Good Afternoon,
Just a quick wrap up of todays action. We still have the dance going on in our nation's capital. We have a lot of "edgy" and "nervous" players that aren't committing to any significant holdings. That means three things could happen:
1. We can rally hard
2. We can go down further
3. It is a dud and we are fairly priced
This is like a giant FOMC statement where it may take a few days to shake out a nice trade even after the announcement is made. Bottom line is the trading should and I stress should be good in the aftermath of this as we are in a new month next week with lots of economic data including jobs.
The reality of it all? Use your technicals to make a sound trade and use money management because announcements can come at any time next week, so fast markets could pop out of no where.
That is my trading psychology bit for all of you short term traders.
For the investor, if you aren't protected yet, what were you waiting for? Unemployment has been worsening for at least 2 months and how much more upside is there in these markets? I don't know the answer, but at an 80% retracement of the 2007-2009 bear market, I am creating income and protecting the downside.
Have a great weekend and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
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