Money was a constant source of conflict in my house growing up. My dad made a good living, and my mom was skilled at spending it, but their relationship was strained for many reasons. Money just became the language they used for conflict and control. After they divorced, the arguments over alimony and child support dragged on for years.
Some Mondays start with a jolt. I woke up to find my position in the Japanese yen had gone absolutely wild overnight. It blew past my initial profit target, so I didn’t hesitate—I closed the trade immediately, taking both lots off the table at 117.20. I could have tried to manage it for more, but my profit target was originally 116.80. Anything above that felt like a gift, and my trading plan is so ingrained now that following the rules is second nature. This kind of is a great way to start the week, but it's crucial not to let an early win go to your head. It was time to refocus.
I’m a visual trader, which means my decisions are based on what I see on the charts—not on news headlines or gut feelings. My approach to is built on this principle. After weeks of analyzing charts, I hope this is becoming clear.
Looking out my hotel window at Times Square, I can see the city is taking a breather this morning. It’s Monday, February 20th, and the usual stream of yellow cabs is just a trickle. The streets below are quiet. With U.S. markets closed for the holiday, the usual financial buzz is on pause, even as the rest of the world keeps trading.
On Fridays, my trading day almost always wraps up by noon. Today, I'm clocking out even earlier for a chiropractic appointment. If I'm in a position when it's time to head out around 10:45 A.M., I'll just let my automatic orders manage it. After that, I’m heading up to Orlando for an internet marketing seminar—a three-hour road trip from my place in South Florida, which I actually enjoy. I just put on an audiobook and go.
This morning started like most: scanning the markets for familiar patterns. I was looking for specific setups, or “Waves,” that signal a potential move after a recent breakout. I quickly flagged three currency pairs that looked promising: the AUD/USD, USD/JPY, and EUR/JPY. For any swing trades, I needed to see a clear trend already in place before I’d even consider looking for an entry.
It was Wednesday morning, and the markets felt like they were holding their breath. It was the day of new Federal Reserve Chairman Benjamin Bernanke’s first testimony before Congress, and everyone was waiting to see what he would say. Coincidentally, it was also the 35th anniversary of the NASDAQ. I used to joke that two things were born in 1971: me and the NASDAQ.
Some days are quieter than others in the market, and Monday was shaping up to be one of them. On days like these, I avoid chasing big moves in volatile zones and focus on clear, confirmed signals. It’s a core part of my approach to this —discipline over drama. Here’s a look at what popped up on my radar and how I handled it.
It’s early, and my overnight trade on the EUR/USD is slowly creeping lower, which is what I wanted. I used the Wave’s middle line as my protective stop, so I quickly check to see if that price needs adjusting. It’s only moved by a few pips, so I’ll leave my stop where it is for now.