- Enough of dicking around all of this week, net net, gone nowhere with my short term trading. Waste of time, made broker happy only.
- GBP/USD chart set-up now warrants a return to my old longer term trading system. Happy to be back within my comfort zone.
- Initiated longer term short cable at 1.5770.
- Weekly : Complex SHS top. That has not changed throughout my recent whipsaw ie consistently longer term bearish. Even if the SHS hasn't come into play yet, at a minimum a return to 1.5400 should not be difficult (based on the daily - see below).
- Daily : Key reversal Tue/Wed, indecision Thurs, and today back below the old 1.5780 triple spike tops = sell signal. Of course, still need it to close below at NY end of day but have to jump the gun somewhat now. Will cut if we fail to close below 1.5780 tonight = no signal.
- Better to make/lose money doing my own thing than to trade like a headless chicken.
- [From these relative lofty levels, may not be a bad idea to use sell stop-in orders below]
4 comments:
Wheew! I'm glad to see you're back to your old way. These markets are certainty challenging. Perhaps getting even "smaller" might help. - Aman
Agreed. Adding on/pyramiding when it's non-trending can be the root of all evil. Either you chop yourself up into pieces, or if it works, you are learning the wrong habit (add to losers) which will someday land you in big trouble.
Aside : Cable close 1.5756, just about a valid sell signal. Not entirely convincing and bracing myself for more chop next week. Ideally we should be below 1.5700 for comfort.
Very true. I think keeping things simple, small, slow and steady will get anyone pretty much through anything.
I think you've been doing great over the years. Keep up the good job.
- Aman
-1.5727
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