A Mixed Market – Turning the Risk On?

 

While most currencies exhibited a risk-on bullishness, the STI was experiencing intraday distribution (refer to top chart). This is in line with my forecast for the week, and I am expecting some profit-taking from the big players. My short call on Noble should be hitting its target soon, probably this week.

I started off the day with two big winners riding long on the EUR/USD and GBP/USD. I also wanted to short EUR/JPY and GBP/JPY, but a bullish spike when Spain requested for aid negated the setup. Instead, I shorted EUR/JPY after the spike. Let’s see how it turns out tomorrow.

Today, as I was looking through some of my previous trades, I realised that I could greatly improve my results by exiting trades once I knew they were wrong instead of waiting for them to hit my stoploss. Of course, this will require some judgment, but there are some simple guidelines which be easily applied. I will share more in my next seminar.

ALL YOU NEED TO KNOW ABOUT TRADING!

Hi, Spencer here! 😀

After making my first million at 28, and trading & teaching across 50+ countries, I have consolidated my knowledge and experience to create the most comprehensive & practical guides for profitable trading, compiled from thousands of books, websites, courses, and interviews with professionals.

As a former professional trader in private equity and proprietary funds, I have over 15 years of market experience, and have been featured on more than 20 occasions in the media.
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  1. […] quick follow-up from yesterday on the short trade I mentioned in my previous post. I shorted after the spike up once I saw weakness in the price behaviour. It was evident to me even […]

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