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

Wednesday, August 30, 2006

Tuesday FOMC and CC

CC 99 v 102 was expected to be bad and came out worse. But all morning from 7am gbp was up 100 pips, at 18:00 it faded and fell about 30 and then when the report came at 24:00 it spiked up 30 pips and then just fell and fell and fell as ppl dumped. I was in lot of profit at this stage but I didn't take. We knew there was bids at 2750 and as seen before it was strong. So should have gotten out at 2750 and then if you need to u can re-enter it only costs 2 pips to re-enter remember. And you can re-enter at a better price even. Not much risk with taking profits at support.

Then there was the FOMC rumour that it was hawkish in 4 hrs, USD was bought 100 pips. Minutes come out less hawkish then expected people dumped and goes straight up 100

Buy rumour stuff keeps happening

After the 100% reversal I shorted (long term) again but hit 4 lots, Also I didnt wait for the candle to close so got 10 pips worse price.
Anyway the fade didnt work; the euro went up, so still lost I think it was too late 4am and to fade after FOMC.

EUR g out (20) e out (-30) NY g out (40) in (30) e out (50)

Lesson: Get rid of positions when you have profit. Just take it! When tired take extra care to enter

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