As the annotation goes, I’m glad that I didn’t take it.. the markets may well go south but from the initial point of where I thought could have been an entry, it would have been a disaster for a daytrade. The market shoots up to 161.90 before it dwindling around doing not much. A daytrader would be quite nervous at this stage…..
The chart shows what happened after I closed. The price action looped ripe for another entry short to ride the market lower but I felt anxious….
I am just not sure what it is but my instinct tells me to be careful… I attribute it to a couple of things, all trading psychology related:
The possibility of losing my 47 pips that I have already made.. it’s always nice to finish the week a winner!
The re-entry looks too obvious a trade… a bear trap perhaps?
Maybe I am thinking too much but once needs to feel comfortable. If the market goes down more I need to be composed, opportunities present themselves all the time.. I am not forced to enter.
We’ll see.. I’ll post another chart later to see what happened…
I went short GBPJPY 161.93 just before the market just dropped and managed to get out before it started to rise for 47 pips. I like these sort of movements… all in less than 10 minutes. I suspect the price action would end lower after this bounce upwards but I don’t want to keep any positions open over the weekend.
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