Now Reading
Three Strikes You’re Out
23

Three Strikes You’re Out

by The MoleJuly 23, 2014

Equities have been whipsawing near our inflection point at 1982 which led me to lose 1/2 R twice (one short and one long) and it looks like my third short entry is about to meet its maker at any moment. Looking at equities across the board the odds seem to support a continuation higher but this is where I have to draw the line.

Three trades per campaign is my maximum no matter what. Either way this one swings it’s going to be annoying as I did not have any directional bias and thus attempted to get positioned near inflection points. But as I internalized my emotional response today I realized that this was exactly when I needed to step back and follow what I preach – not let my emotions get in the way of trading. Fact is that right now I don’t see a good entry here and let’s be clear: the worst thing one can get drawn into are revenge trades or attempting to chase a big move.

Fortunately however my AUD/JPY campaign has made up for some of the damage on the equities side and then some – plus it may have legs. Nice breach there yesterday and today it managed to climb just a few pips short of the 2R mark. I’ll be putting my stop at 1R now and now we see if we got a runner here.

By the way, this goes to show that it doesn’t make sense to fall prey to one-ities (a.k.a. an obsession) for a particular symbol. I’ve said it before and I’ll say it again – I don’t HAVE to trade equities just because it’s on everyone’s radar all the time. As a matter of fact if it wasn’t for the blog I would probably only look it once or twice a week. The forex side is actually where most of the action is these days which is why I have been trying to get more of you retail rats up to speed. More on that in the coming soon – I actually have an exciting announcement planned for next week.

Two more goodies below the fold for my intrepid subs:

evil_separator

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

You have been briefed – now have fun but keep it frosty. See you guys later tomorrow.

Cheers,


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator