Psychology lesson: Tuesday 19 September

Having had another busy personal day, I've not been able to view the charts. I did have a look at 05:00 UK time but I didn't have much time. I was tempted by a CAD JPY long. As you know, the JPY is my preferred short at the moment and the CAD has been in a good place due to data and the rising oil price. With Canadian CPI data due, I could have placed an anticipation CAD JPY long. But my decision was to wait for the data as I felt that was the best thing to do in that moment. I've now arrived home to see the Canadian CPI did indeed come in higher than expected and if I would have traded this morning, it would have hit profit. And I currently find myself thinking the chart is pulling back a bit too much and I'd like to see a 1hr swing form before feeling confident in a trade. And with the fed decision tomorrow, it may well be prudent to wait until after Mr Powells press conference before forming a conviction. But the lesson is, that's ok. This morning, I made a decision I would stand by tomorrow. And doing that has created profit for the last five years. So even though, on this occasion it looks like I should have traded this morning, it doesnt matter. But this is where it's very easy to place trades in frustration because you've missed out on what you perceived to be a viable opportunity. But as long as you stick to your principles, keep on top of the information you need to understand 'what is moving the market', and keep making what you believe to be good decisions. over a long period of time, the account will be in profit.

So, my current decision is to wait for at least a 1hr swing on the CAD JPY and asses the state of play..

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