I was caught in the $SPY’s most volatile day of the year but patience gave me the upper-hand. The market was initially aggressively indecisive as Bernanke speaks, creating a whipsaw effect that chopped me (panic) out a few times. But, of course, I was stubborn, not wanting to miss out on a major move, kept re-entering. Over-trading is a killer! I should’ve noticed that prices stay within the band. I should’ve held my shorts and exited as double bottom formed with lower highs on the RSI. Once prices were riding up in the upper half of the band, perfectly using the heartline, I could’ve enter a long position.
Rules for Trading Economic Releases and Announcements: 1) if I’m gunna trade the opening range, quickly move my protective stops 2) this week all markets were watching $SPY, so make sure I’m aware what the market is watching and expecting.
After such a move, the #Aussie took a breath later in the evening ahead of the Asian hours.
Over time, better to be wishing you were in a trade than wishing you weren’t in the trade.
My range trading (#CurrencyFutures) has been developing but I’m SO COMPLACENT that I’m don’t double-check to see whether I’m buying or short selling.