Trader Shorted the AUD which came down about 20 ticks, put a stop near to entry and got hit later in the night with 2 ticks profit to cover comm. But, he was not so fortunate with the GBP and suffer losses in both trades.
Trader uses multiple time frames, 5 mins, 30 mins, 4 hourly and daily charts and MACD as one of the indicators for entry. He was caught himself too when the short term indicators failed him, he tried to stop the bull from charging forward.
He blamed himself for not being patient enough and not following the rules and refusing to take smaller losses even when the indicators start to reverse. A little lost of confidence after the account goes under, very normal emotion for a trader. Told me he will go slow and be more patient.
Met up with a few former Nikkei floor traders last night at the wedding dinner of the daughter of a mutual friend, all of them have reduce their trading volume tremendously just like me, that's how tough it is to make money trading short term now with the Algos in control. The rabbits were all caught by the Algos while the human traders become the sitting ducks when there is any news announcement, we just can't react fast enough.
The older traders like us were extremely lucky that we have our golden years, our skill is no longer suitable for today's technology