WED 20-20-05 ***TRADE PLAN***
Updated
WED 20-20-05 ***TRADE PLAN***
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CONCEPT
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Expoit GBP weakness - lots of weak news for GBP this morning and GBP is already weak.
However, I think the sells are too obvious right now and the market needs to trick people long before continuing down so I think I need to await a pullback.
FOCUS PAIRS
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EURGBP - News at 11:00
GBPAUD - no AUD news today
GBPCAD - News at 14:30
MARKET NOTES
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NZD (strong) and JPY(weak) are the control pairs - should I be trading them...???
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CONCEPT
-------------------------------------------------------------
Expoit GBP weakness - lots of weak news for GBP this morning and GBP is already weak.
However, I think the sells are too obvious right now and the market needs to trick people long before continuing down so I think I need to await a pullback.
FOCUS PAIRS
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EURGBP - News at 11:00
GBPAUD - no AUD news today
GBPCAD - News at 14:30
MARKET NOTES
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NZD (strong) and JPY(weak) are the control pairs - should I be trading them...???
Note
Maybe I should keep an eye on NZDJPY...Note
LESSONS LEARNT------------------------------------------------------
I was right on the GBP weakness but I was awaiting pullbacks that never happened. (No point knowing a direction if I cant get in!)
- I under estimated the weakness of GBP
- I pitched the weakest against the strongest so how was a pullback ever going to happen (maybe pitch the weakness instrument against an intermediate)
- I was expecting a pull back and move to target in 12 hours - is that a realistic expectation with an hourly chart? Maybe its a multi-day plan or move to 15 min candles. If multi-day the strengths might change but I'll keep watching to see if my prediction works out
-did I over think it "the trade is too obvious". Yes it was obvious and it worked...
-I want to keep exploring the value of exploiting the LEGACY impact of news
-I tried using alerts and went about my day awaiting an alarm but i'm not sure that works. I could have gotten in on the GBPAUD with the 'goodbye kiss' but i wasn't looking at my charts. Look every hour???
NOTE with relation to the GBPAUD trade I was awaiting a pullback to 'trick' people long. But from the look of the chart it had all ready happened. I was in that trade yesterday and it got me out for breakeven.
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