my inbox is a little full this morning, which is usually a heads up that we either got stopped out of a trade or had a nice winner. Unfortunately, today was a case of the former. But it was a good stop after a well fought battle. The setup was a good one that we will take every time. Some trades work, some don't, and the ones that do are designed to perform better than the ones that don't.

One email from a particularly irate client stuck in my mind a little last night. It was from a surgeon who thought I should be relieved of my duties here because of my inexcusable USD/PY call last night. If he puts a patient on the table, he says, and something goes wrong, he loses his job, and I should be no different. I wrote the good doctor back and said that it's not accurate to compare trading to performing surgery. In fact, trading is about as similar to surgery as a boxing match is to surgery. When we as traders get in â�,��"the ring,â�,� we don't go for the knockout, we go the full 12 rounds and try to win the decision at the end. And during those 12 rounds, we landed some good shots, we took some shots, maybe even got knocked down once or twice, but we get right back up on our feet and keep fighting until the bell. At the end, we have a higher score, and are awarded the title. If we go for the first round knockout, (which is equivalent of risking half of our account equity by picking the top of what has been a 10 day, 389 point move higher in USDJPY ), we are likely to end up on the mat down for the count.

We are still well in the positive for the month with another two weeks of trading to go. We are watching EUR/USD at this AB=CD support level of 1.3060. Have a great weekend

Daily and Weekly Pivots for December

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.