Monday, 21 January 2008

What a morning!! No trades but possibly one of the scariest, most volatile mornings I can remember for a long time. Systems gave some signals but due to lack of US followthrough today I ignored them all. GBPUSD gave a sell which I mentioned earlier that would have produced 20 pips, but EURJPY produced two loss making signals, which would have resulted in an overall loss day. GBPJPY didn't produce any signals.

I am not surprised at bad signals today. Usually on holidays the markets are "different." Added to the jittery "entering a bear market" mentality, I felt it best to leave it today. Also, CMC conveniently "lost the feed" when the markets were collapsing, thereby making it difficult to get anything like the prices you wanted. When the "house" starts cheating, you know it's time to stand back.

Alternatively, if you had set your target at 20 pips profit today, you would have made it and called it a day, not even looking at further signals.

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