Post retail sales thoughts.

Today's US retail sales data has boosted risk sentiment.

Having been out when the data was released, I've unfortunately missed a clear in the moment catalyst, or even a pre event anticipation trade. And I now find myself in the predicament that whilst a trade looks very inviting on the 15min chart. On the 1hr chart it looks like a pullback is due. (See photo of AUD CHF chart).

So my current decision is to wait for 1hr support on either the JPY or CHF charts. If it keeps going up and tomorrow it looks like I should have placed a trade now, then so be it.

The reason I'm not placing a trade now is because if the 1hr charts do pull back and stop out a trade with a stop loss behind a 15min swing. I'll say I should have waited.

If nothing else, I hope this serves as a psychology lesson that it's ok to miss an opportunity. The important thing is being able to identify the opportunity in the first place.

If you're unsure why today's data was an opportunity, or have any questions at all, please free to get in touch:

johnelfedforexblog@gmail.com