Good Evening / Morning Dynamic Traders
"Better to have tried and failed, than not tried at all"
Cross = DKK & CHF : Day chart below.
Good Morning Guys,
Well we have reached Friday again and volatility will die down in late afternoon GMT until Monday morning.
What a week we have had and I am sure that both you and I have experienced the whole extremes of the market in your trading this week. Monday, Tuesday and Wednesday shovelled pips into our baskets, Thursday and Friday took them back out.
Remember the "Herd Psychology" - Fear overcomes rational thinking !
With our style of trading we try to remove this fear by way of pre calculating both your stops and limits, we do this with certain tools of the trading room and using a confluence of events. Even then "The Market" will always be right and the mind will be tested. Read the book "Trading In The Zone" by Mark Douglas to reprogramme your mental attitude. You will find its details to the right of this post.
With the markets large movement this morning I have been stopped out with a loss on both DKK & CHF. Both trades never really got going after entry, they remained in their consolidation phase and then pulled back. This is one of the drawbacks of being too aggressive in your trading, which has been my style, trying to get in early.
Some Will, Some Won't, So What, What trade is next ?
I had an alert to trade Short the SEK this morning, however price is between the VI and a Major RN below (7.0000) so being aggressive is better to stand aside. Have a good weekend.
Please do your own analysis before entering a trade.
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