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Stopped out yesterday

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Stopped out yesterday

Postby Alan Rich Online » Thu Dec 20, 2012 10:37 am

The US market was a bit tough yesterday.

We sold off into the Fibs which was fair enough. But the bounce was tough.

At the same time the EURUSD hit the Fibonacci extension and sold off along with the EURJPY.

I got stopped out of the things I was trading so I decided to give it a break. I take a break when I get stopped out of a position to make sure that I am not trading belief. I wait and see what the market is doing rather than jumping back in again. Take time to reassess the situation, maybe you have missed something, maybe something is happening that you didn’t see originally. Look at the larger time frames, check the news, see how your mood is, get your emotions in check.

Here is the chart of the EURUSD and that Fibonacci extension.

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You can see from yesterday how important the US market is and why it can dictate moves. They can kill a move stone dead like yesterday.

You can be euphoric from the day before and from the morning, your account can show really big profits and then wham the US reverses and you get stopped out of your positions. That’s what happened to me on EURJPY.
Alan Rich Online
 
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Joined: Tue Dec 18, 2012 9:19 pm
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