Forex Trading Thoughts and....

Thursday and Friday were not good. A few wins mixed in with too many losses. I gave up half my profits from what was a pretty good week up until Thursday evening. Damn, I hate when that happens. I have to say the possibility of a total global financial meltdown loomed heavy in my thoughts. Next week will be another very interesting week. I hope the world economy makes it through. This is truly a very scary financial time. I'm a firm believer that the evidence is overwhelming that when you elect a person(President Bush) and a body of people(U.S. Congress) to a govern the most powerful country on earth that represent a financial ideology instead of the best interests of the constituents, you get a financial disaster like we have now. God help us. It may be all we have left to hope for.

After last night's debacle taking two losses for -122, then a win for +65 which left me -57 in the hole, I latched on to this trade right out of the gate tonight. Nice short entry just below the round number at 173.85 and riding it down to a 2/3 scale out at 172.97 for +87.

This is a lot like last night. Started off with a -61 loss trying to get short from 180.20. Finally price proved it was really going to go short so I entered at 179.10 and rode it down for a sweet +236.

After taking an opening loss for -61(ouch!) I was abe to hop on the move south. Currently sitting on +208 and waiting to see what the London open brings.

This trade was helped along nicely by very poor UK housing data. Entered at 186.60, scaled off 1/2 position @ +100, stop loss moved to entry. Now awaiting UK PMI data.