when I had a chance to get out with some big pips and a loss on another account but I didnt take it and it fully reversed on me. I didn't look at the time to see what it was and that it was noon almost in NY and was a total stuff up.

Next time in a trade like this on a peace of paper make a trade plan and detail what you will do and the levels.

Actually next time don't get into stupid trades, if its someone elses well then FOLLOW it to the bone and don't deviate.

And don't try to get back to BE when the best that you can hope for is in fact -5. Think of coming back to -5 from -25 as having made 20 pips.

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