Cable Musings

[Anna-Maria 10]

Let me first say, I didn't trade this example this morning, as I'm still live on the current Franc trade, & not too bothered bout initiating any fresh entries this week.

 

But, the example is a typical play which we adhere to when data is printing. No-one can accurately predict the initial move as news prints. There are simply too many variables to take into account as the data hits the tape. But once all the knee-jerk to-ing & fro-ing has subsided, price will often tip the nod as to whether it wishes to continue in the prevailing trend, or merely cut & chop around a near term s&r level.

 

The former option was it's intent this morning, therefore waiting patiently whilst it gets shoved around would maybe have offered a more realistic entry post-news?

 

[torero 10]

Nicely put. Since I'm still green behind the ears on forex I'll wait for experience take me in and not get caught up in the news trading. I think I did the right thing to take profit where I set my original target, so no regrets. It'll come another time. But this time from your advice, I'll watch closely for heavy news hour for clues to get in.

[Anna-Maria 10]

I think I did the right thing to take profit where I set my original target, so no regrets.

 

I think so too.

 

It's very easy on hindsight to say this or that...but you executed your plan according to your rules & therefore the (positive) end result ought to be considered another tick in the "stuck to my rules" box

 

Like you say, this environment is new to you. Plenty time to absorb all the differing variables as you become more familiar with your surroundings.

 

It happens that price moved another fair lick up the ladder after you realized your profits....so what!

 

You got your $$'s & you're content. You didn't lose money, & as we all know- no-one ever went broke booking a profit.

[torero 10]

Going long at 9441 on pullback from triangle and rising channel breakout. I see 9460 as possibly strong resistance. But I'm just going to follow price action and keep a stop under 9415, a little tight but r/r is might not be great unless I count of the breakout above 9460.

 

[cowpip 10]

Very nicely done, torero! Nicely done indeed! I hope you were able to keep that long in play.

[torero 10]

Actually not. As usually I managed to keep about 50pips before letting it go. Not bad but still learning to hold it longer. Adjusting to forex is a bit difficult because I never expect it to trend so long and orderly unlike futures. In any case, I'm getting a hang of it little by little.

 

One thing I do notice is that there are alot of triangle formations, mostly continuation triangles. The only caveat is the we don't know where the triangle breakout is or just another move toward apex. But very interesting indeed.