I’m getting in holiday mode and trading is taking a second seat. One has to break every now and then and Thanksgiving is providing perfect excuse for that. As far as I’m concerned, today was a confusing day, looking from the standpoint of the charts I analyze here, which are mostly 1h graphs. Tomorrow is traditionally one of the slowest trading days in the year and I don’t expect much to happen. Speaking of confusing charts, here is NZD-CHF.
The breakout I was waiting for happened, only retreat immediately. I took a loss of 61 pips on this trade. This “whipping” action distorts charts, from my perspective, and makes them unattractive. I considered for a while buying again right before I took this snapshot, but decided against it. Some more time is needed for the price action to develop farther, before I make any decisions here. NZD-CHF is left alone for now, although if it moves lower, to about 0.6400 or so, it will become attractive again.
I took one trade in GBP-JPY using 5M charts.
This one worked, produced 100 pips. There was second decent looking entry, marked by red elliptical object at 147.00, but I didn’t take it. Too late in the day for me, I was closing the shop. Over all, not much to write home about.
At this point I don’t see a trade set up that I would be excited about, so most likely I will only try to take couple of “beast” trades on 5M charts. Since my expectation is for smaller swings, I’m dropping objectives to only 50 pips for tomorrow.
Tomorrow I will post something about trading over holidays. Something to think about after Thanksgiving dinner. I think you’ll find it interesting.
Mike K.
Mike, that entry in GBP-JPY, looks you missed on a great trade. How come?
I have a full time job so I have to trade after work. Is the Friday after after Thanksgiving a good day to trade? This is one of the days when I can devote a lot of time to trading I just don’t know if it is worth it.
Yes Andy, I know. Price went to 148, which would meet my objective. I baby sit these trades, which means that I follow them. Since I was finished for the day, I decided not to take it, because I had no plan to follow it. It is impossible to take all the set ups. There is nothing to cry over, though. Markets are not going anywhere and I’ll find more trades.
BJ, I will post something about this subject tomorrow, but generally speaking, European session is better than US session. Will have more in next post.