Still no trading. Spent the morning at the office, and the afternoon running some errands. Am very very tired.
As planned, I spent the morning going through the the W (Weekly) to 5M (5 minute) charts of DAX, Oil and Cable (GBPUSD) – carefully trying to identify various technical patterns along the trending sections and the turning points. Technical patterns such as these can be used to assess whether price is likely to continue in the same direction, stall or reverse. Examples of continuation patterns are triangles, flags/pennants and wedges. Examples of reversal patterns are heads & shoulders, rounding tops/bottoms, double tops/bottoms and 123 patterns. If you search for these terms on Google Images, you will quickly find loads of examples. This felt like a good exercise and I could identify more than I could previously. And to me, it reconfirmed the importance of multiple timeframe analysis.
I will need to figure out how I can use my finer analysis to help me to trade the EMA strategy, as well as develop others.
Confidence still way very low right now. Maybe it’s just because I have worked too many weekends. And I am missing the ability to sport – in particular spending time on my speedskates.