Executed Trades – Oil on Thu (+1.3R), Cable on Fri (-0.85R)
Here’s the chart for the Oil trade I eventually did end up taking late Thursday afternoon.
Here’s the chart for a trade I took on Cable this morning. Looking at it now – I got to be honest – this was not a valid setup – there had not been a clear technical pattern at the key level. Note I would not look to go long on the basis of the double bottom (a bullish technical pattern) because this would go against the 1H trend. Maybe in the future, when I am more experienced, I can take trades like that -but not for now.
Valid Setups – either not taken or not filled (Wed-Thu)
Here’s valid setups that I saw on Wednesday evening – I decided to cancel both the stop-entry orders on both because it became too late in the day, and I knew that i would not have been able to manage the trades properly. So I cancelled the orders shortly before 6pm. The Cable trade would ahve turned into a home run – the DAX one would have been a losing trade – I would have needed to close it at 9pm, to avoid risk of an opening gap the following morning (the DAX doesn’t trade between 9pm and 7am GMT). The third chart shows Cable on Thu afternoon – another setup on which I, fortunately, didn’t get filled.
This raises an interesting point – how should I handle setups that occur quite late in the day? This week (and I would say this entire month) that has happened a lot.
Note that price had come very close to filling me on Thu’s Cable setup by 0.7 pips), on Wed’s DAX setup by 1 point) and on Wed’s Cable setup (by 0.5 pips). I guess sometimes things can be that fine.