NZDCAD and Gold both were stopped out on the back of a negative FOMC statement last night. However, as we managed our stop loss this was only a 0.25% loss. Remember trading is about controlling losses and maximising winners. If you look at your best trades, they are the ones that just typically go. It took me a while to actually get to 'cut my losses short, let my winners ride' and I realised that I don't know what's is going to happen next and as Warren Buffett's Rule 1 of trading goes: 'Never Lose Money!'
Our US stock trades did relatively well, combining in over 4% on the day trading the gaps, which were closed end of day.
I'd also like to point your attention to the USDCHF chart. Seasonally, January is the best performing month for the US Dollar and it seems it has take a bit of a lift. The weekly chart points to significant divergence on RSI and Stochastics. Depending on NFP today, we may end up as an engulfing bar:
No comments:
Post a Comment