ForexSpirit

What a wild ride today!

After US CPI and housing data came out decidedly weaker than expected things were a sea of calm for half an hour. Then the flood gates opened and currencies along with commodities shot up. This move did not last long and by lunch time everything was back to where it had started off the morning.

I was caught with three trades open when currencies were at their peak around 10:15 EST. I had staggered my entries but in retrospect I think they could have been spaced out some more.

The tight trading range that was setup in the overnight Asian and Europe sessions lulled me into placing entry points too close together.

Unlike yesterday I felt comfortable to hold onto these trades to see if the dollar trend would reassert itself as the currencies tested areas of resistance (such as EUR/USD at 1.2800). I could find no fault with my reasons for the entries and so I was able to manage the trades in a much more amiable state of mind.

The downward trend did indeed materialise and I was even able to place some nice long scalps in the afternoon as the move down bounced off some areas of support.

Total daily pips: 118.6