Happy Friday, my friends!
Since my last few trading ideas haven’t been going well for me, I decided to take some time to evaluate what kind of trader I am. I took one of the brand-spankin-new personality quizzes from the School of Pipsology!
This week I decided to take the “Which Trading Style is Best for You?” quiz. Wanna know why I decided to take that particular quiz? All right, let me tell you a little secret…
A couple of days ago, I decided to trade the news and scalp a few pips off AUD/USD. You see, I spotted this descending trend line on the 15-minute timeframe and thought of entering a short trade if the Australian jobs data miss expectations.
Lo and behold! The actual data missed the consensus by a mile and printed a negative reading instead of an increase in hiring. What’s worse is that their jobless rate climbed a couple of notches from 4.9% to 5.1% so I just jumped in.
Imagine my surprise (and frustration) when the pair started rallying instead. Poor employment data and the currency rallies? What is this madness?!
After I calmed down and accepted the 1% dent on my account, I began to realize that traders probably priced in their reactions to the Australian jobs data way before the report was released. It also dawned on me that I’d need to get a better feel of the markets if I were to take scalp trades again.
Of course, I have to take the results with a grain of salt. As Pipcrawler always reminds me, traders continually evolve and I shouldn’t box myself to the results I get.
Anybody out there a swing trader like me? Time to represent!
Hope to hear from you guys!