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Hammered by big moves early New York session : Forex - My Journey to a Full Time Forex Trader
oh boy ! what a move ! albeit on the wrong direction. 15 minutes before the New York session, i took LONG pullback on GBPUSD and GBPJPY hoping it would go up. At least that’s what i read from the price action. Since i take trades with small stop loss, i would retake the trade from a below level in case i get stopped out. In split of seconds all my 4 trades were taken out and i was -42 pips early NY session. This is what it looked like in most of the pairs. I took my long positions on the yellow line but it quickly wiped out. These pairs basically nose dived south. Then i took a deep breathe and tried to settle down a little bit. I quickly had a glance across board looking for my recovery opportunities. Soon i found range break-outs on AudUsd and AudJPY. Even though audusd retraced back but i took +33 pips on Audjpy which somewhat helped me to recover my loss and gave some confident in me. I have also taken some other small wins and ending the day on break even. I know lot of my peers made big pips today but not every day i can be lucky. This is the mental toughness we as trader need to learn and not feel bad about it. So what did i learn today ? When big moves happen on the opposite direction real quick, just STAY OUT ! lol Tomorrow is another day. Another opportunity. cheers, 21st April, 2016