MARKET UPDATE 4

The hardest thing to do in trading is to sit on your hands when the markets are not really moving.  Often when we look back on price action we see where the market went up or down and feel like we missed the move/s.

However, just because price moved does not mean it was a tradable move.  If there was no safe entry based on support or resistance to protect your position the move was not tradeable.  I there was a breakout and the market did not retrace to give a safe entry that move was not tradeable.  If a market blows up countertrend from a lower bottom or top that move was against the trend and moved quickly giving not real shot at getting in.

Any hard fast move ( especially counter trend ) was not meant for you to get in until the move strayed too far from support/resistance. That's not safe and those moves get retraced 9 out of 10 times.  

Do, not be fooled by today's price action.  For the most part, the moves, if you call them moves were not tradable moves.  Today I signaled 3 trades via twitter with multiple updates guiding you along each trade.  The results were 2 trades break even and 1 trade -12 pips. 

So, net negative 12 pips is like saying break even to me.  And on a day like today if you managed to break even instead of breaking your account it means you at least have some minimum discipline.

You see, news moves markets.  Today there was no news to unwind the intervention news from Friday.  The market is left drifting until some new, major news comes out.  We don't have any major financial data on tap until tomorrow morning 5:30 am est (10:30 am GMT ) when The Gbp has major economic data.

Until then I expect the markets to bounce between support and resistance levels.  Unless some more unexpected geopolitical news comes across the wire.

Cheers, Jerry