Daily thread to exchange ideas and to share your thoughts
Good day, everyone! Hope you're all doing well as we get things going here on the day. The talk around town is the flash crash in the currencies space and it certainly adds for some real spice in markets ahead of Japan returning from their break tomorrow and a possible reversal confirmation during US trading later perhaps?
- JPY leads following earlier surge but gains have been pared; USD/JPY @ 109.60
- AUD recovers from lows as well as risk improves slightly
- GBP lags as Brexit rhetoric still in limbo, rally-selling still prevailing
- USD mixed on the day as markets still erring slightly to a more risk-off tone
On days like these, the best thing you can do is not go chasing after a trade that isn't there. If you missed the early morning moves, let it be. Don't just go into a trade just because you missed out on something. That's one of the worst decisions a trader can make as you'll just be imagining a trade taking place rather than being objective about how a trade will pan out.
And if you were caught on the wrong side this morning, do try and keep a level head. If you're feeling a little thrown off, I would recommend taking the day or the week off. Just go out and do something relaxing. Grab a nice meal and enjoy the outdoors a little a bit. It'll go a long way in keeping your trading mentality in-check.
In any case, always remember that there's always going to be another trade. This is just one day of many in the year. Opportunities will always come knocking down the road so don't cry over spilt milk.
How are you handling this morning's volatility so far? What is your take on the matter? Share your thoughts/ideas with the rest of the ForexLive community here. :)
