Watchlist Webinar for October 21, 2009
Watchlist Webinar for October 21, 2009
About Triffany
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 FXStreet.com and heads "The Human Element" a blog dedicated to trading psychology at ForexMotion.com Want to know more? She was recently profiled in "FXStreet.com's Women in Forex" Series.
You can contact her at Triffany(at)Triffx.com
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What a huge candle on the GBPUSD !!! It’s not very romantic !!! This sucks if you are a long term trader !!! how do you react to that ????? is this temporary ? is she just mad at me ? or is this a break up ? We already knew the British economy is down, apart from a few words from bank people, Britain hasn’t had a good report since 2007 when everyone thought GBP’s are great and USD’s are stupid, why are they suddenly so surprised ? Guess what ? i am still long GBPCHF !!!! Aaaargghhh !!!!!!
Yeah…that is some kind of crazy!!
If you’re a long term trader, you watch the long term charts for your signal. The trading day hasn’t closed yet and anything can happen. It is a very dangerous thing to take your signals from the daily chart and then watch them on anything shorter term than the 4 hour chart while the trade is in play.
What would you do if this were a trade in your backtesting? Would you stick to your rules or get out?
You’re SO brave to have this conversation here, btw. I’m sure you’re not the only one who has been in this position.
Thanks for the comments its much appreciated!!! In my testing I always stuck to the stops and the profit targets unless I saw the pair ranging for too long without either a higher high or a higher low then i would bail cos that to me would mean no one really liked the “up” idea. In this case the GBPCHF has made a significant push on the up side so i can’t really complain, I will stick to the plan, but its a tough thing to watch all that profit go down in seconds … What scared me more was that unlike most figures,figure was a big story in the UK, and that candle is very big on every time frame no matter how small i made the chart!
I am not the fundamental genius but personally i think some traders and economists have to stop looking at each report separately and start looking at the bigger picture, as a beginner trader I have some good trades and some bad trades, I cant jump at every major loss and throw the towel in. The economy is recovering there are figures showing that, but there are going to be some figures against it, not every industrial sector recovers at the same speed. what i’m saying is that its not as good as they thought it was but its also not as bad as they think it is now !!!! hopefully so is my trading