Watchlist Update for Tuesday, May 25, 2010
Well, looks like with the kids home, it will be NY session or nothing. I missed all of the late day trades that triggered. Did any of you get them?
Since I missed all the moves we talked about in yesterday’s WLW (the nested box trades and the Loonie climb (which has hit the 200% extension already). I’m going to have to be patient for some new signals.
NZD/USD: it has left its daily channel and I’m looking for a retest/bounce off of .6655 before I enter that one short, but if you got the break, good for you. I’ll be targeting the width of the last consolidation area – .65 with a stop above the 2nd minor s/r zone (won’t know where that is until the bounce prints).
Honestly…that’s the only setup I really like right now. Even my faves of late are leaving me feeling kind of yucky. The bearishness of the risk pairs and the e/u & g/u haven’t happened with much enthusiasm (small bodies).
SO… that’s it for me, I guess. What are you watching/trading?
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at 
Thanks Triff, I am being very cautious because I can’t really trust my judgment yet. I am watching the EURUSD bounce from 1.217 but did not take it. I just went long a postage stamp NZDUSD for a few PIPS
Hi, i am beating my self all over, on sundayi had planed a trade outlook on the GU, i had written in my journal that i would sell the GU at the weekly high of 1.45200, i watched it go through this level and started second guessing myself, as if that was not enough, i went down to the 1hr and marked off 1.44120 as a good sell position if that support was broken, well it was broken but i did not have the courage to place the trades!!… talk about missing triggers eeh!…
well i am now finally short the Gu at 1.4339… for a mid term profit at 1.4000…
Why does one second guess oneself?
Hey Jeremy, don’t be so hard on yourself. We’re all guilty of this at some stage!!
I’d like to focus on the How first, how to be more decisive, commit etc.
- I like to scale back and trade smaller position sizes
- imagine what [insert name of favourite pro trader here] would do?
- place pending orders with SL + PT and walk away(!). It’s funny how many traders have OCD (obsessive compulsive disorder) lol, and I can be sooo guilty of this! ;p
- have someone you trust who can “hold your feet to the fire” as Triffany says. ;p Accountability really works wonders!
The why for me usually happens after:
- I’ve had a string of recent losses or less often, an undisciplined bigger loss than I should have. Naturally, one doesn’t want to feel the pain of another possible loss so hesitates on the next one(s). Fear and the pain/pleasure principle basically.
- or otherwise not enough trust in my system. That’s what backtesting and/or my nano account is for – building up my confidence and teeny tiny positions that I don’t have to worry about on the whole. “Sleep at night factor” is important.
Hey welcome back both of you!!
I’m taking some heat on my short CAD positions.
Took some profit on GBPJPY long and stopped out, now back in on retest of the lows.
Like Jeremy, also short GBPUSD again on nice retest of prior S/R, PT at previous support @ 1.4240..