Trading has been really slow for me recently. There are several factors contributing to this.
#1 - The markets are kinda whippy for my taste. Perhaps it is lack of experience? Perhaps it is lack of courage. Either way, I don't like to trade much when "My head isn't right."
#2 - I am fighting the "Mother of all colds." Trading when you aren't thinking clearly, is gambling. I hate gambling.
#3 - I have been working like crazy. It's alright to go to work, you don't have to be in a trade at all times. It took me some time to realize this, but now that I have - I am doing much better.
However, I will say this: I think we are going to have another week or so of some back-and-forth action. I think there are a lot of mixed signals at the moment, and I don't trade confusion.
In fact, I don't trade news announcements either. It's not my job to read minds, let alone thousands of them when news comes out. I don't trade off of random comments by important people either - again, can't read someone's mind. Especially one that I have never met.
I like to trade the technicals myself. A chart doesn't lie. People do.
Right now, USD/JPY is at 116.63. It looks like it wants to break out, we will see.
If I get my 4 hour pinbar I want, I may go long.....but not until then.
Wednesday, October 3, 2007
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