Breakouts

Chad Seven

Well-known member
Missed trade on Wheat! Started a missed trade tab on my WGMGM spreadsheet

1594275963069.png

1594276011560.jpeg
 
Last edited:

Chad Seven

Well-known member
Interesting pattern has been forming in AUD/USD just at 7,000 level. Very strong resistance just above this round number and two recent failed attempts at breaching it so it's a no trade from me but do I have an option position open on demo account in this market.

USD Dollar Basket is off the watch-list for now. Have been watching Bitcoin Cash for a few weeks expecting a longer term move.
 
Last edited:

Chad Seven

Well-known member
Another one for the WGMGM missed trade tab, this time in Silver. This and the Wheat trade together would have netted £5,000+.

Not good. I think the problem here is I check my charts at 7:00 and 13:00. I am going to start checking my charts at 20:00 as well. Also I have got lazy and in the habit of only checking the M15 TF when I review my charts. I should check at least two TFs per chart to give multiple perspectives.

1594289714039.png
 
Last edited:

Chad Seven

Well-known member
I was listening to a podcast where they were discussing how mistakes are higher impact than exceeding expectations.

They were speaking in terms of social interaction. For example let's say one day you did your friend a favour and took the day off to collect him from the airport, then another day you are rude to his wife. It's the second incident which he will stick in his memory.

I am thinking about this in terms of my trading, simply cutting out avoidable mistakes and following my plan would make a huge impact on my bottom line. I still think about the Gasoline stop widening incident all the time.
 
Last edited:

Chad Seven

Well-known member
I had a first round interview yesterday and I knocked it out the park, the hiring manager was talking like I had the job already. The HR person got in touch via email after to confirm salary expectations and we were not on the same page at all. I was tempted to proceed as the firm has a good reputation and the gap on my CV is getting bigger and bigger but decided against it. That means I shall still be updating this journal for a while longer.
 
Last edited:

Chad Seven

Well-known member

Can 't sleep, which is unusual for me.

I have been reviewing my trades and noticed something on the Soyabean chart. The price had dropped sharply then reversed to form a hammer/pin at a level I had already marked as weak support and was surprised at the reaction.

Looking at it more closely now there is a gap which formed on March 9th (yes...three months ago) which corresponds with the level exactly. If I was able I would close this trade now as it is clear the price is consolidating in anticipation of a reversal and could very well gap up on the Monday open.

Reversals at gaps are such a consistent phenomena I am started to wonder if I should be trying to trade them rather than breakouts.

1594435679255.png
 

Chad Seven

Well-known member
Can 't sleep, which is unusual for me.

I have been reviewing my trades and noticed something on the Soyabean chart. The price had dropped sharply then reversed to form a hammer/pin at a level I had already marked as weak support and was surprised at the reaction.

Looking at it more closely now there is a gap which formed on March 9th (yes...three months ago) which corresponds with the level exactly. If I was able I would close this trade now as it is clear the price is consolidating in anticipation of a reversal and could very well gap up on the Monday open.

Reversals at gaps are such a consistent phenomena I am started to wonder if I should be trying to trade them rather than breakouts.

View attachment 283543

Gapped down which was a pleasant surprise. Stop moved to BE.
 

Chad Seven

Well-known member
Everybody watching copper? Holy...

I see the stock market shows no sign of slowing down either.
 
Last edited:

Chad Seven

Well-known member
Something interesting could be unfolding in GBP/USD.
 

Chad Seven

Well-known member
I have been thinking about gold nearing all time highs and the 2,000 level. I wonder if a significant, historical level like this behaves like a magnet, drawing in exuberant buyers and thereby becoming a self-fulfilling prophecy.
 
 
Top
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock    No Thanks