I hope you all had as wonderful time as my family and I did. We went up to Stockport (Near Manchester) for New Year and spent it with some pretty wonderful people. Thanks to the ones that were there.
Very interesting first day back, I was sort of running blind. One of my strategies I use Metatrader 4 and Pivot Points. However this morning the pivots were way out (due to holiday’s last week). Meant I had to look at one of the other strategies, although I do like looking at the pivots at different time (5, 30 & 60 minutes) scales so that I can read the charts better.
Since I have been using Stochastic and MACD Indicators together my chart reading has become more attuned to the way the market it moving. This morning however was a little different and I will put it down to being rusty having had too long off for the holiday period. By the time I had got my pivots and Stochastic Histogram back it was too late and I had got in at the point of being oversold (Stochastic).
Sorry for the change in charts, it really is down to which I am looking at and my reasons for getting in. The one above is to show why I got in and really why I shouldn’t.
So on to this afternoon, I was waiting for a US announcement at 15:00 London, 10:00 New York &12:00 Tokyo time. It was good news for our American friends so I expected them to push GBP/USD down. So I was surprised to see the price rise over the first 10 mins, then it reversed at around 16191 and tanked it down and then on the next candle it carried on. My entry was 16158 with a limit of 20. This trade was with a higher PPP (Pound Per Point) than the mornings trade so did not require the same amount of points.
If only I had hung on. I am not here to beat myself up although!
Well I am tired out after my first day back. I hope you all had as interesting day as me, and we will meet again for tomorrow’s instalment. Have a good Night/Day.
To your trading success
The Investor Guru
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