Markets are falling like there's no bottom

Have not traded since my last post as I could not bring myself to commit to a trade. When I finalliy did enter a trade to long the EUR (thinking it has bottomed), the market once again sold off due to fears of a recession. In the end, lost some pips. Sigh ... perhaps I was to eager to enter the market. I would have made money if I had shorted the EUR instead, but I wasn't sure how much further the EUR will weaken against the USD. Well , the market is ALWAYS right.

Nonetheless, I will have to wait for a clearer sign to enter long in the EUR.

Another crazy week ...

Another week is over ... what a crazy week. The forex markets have been reacting very wild to fundamental news, making it very difficult for a technical trader like me, esp. when I am still a novice trader.

There's no clear direction for the EUR.

GBP closed the week with a doji with slow stoch. in the over sold regions. A reversal is probable, though not definite. If it does reverse, it could retrace up to around 1.7400 to 1.7720 regions before turning down again.

JPY could be reversing soon. If it does retrace upwards, it could go back up to 101.30 to 103.00 regions before turning down again, where I think it will test 97.00.

Missed opportunities.

The markets have been erratic lately. So I decided to stay out until there is some clear direction in the forex markets. The markets have been reacting to the US Govt's bail out news but I did not feel comfortable banking my trades on such news. Though I have missed some good profits, but I have learnt that I should not trade hastily, or to chase the markets.

Never think that the market is wrong.
Never trade when you are confused about the market.
Never trade without a stop loss.

Some of the principles I use for my trading which I picked up from fellow traders.