Hi Guys...

THURSDAY DATA: 

• EU Draghi Speech 0830
• EU consumer, Economic and Industrial Confidence 0900
• GER CPI ???
• UK mortgage app 0930
• EU confidence 1000
• US Thurs JOBS 1330

NEWS:

• UK consumer confidence at  53, but economy now technically in recession. 
• US and Asia closes up on Bernanke words of support and positive earnings.
• Deutsche bank profits drop on debt crisis.
• RBNZ keeps rates at 2.5%

Initial Thought:  Lots of EU data out this AM avoid EURUSD trades.

Correlation:
EURUSD: and  USDCHF

ID (Emotional Bias/reaction to news): Short USD
Watch out for: EU data 0830-0900, and US Jobs 1330
Plan:  Avoid EUR trades until after 0900, lighten up before US jobs 1330.

Potential Trades:
As of 0800GMT the market is short the USD across the board. The EURUSD and USDCHF are in a rather choppy range on their hourly charts. This will limit their intraday moves for the moment, wait for a BO of range and enter with the prevailing trend. But GBPUSD and XAUUSD are trending better so it’s just a case of being patient and waiting for that pullback (PB) or breakout (BO) then going with the trend.

Personal Notes:
I identified 2 trades yesterday which I didn’t trade as I got overly worried about long tails/wicks/shadows going against my trade direction on prior candles. Although these trades wouldn’t have made me a fortune I could have easily made 10-20 pips on each of them. I was thinking too much. If I had stuck to my guide I it would have taken this problematic decision making out of the equation and turned it into a mechanical act of ticking off a check list and entering once all the checklist criteria were satisfied. This would have taken all the responsibility out of my hands and therefore all the negative feelings about myself. Had the trade failed it would have been the checklist that failed, rather than myself. Even if the checklist had failed I could still feel positively about my efforts as I would have executed the trade exactly as I was meant to. I’ve got to use my guide and stop rushing entries!

PLEASE ADD COMMENT, ALL VIEWS WELCOME, HERE TO SUPPORT NOT JUDGE! Kind Regards RTC