With the pending news in the US session, FOMC and Dr. Bernanke speaking later today, I had hoped for a trending UK session, but didn’t get it. The AUD looked good in this otherwise tedious session, but it did not offer the minimum 3:1 Reward to Risk ratio. There are cheap stop losses and there are conservative stop losses. There is no point in being cheap, getting stopped out and having a trade go to one’s target because we were placing a stop loss a few pips closer to price than where we should have placed it. A trader has to decide which one they prefer with nearly every trade. When the R:R ratio isn’t there, it’s better to walk away and look for a trade elsewhere. Always be disciplined, patient and focused!
After 2 really nice weeks, we can’t complain about this one being slow.
Good luck with your trading.
Back tomorrow…
Questions??? Michael@privateforexcoaching.com
