If you're asking me,the past 48h where very intense, as the market had no clear direction and we kept bouncing back and forth, in essence we where in a ranging environment and I failed to grasp it because of my bearish bias I couldn't see the potential upside movement.

But you have to learn avoiding letting a winning trade turn into a losing if you want to make it as a professional trader. Professional traders never let a winner turned into a loser and I'm always on guard to protect my positions. Trading is like a battlefield and I always try to bring all my troops(money) back safety and never let the market to take prisoners. One of the most successful Hedge Fund Manager PT Jones has the following mantra:"Key is to play great defense, not great offense." and I'm always trying to learn from the best.


  • Figure 1. EUR/JPY 1h chart.[i](click to enlarge)[/i]
Although both of EUR/USD and EUR/JPY had first broke to the downside and I had +62 pips and +94 pips in profits I was expecting to see the momentum continue to the downside and I was looking for a larger profits, but the market turned back and I was smart enough to close them at a small profit as I saw price structure has changed and we may see a reversal.

In Figure 1 you can see my EUR/JPY trade. I took that trade during Yellen's testimony and I was expecting a risk averse sentiment thus buying some yen. Although at beginning the market didn't reacted as I was expecting as the market was still digesting what Yellen was saying and we had a trip back to the highs before turning lower.


  • Figure 2. EUR/USD 1h chart.(click to enlarge)
In Figure 2 you can see my trade on EUR/USD which turned out into a small profit, and what was my expectation. I was also frustrated because I didn't had enough margin to take advantage of GBP strength across the board,which I predicted here, check my post: BOE Inflation Report, Cable Analysis

That is all for now back, in to my cave

Best Regards,
Daytrader21.
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