Hey forex folks! Enjoying the first week of December so far? Well, it’s been a pretty hectic week for me so I’m looking forward to unwind this weekend. But I do hope I’ll be able to chalk up some gains as my GBPJPY short trade is finally heading my way. Wish me luck on that!
I spotted an EMA crossover (very) early this week, as the 10 EMA crossed over the 20 EMA this Monday. I had to wait for the pair to climb by 30 pips and hit 1.5100 before I’d open a long position. And lo and behold! It reached 1.5100 the following day but there was one problem… The stochastics were already in the overbought zone! So that means no trade and zero pips from my mechanical system this week. Boo hoo!
So, no trades from my system and just one swing trade for me this week. The reason for this was because I had a hard time judging risk sentiment this week. A lot of things happened over the past week, that sentiment changed as quickly as my aunt changes her baby’s diapers! First, it seems that traders got over the whole Dubai fiasco pretty quickly as we saw risk sentiment prop up and higher yielding assets rose sharply. However, the past couple of days have been choppy, and we’ve seen the dollar make some ground.
The mixed trading left me confused, so I decided to stay out of the markets. I am realizing that there is no need to force trades when I don’t have a good idea on the current sentiment.
Okay then, I guess I’ll call it a week. Weekend, here I come! Maybe I’ll go out and watch a movie tonight… I hear New Moon’s good. Or is it just because Jacob’s abs look really hot?