It was a hard choice to take a short position in GBPUSD at 1.32260 and 1.3215 (see link below) because the technical conflicted each other for me. I predicted that GBP data would come ot positive and it did a few weeks ago for a small target (like 20 pips)...but then I predicted that the NEXT DAY would be really bag data. And, it was! Predicting UK data has been troublesome and I am glad I have experienced it in such a chaotic time as Brexit! I learnt so much!
So, I relied on my economic assessment of the situation. This gave much more clarity and investment foresight than looking at charts. This is evidence that learning economic-fundamentals will help you to put the probabilities in one's favor and align yourself with economic forces!
TARGETS: My target is still 1.25 or 1.26 in Q4. I shorted for a big gain, but then became overconfident in the middle of August and held the short. In fact, I held that losing short position halfway up, I took the loss and learned an important lesson about myself:
Lesson#1: TO LOSS ALL MY PRIDE! Lesson#2: Make sense of what I am trading and align it with reality. Lesson#3: Treat this as my business with NO PRIDE and no boasting about. Lesson#4: Economic-Fundamental Predictions and analysis are really good and I should stop doubting myself over and over again. haha!! I think I am ok. Yeah...... I will be ok!
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Predictindex
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Umm, well.
dchua1969
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Hey man, thank your for your honesty which after reading , reflected some of my mistakes as well. letting profits run till it became losses (pride and ego at work). I am trying to learn as much on Fundamental as possible and there are tons of materials to read....thanks for recommending me the book by Abe. Best of luck to your trade
Rocketman
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There there is a lot to read..but you will find that it is actually simpler than technical analysis at the end. Also, do not put technical about fundamental (economics) or fundamental-economics above technical. They BOTH must match.