This week has't been going well, first i was stopped out on Eu shorts from Friday for -100 pips. Next were the 3 trades for Bernanke's speech, although He dint say what i expected him to say the trades dint disappoint. In the end there was the eu long i did today which also was stopped out.
But by taking a closer look at all those trades i realised that none of those trades would've turned red if had been more professional with my trade management. The first eu shorts showed a profit around 130 pips before it spike up to hit my SL, UJ short only went past my SL for 13 odd pips and now its down in my direction for over 70 pips and Uchf short and eu long also went up for 50 pips combined just after i closed them at BE. In the end EU longs stop again proved to be too small (15) and price only went past my SL for 9 pips before it shoot up for 50 pips from my entry.
The reason why i let those potential winners turn into losses was that i failed to realise that the sentiment was totally changed from what it was the last week when we saw price's moving in straight lines.
The sell-off (USD rally) started with Fed turning more hawkish and continued until Friday when NFP came out worst than expected and now the confusion is back in the minds of every one over what Fed will do next.
On the other hand nothing had changed regarding EU debt crisis and it only got worst with Spanish and Italian bond yields kept rising.
So in simple words last week USD had the reason to go up and EURO had the reason to go down,
This week USD no longer has that reason on its back and EURO's reason has been getting stronger (though surprisingly it has't fallen much see next line for a possible reason).
Couple this fundamental picture with the barrier defense @ 3000 and you have a ranging market on your hands. Of course i would not normally say that a barrier can stop the orderflow driven by string sentiment but 3000 is a very big number so defense is alot bigger than what you experience on 100's and 500's.
and i failed to realise that kept my trades open for too long hoping to see the moves resembling the one from the last week also this is not only week i failed on gauging sentiment. Last week i jumped in and out too much when i should have hold onto my trades.
Ok that's all for this rant but this post continues explore the potential fundamental shifts that occur in coming days/weeks...
But by taking a closer look at all those trades i realised that none of those trades would've turned red if had been more professional with my trade management. The first eu shorts showed a profit around 130 pips before it spike up to hit my SL, UJ short only went past my SL for 13 odd pips and now its down in my direction for over 70 pips and Uchf short and eu long also went up for 50 pips combined just after i closed them at BE. In the end EU longs stop again proved to be too small (15) and price only went past my SL for 9 pips before it shoot up for 50 pips from my entry.
The reason why i let those potential winners turn into losses was that i failed to realise that the sentiment was totally changed from what it was the last week when we saw price's moving in straight lines.
The sell-off (USD rally) started with Fed turning more hawkish and continued until Friday when NFP came out worst than expected and now the confusion is back in the minds of every one over what Fed will do next.
On the other hand nothing had changed regarding EU debt crisis and it only got worst with Spanish and Italian bond yields kept rising.
So in simple words last week USD had the reason to go up and EURO had the reason to go down,
This week USD no longer has that reason on its back and EURO's reason has been getting stronger (though surprisingly it has't fallen much see next line for a possible reason).
Couple this fundamental picture with the barrier defense @ 3000 and you have a ranging market on your hands. Of course i would not normally say that a barrier can stop the orderflow driven by string sentiment but 3000 is a very big number so defense is alot bigger than what you experience on 100's and 500's.
and i failed to realise that kept my trades open for too long hoping to see the moves resembling the one from the last week also this is not only week i failed on gauging sentiment. Last week i jumped in and out too much when i should have hold onto my trades.
Ok that's all for this rant but this post continues explore the potential fundamental shifts that occur in coming days/weeks...
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