Trading Day Recap for 1/13/2011
Not an easy market to trade this morning.
By the time I turned on my monitors i realized that I missed a big move in the $EURUSD and $GBPUSD. Trying to force a trade would be like hopping onto a moving train. If successful than the reward is great, but most likely the odds are that you’ll fail. Since trading is not about gambling but taking calculated risk I was a little frustrated this morning about the fact I missed the big move.
I was able to take a couple of trades in the $USDJPY
I was not as profitable in the $EURUSD. On my first trade, although correct in assuming it would be better to go long, I moved my stop-loss too soon causing me to scratch that trade and miss a great long opportunity.
Finally the $GBPUSD showed the same pattern I missed on the $EURUSD long. I took the trade. Here is the chart.
