Hello, its been some time. Chinese New Year was great. For me, it was basically gathering with relatives, getting red packets (im not married yet!), and playing cards. there was a point of time, i shunned away from playing the cards (usually black jacks). becuz i was risk-averse and i didnt like the idea of putting my hard earned money on the line, of course, this thought is some time after i entered the working class.
i wondered if being a trader/investor plays a part in my current thinking. i was thinking that, without doing something with ur money, u're exposed to lesser opportunity of making money. of cuz im not saying that trading is completely gambling, it is in some ways. and im definitely NOT encouraging u to gamble. trading is something like gambling. but gambling, is not trading.. remember that. so, i was basically having a good time with the relatives. as usual, good times flies and all of us were dreading back to work today.
so, today's set up.
Session: New York, London Crossover
Duration: 37 minutes, 15 minutes.
Technical: Fibo, Moving Averages.
Fundamental: US Building Permits.
Strategy: Entered after candle closes below fibo, downtrend along 10 sma. Average in second position after candle closes below fibo again. First position closed on half of target point. Second position s/l shifted to 38.2% fibo (first position's entry price). Price spike down to t/p after announcement, then recover quickly.
Down arrow is my short entry. thumbs up is my t/p, thumbs down is my s/l.. basically the 2 fibo points. i don't really have a good risk:reward ratio, that is bad. i turn the risk:reward to a good ratio only when price advances in my favour.
take-profit at mid-fibo. letting my 2nd position to run.. through the announcement. unsurprisingly, a lower than forecast US Building Permits, price dips, and then recover quickly. the reason i had the courage to let my 2nd position run through the announcement was that, looking back in my trade journal, US Building Permits does not have significant price reaction to the announcement.
pretty lucky to have winning trades after almost resting for a week. i was afraid of losing my momentum. lucky start for the year of the Tiger. Have fun!