Cancelled Two Forex Pending Orders
It's January 13th and I have yet to place a trade in forex 2019. By no means is it due to the lack of volatility. For example, when Apple pre-announced two weeks ago, the Japanese Yen pairs went bonkers. For example, just look at what happened on the USD/JPY.
The pre-announcement occurred after the US session close. During the period between the US close New York and the Tokyo open in Tokyo, few human traders are involved in the forex markets. More than likely the flash crash was algos sniffing the internet for news and sold the Markets when Apple came out with bad news.
Last week, I was sure that one of my pending limit orders was going to trigger, but I intervened and cancelled both orders.
On the AUD/NZD, price was trending up on the daily, 4 hr and 60 min time frame.
But I cancelled the order after price pulled back, but the pull back wasn't deep enough, so the probability of this trade working out during another re-test diminished.
The other trade I cancelled was on the AUD/USD. Price was trending up on the daily, 4 hr and 60 min time frame.
But the momentum was too strong and price never pulled back and now price is too far away for my likely. Meaning, if and when price returns to the zone, the trend may have started to reverse.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Rolland- I'm curious if you trade full time?
Also, I didn't see what the $1,000,000 challenge was. Clearly I missed something.
I don't trade full time, but started treating it like a business 4 yrs ago. I work in the pharmaceutical industry, but live,eat and $hit the Markets.
Sorry I should of posted the $1MM challenge link.
https://steemit.com/forex/@rollandthomas/myjourneyintoforex-part3of3the1mmchallenge-part2-ij28fc7ano
PS - what about yourself, are you trading full/part time...love your commentary and perspective on things as well.
I'm a engineer with a great job that is not the traditional engineering position. I'm able to leverage my engineering degrees, my business degree and my patent knowledge to manage our companies innovation topics in our purchasing department.
I spend about 30 hours a week on the markets reading up to 20 articles a day and 12 of the top monthly financial newsletters I've spent a lot of money on. I have two options trading services as well and do indeed love not being an ignorant investor. I never get a queasy stomach and work to get smarter and in the best positions for upside. I take a good deal of risk, but can live with it since no one depends on me. I spend so much time on investments primarily because I want my own businesses and am hell bent on creating the financial means to pay off and and all debt and fund three specific businesses I've been wanted to do for years. The only true freedom outside of God is to be debt free and not have to earn a high salary in order to pay debt payments.