So the Americans came back off holiday. Most news out today was as expected or a little better up until 3pm when we had the ISM Non-Manufacturing PMI which came in under expectations.
I was watching the Dollar Index on FXCM as it was not looking very Bearish, which is what I wanted to see. My NZDUSD trade was teetering on the cusp of turning against me and at 3pm after the news came out I figured I’d sell if the SPX started to go down. Which it did.
In hindsight it was a tad early. I could have waited a few more hours and I could have probably risked a few more pips until tomorrow to see what the news on Friday does for the market but I figured that no one goes broke taking a profit and a lot of my other trades are in the money. I get quite nervous when I am in a good trade and I start to see candles like the ones today. So much indecision, it just feels like a 50/50 bet and that it could go either way. Usually when I take a winning trade off it goes in my original direction and vice versa when I stick to the rules and follow the strategy. I was half tempted to start trailing the stop a little closer using the H4 chart swing lows, but there are a lot of them over the last couple of days and I would have got stopped out anyway.