Well I went to the daily online Pro Act traders live trading room and there was a possible sell EURUSD, I was so excited instead of putting an order on I put on a trade doh! Well it’s been going all night and hasn’t stopped out yet so I’m hoping the Asian session will square up and I’ll get out of it.
Golden Rule #1 Only place trades when YOU are sure of why it’s happening
Golden Rule #2 Place ORDERS on the trade to confirm what you’re thinking is Doh and to confirm a trade.
Incidentally I took a sweet 55 pips yesterday from GBPUSD buy when it broke out. RESULT. The thing about trading with Pro Act traders is that you do less trades but bigger trades, that means more profits and less going to the broker.
Anyway here’s an interesting move an AUDUSD, it has broken out of a solid trend on the 240 min chart bullish BUT I don’t think it’s going to maintain the break and may return back down into the trend (or below) although AUDUSD is very low.
If it breaks down that’s one NICE wide open space to aim into could be a lot of pips, like wise if it moves up. So I will look for some kind of confirmation signal.
Anyway I will be waiting till 6am GMT to re-evaluate after the AUD news.