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Whoops! Shoulda Zigged When I Zagged!
By Mike Conlon | November 13, 2009
Let me start by saying thank you to MT4 for having issues that have prevented me from trading. While my logic was correct in that “something had to give”, my choice was wrong predicting yen strength and Aussie/Kiwi weakness.
The exact opposite occurred!
Here’s a quick chart of Kiwi/Yen (NZD/JPY):
(click to enlarge)
My logic this AM was that barring some sort of news for Aussie/Kiwi strength, I figured that someone “knew something” about Japanese yen and why it was moving. Looks like that guess was wrong and this trade almost certainly would have ended in losses.
Just goes to re-enforce what I preach (but don’t always practice LOL) all the time– trade what you see and not what you think you know!
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Tags: account, Aussie, blog, demo, forex, forextrading, fx, fxedu, Japan, jpy, Kiwi, live, market, Mike Conlon, news, nzd, practice, ssi, time, trade, Yen
Topics: What To Look At In The Market |
November 15th, 2009 at 10:43 am
I couldn’t agree with you more. I have made the same mistake more than I care to remember. Always trade what you see.
November 16th, 2009 at 3:14 pm
Regarding from the technical result, i think NZD/JPY will go up to find the top during one week