Today’s episode is about “failure”. What’s that?! Yes, I am taking about the recent succession of trying trades that – despite the fact that I followed my rules – have simply nit worked out. While I pay particular emphasis as well to Directional Bias and trading with the dominant psychology of the market, there are times, like this past week, where fundamental headline shift market sentiment enough to through technical and a certain respect for price (decision) levels out the window.
But what if you have a strategy and an overarching theme that you are trying to set up? For me that’s the EUR/USD short and I could include the USD/CAD short as well as the U.S. Dollar Index and crude oil buys I am setting up/currently in. I talk about how to take a loss when the freight train jsut doesn’t stop at your station (i.e. your support or resistance decision levels) and how to still execute the plan using options to limit risk and capitalize on the volatility. (sweet!)
I discuss my options “shopping” and the environment and timing with which I will consider options a *better* strategy for a trade.
Ever thought about forex options? I also take a look at the ISE website for a look at how to incorporate these tools into your spot fx trading.
For more information on my entry strategies and my other trading tools like the 34EMA Wave and GRaB candles, visit the “InterbankFX videos” You Tube channel.