Well, yesterday, I trumped that by shooting myself in the foot. Who needs anyone else to put you on the Endangered Species List when you can implement some DIY, right?
Yes, I did a S&R at the exact wrong moment at precisely the wrong level on that GBP/USD short trade I was originally in and I... well, you can guess. I was originally short at 1.536 something and then did a S&R at -82.2 pips. This effectively means if I had kept my trading legs closed Sunday, I would not have had to take that -82.2 pip hit. Why did I have to get Fraidy?
I'm staying in this one for the time being. I was totally pondering how the potential RMB revaluation could affect other currency pairs and since I'm totally out of my depth here, I'll just look at the levels I know matter.
I'll concentrate on what I've been doing... Divergence In Divergence Out. The bullish divergence on the Daily RSI chart is not done and because I was trading with revenge in my heart, I missed the whole leg up from 1.48 something to 1.548... I am now looking at the 1.6 level as a potential target objective. It's not going to be easy getting there and I hope I can make it. If we can get through May without any major hunting incidents, then we're getting into prime time. Once it hits 1.6, though, I'm going to keep moving my target up. In all honesty, we could one day get back to pre-crisis levels with the GBP/USD rate. The Guys of London are that alpha, especially if Bernanke keeps doing the whole soapbox + bubble bath thing with the "extended period" innuendos.
Oh, and I was just thinking about new potential names for my pips with the Guys of London... and also renaming my blog to Spend It & Trend It Like ForexDiva. LOL.
TETSOB in total overdrive...
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