Last week I posted about my intention to go long EURUSD (see that post for more info). I did mention that it looked like it wanted to bounce before it reached my desired support level. This did happen, so I never got involved in the pair.
Many times you’ll find me posting charts that I’m interested in trading, just to find out in subsequent weeks that I never traded them. There are many reasons as to why this can happen, some of the main ones are:
- Price did not reach my desired level.
- It did reach my level of interest, but I never got confirmation.
- I saw a better setup elsewhere.
- I have to many positions open at the time the mentioned trade triggered.
- General market conditions changed dramatically.
- Personal reasons.
That’s just the reality of trading. Things change all the time. Nothing is certain. Just because I do my trading homework and plan my trades over the weekend for the week ahead, does not mean that I’m going to take all of them.
One edge you have over the market is the power to decide when you want to trade and when you don’t want to trade. The market can’t force you to trade and that’s a powerful edge you have over the market.
The EURUSD now made a higher high, which suggests that there are further upside potential. The higher high is marginal, so I’m just watching for now.
Remember to always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Honor those stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.
Thanks and Regards,
Trading SOS SOS