In my post on December 19 I mentioned that I had entered the USD/CHF trade I'd spoken of earlier. I was in at 1.0780 with a 100 pip trailer. I had hoped it would break resistance at 1.1125 and move up to the 1.1350 area, but alas, it fell victim to the resistance at the 1.1125 area and fell back. I was stopped out at 1.1031 for a profit of 251 pips. Not bad.
I'm watching the USD/JPY pair right now. It's been trading in a 100 pip range for about 10 days. I look for it to move down (strengthening the yen against the dollar) but will also buy it if it moves upward out of the channel. A good trader yields to the price action and does not put too much stock in what he or she thinks the currency should do. It will be what it will be. The question is, can we overcome our preconceived notions and jump on when it starts to move?
Happy New Year, and Happy Trading!
I'm watching the USD/JPY pair right now. It's been trading in a 100 pip range for about 10 days. I look for it to move down (strengthening the yen against the dollar) but will also buy it if it moves upward out of the channel. A good trader yields to the price action and does not put too much stock in what he or she thinks the currency should do. It will be what it will be. The question is, can we overcome our preconceived notions and jump on when it starts to move?
Happy New Year, and Happy Trading!
