The Baptist
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Learnt this one before but slipped up again.
I had shorted GBPJPY at around the 157 level Friday passed on a Head and shoulders and risk aversion seeing moves to USD/JPY theme just emerging. See Chart
Then on Sunday Night I saw a secondary supplier cue a Long on GBPJPY which was direct divergence to my view. Having recently made substantial gains I covered Sunday Night to play safe.
So I sold out to play it safe for a very small loss.
GBPJPY then opened at 153 in the morning and 400 pts were lost. I was furious with my week resolve..
Chart alongside shows trades...
Then I chased the trade short and picked the bottom : - ( the thinking being medium term it will push further down, it reversed as it had probably overextended on one day..
Classic new kid blunder 18 yrs in... never chase the market! Trade your own view! hope this prompts others on the powerful phychology of 'missing out'.
The arrow heads show entry and direction of trades...
I had shorted GBPJPY at around the 157 level Friday passed on a Head and shoulders and risk aversion seeing moves to USD/JPY theme just emerging. See Chart
Then on Sunday Night I saw a secondary supplier cue a Long on GBPJPY which was direct divergence to my view. Having recently made substantial gains I covered Sunday Night to play safe.
So I sold out to play it safe for a very small loss.
GBPJPY then opened at 153 in the morning and 400 pts were lost. I was furious with my week resolve..
Chart alongside shows trades...
Then I chased the trade short and picked the bottom : - ( the thinking being medium term it will push further down, it reversed as it had probably overextended on one day..
Classic new kid blunder 18 yrs in... never chase the market! Trade your own view! hope this prompts others on the powerful phychology of 'missing out'.
The arrow heads show entry and direction of trades...
