This morning I didn’t trade in the 6E market, because as I previously mentioned, I was advised to stay out of that market during any news, of any kind, that is expected to affect the Euro.
Todays news was supposed to be an exceptionally high-impact bond auction, which took place over an undetermined amount of time, and had no official “starting” time we could use as a reference. (Forex Factory listed the time as “tentative.”)
So with no idea of when it started, how long it would last, or how it might affect this market, I decided to simply skip this session.
In the words of a fictional man who is wiser than me, “sometimes, it is better to miss an opportunity than to invite disaster.”
So I was counting on the ES to pull through, and today, it did. I had to end the session a little earlier than I would have liked for family reasons, and I only got in one trade for a 2-point profit.
Ironically, this market had very little potential for “disaster,” and the same cautious wisdom I applied in the 6E market actually caused me to miss some great opportunities, while other students were able to make massive profits in this kind of market.
In this particular session, the more appropriate mantra would be “strike while the iron’s hot.” After all, that’s what being “Congressive” is all about.
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Hey Jonathan you are getting pretty good with these posts! Get info. I see you also trade the 6E as well as the ES. Now I know the ES is 50$ a point but what is the 6E dollar demonimations in terms of points.
Hey Shani…. 6E is $12.5 per tick and there are 10 ticks in a point $125 per ppoint