So, my EUR/USD trade from yesterday got stopped out for a 120 pip loss. That's ok, because this is a game where one needs to know how to lose as well as how to win. When I take a loss, I will be the first to admit it, but it doesn't mean I was wrong to do the trade. In fact, there is no right or wrong, just like there is no crying in trading. Right or wrong are moral distinctions. This is trading! Before every trade, I understand my risk and potential reward possibilities. I am well prepared to either take profit or take a loss at certain levels. The only thing that can go wrong is if one doesn't stick to those levels and begins to use their feelings to assess a trade. I do not do that, I stick to the plan. always!
Moving on, the EUR/USD still looks bullish to me (as does the EUR/JPY), but as I indicated in my piece on Monday, there is plenty of wiggle room to the downside here (about 500 pips until Daily support). So, I will sit back here and let the markets adapt to the latest rumors of U.S. bank trouble and get back in when I see things have stabilized somewhat - off the daily chart!
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