Category Archives: Observations

Observations: Rolling Market Action

Hey friends!

Hope everyone’s having a splendid week so far. It seems to be a bit dragging for me, especially on the trading end. Not so many AMAZING trades going on out there. Trust me when I tell you that there are trades out there but hardly any that you would expect to hold overnight unattended. I lost a bit of money a couple weeks ago due that error, which made me upset and angry with myself. After a bit of mourning(those of you who have experienced the sheer agony of a big loss know what I’m talking about)I had to decide that I could not let this market eat me alive. No way, no how. So, somehow I had to bring myself back from the brink of near madness and give it another go. It’s all a learning experience, as it should be. We all make mistakes sometimes, and have got to roll with the punches instead of completely falling apart. Am I right? 🙂

So, as previously mentioned, the market has been in rolling stages for the past few days. Here is a typical chart for you to observe:

gbpusd 6.17.09

Most times when we are in a rolling trend, most trades do not last more than roughly 3-6 hours maximum. It is up to us to be aware of what is going on and always be prepared for a sudden change in direction.

Also, let’s not forget that we have to pay special attention to any economic data that may come out whose effect could swing the market in the opposite direction. Tomorrow economic calendar includes:

CHF: Libor Rate 12:30am PST

GBP: Retail Sales 1:30am PST

CAD: Core CPI 4:00am PST

USD: Unemployment Claims 5:30am PST

That’s about it for today, guys. If you want to know what I may be trading tonight, check my twitter page Have a wonderful day, everyone! 😀

Forexgal_1.