Swissy Yen Trade Update
Hi Dynamic Traders.
We have left Atlantic City this afternoon and arrived in New York. It is a cool day here and the sun seems a little shy but thats fine as long as the rain holds off.
This is a short update for those of you who have emailed today regarding your profit on CHFJPY from the analysis on Friday. It is time to manage this trade which is about 100 pips in profit at present. I am using 96.55 as the stop loss and have scaled out now.
The Dow has sold off massively today and this is all due to the Bailout logistics. The market closes here in the U.S in 9 minutes and I can only imagine it has been a worrying and stressfull day on Wall St. The days ahead probably wont be much easier and looking further ahead, even if this bailout goes ahead dont expect the markets to immediately turn bullish.
In the mean time, please do not get caught up with emotions in the markets. If anyone who invests in the stock market has been caught completely off guard with the market behaviour at present then I would like to suggest you take some good trading courses or stock market mentoring before delving into the markets again. We sold off almost all of our shares more than a year ago in preparation for a retracement even though the brokers were saying we were in a bull market and that we were crazy to sell our shares and recommended we buy more shares. I wonder if they still have their jobs now!
Lastly, we are always happy to receive emails from people we have trained and mentored and are doing well now but we will also like to hear from anyone we have mentored who is facing trading difficulties.
Have an excellent dynamic tading week and remember, the markets react to uncertainty and right now the markets are uncertain. Those that were on our forex mentoring webinars, you need to remember the stratagies we discussed. Use the smaller time frame for day trading or for swing trading using the larger time frames. Scalping is certainly not advised in most cases and definitley not now. Always use the right strategy for the right market conditions.
Have an excellent forex week during this U.S financial crisis times.