Early morning at my Time, i tried to trade AUD pairs for RBA interest rate decision which came out negative. The spike on those pairs were massive. I could not enter. There were no retrace whatsoever. So i just kept looking the pairs dropping over 100 pips. These are really difficult news trades. Better to stay away. No regrets.
Then in the afternoon i tried news trade with GBP Manufacturing PMI. The reading for this one also came out negative and this trade was not very volatile at the begaining. I did enter but chickened out for +2 pips. This news changed the direction of the entire GBP momentum to the opposite direction. Had i held to it, i could have had hundreds of pips.
There were no news for new york session. so usually if there is no news, i would start to trade just before the stock market opening. I took a good trade of USDCAD pullback and made +25pips. However at the end of the session, the trade climbed up to 100 pips. Since i had a massive loss yesterday, so i was concentrating on banking pips .
It is pretty frustrating to see trade go up and you are out of the trade. I need to learn not to get worried about all these. One thing about my strategy is the timing of when i start to trade. It’s all about timing. Like i said before, if there is no news during NY session trade, i usually start just before NY stock hours. However today, it was pretty clear that the market was moving fast even 45 minutes before NY open. I need to learn how to identify the moving market and check which pair i should take. Otherwise i’m really missing out some real good moves. I need to have consistency.
A bit sad today. i saw my fellow traders on twitter banking pips while me facing loss. Not a biggy just -12 pips. But at least i should have been positive today.
Tomorrow i shall overcome .
4th May, 2016
Tags: aud, gbp, pairs, pmi, RBA, USDCAD