A missed opportunity in GBPUSD
Everything fades into the background
Itching for that next trade
FRUSTRATING - Wednesday wasn't fun. Now, I shouldn't complain. We didn't lose any money. But I was trying to play a potential bottom in GBPUSD and kept jumping in and out. My entry seemed about right for Wednesday, with the market not breaking much lower, but in the end, we didn't go anywhere and after multiple attempts to try and catch something, I was forced back to the sidelines. This is not unusual for my trading, and the same thing happened on Tuesday with EURCHF. But with this one, it was a little more frustrating considering what I believe will be a nice bounce in the coming sessions. I would love to jump back in and will be looking, but nothing at the time of this write up.
ALMOST - For a time on Wednesday, it looked like everything could fall apart. The Pound was collapsing, the Euro broke below 1.1000, EURCHF was sinking and USDJPY looked like it would take out the recent multi-month low at 110.98. But at some point into the second half of the day, all of this panic faded away and the stock market put in a nice recovery, which opened a reversal in these markets. I was excited about the price action because the overextended moves would invite fresh opportunities. But just as we were about to get there, we didn't, and it all went away. So not only did I wrestle with the Pound, I was also let down by the reversal in sentiment on Wednesday.
ITCHING - But this is a part of trading. It can be frustrating at times. And as much as you know this is the way things go, sometimes it can be a challenge. After all, we are human. Now, if I am to look at Wednesday in the context of my entire trading career, it is definitely something to feel good about. In my early years, I would have figured out a way to lose money on a day like Wednesday. I would have rushed into a position too soon and would have taken a big hit. So to walk away unscathed is nothing to feel too bad about. At the same time, there are some juicy moves out there on the horizon and I am itching to jump in. Some of the markets I'll be watching today are GBPUSD, EURUSD, EURCHF, USDJPY and USDCAD. But anything can happen and let's see how it plays out.
This analysis is for informational and educational purposes only. This is not a recommendation to buy or sell anything. MarketPunks is not a financial advisor and this does not constitute investment advice. All of the information contained herein should be independently verified and confirmed. Please be aware of the risks involved with trading in currencies, stocks, commodities, cryptocurrencies and sports. Do not trade with money you cannot afford to lose. It is recommended that you consult a qualified financial advisor before making any investment decisions.
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