Let us hope so
…
What trades will you put on today?
…is that as well as having to have extreme patience
when holding trades long-term, it is not a case of
‘set and forget’: you still have to manage
those trades, hedging for example, and monitor
sentiment through volatility indicators, COT reports,
central bank forecasts etc.
I would also add that discretionary trading can be
extremely profitable intra-day, but if left unbridled
it can in fact become a perfect recipe for emotional,
unplanned trading, ripe for losses.
Long-term trading is, as Eddie says, difficult to manage
in that it does not confirm your analysis straight away,
so you must resist the urge to cut those trades (in the
negative as well as in the positive territory) too early,
and resist this urge you must a million times.
When does a bias become clearly wrong?
That is the eternal and unanswerable question
that every trader must face…
Well said.
New traders may also struggle with the lack of instant gratification that scalping can bring (if successful, something the brokers don’t point out) and the urge to close a trade as soon as it moves into profit, causing angst as you watch the price continue climbing without you.
What a nice way to start the day, GbpNzd up 200 pips overnight. That’s put a smile on my face 
I know, it is crazy, right!?
I know. I looked to see what prompted it and couldn’t find any one thing. Seems to be a sustained rise over several hours rather than a sudden jump on news or rumour.
Yes, me too… The pair on the daily chart shows
an uptrend channel, so thia upswing makes sense
as price moves back up, to the next high (about
2.18 - 2.19)…
Are you back in?
Yes, I was in at 2.14279 so am about 150 pips up with my stop at +100 pips.
I don’t know if you ever look at Maryo Cairo’ s thread, but he called this long yesterday evening. Perfect timing.
No…where is the thread?
Nice pipping, Eddie!!’
Here he is…
http://forums.babypips.com/free-forex-trading-systems/70906-maryo-charts-post767184.html#post767015
Had a couple of trades (Eurusd and GbpAud) close for +80 pips.
GbpNzd trades now have 280 pips secured by SL
You are absolutely killing it!! Fantastic!!!
Carney’s warnings of Brexit consequences during
today’s select committee hearing may have boosted
the Pound, and polls are showing the ‘remain’
side gaining ground…
Thanks PipMeHappy.
Im on a bit of a roll, 36 consecutive wins, only 2 small losses in 61 trades going back to April 15th. No losses at all so far this month.
Very impressive! Slowy getting rich… Well done
+180 pips on GBPAUD today
Very nice!
Closed this GbpNzd for +250 pips
Unsurprisingly GbpNzd fell overnight, prompted by better than expected trade figures from NZ.
Price seems to be levelling out now, so I’ve taken the chance to buy long at 2.1640.
Nothing is for certain but if that uptrend holds then the next high would be 2.18-2.19
100 pips up and rising
[B]Now 200 pips up, thanks to this
[/B]
NEW ZEALAND DOLLAR SLIPS AFTER FONTERRA FORECAST
26 May 2016, 07:19
By Kate Geenty
WELLINGTON–The New Zealand dollar weakened against the U.S. dollar on Thursday after dairy giant Fonterra Co-operative’s milk price for the new season disappointed the market.
Fonterra forecast it will pay farmer shareholders NZ$4.25 per kilogram of milk solids in the season that starts June 1, that’s NZ35 cents higher than its forecast of NZ$3.90 per kilogram of milk solids for the current season.
“In response to the announcement, the NZD/USD fell 40 pips, from 0.6765, and the 2 year swap rate fell 2bp to 2.295%. Given the recent moderate gains in the GDT auctions, markets were slightly disappointed in the NZ$4.25 forecast,” said Westpac senior market strategist Imre Speizer.
The New Zealand government also unveiled its budget on Thursday, forecasting a surplus of NZ$668 million for the year ending June. This will be the second consecutive surplus for the National-led center right government. New Zealand Treasury is forecasting another modest surplus next year, but said surpluses will rise sharply in the following years, forecasting a NZ$6.7 billion surplus in 2020.
ASB chief economist Nick Tuffley said market reaction to the budget has been limited. “NZD/USD initially stepped just below US$0.6700 on the announcement, having stood marginally above it beforehand. However, the NZD swiftly rebounded and is now clear of US$0.6720, not too far from the level prevailing after Fonterra’s announcement in the morning.”
At 0400 GMT Thursday the New Zealand dollar was trading at US$0.6715 compared with US$0.6757 at the same time Wednesday. Against the Australian dollar the kiwi was trading at A$0.9318 compared with A$0.9375 at 0400 GMT Wednesday.
-Write to Kate Geenty at <[email protected]>
(END) Dow Jones Newswires