Weekly Wrap: Trading for less than 45 minutes/day

Brief wrap-up for the week. Minimal time spent on trading due to other project commitments.  However, in less than an hour per day, managed to execute trading plan on 4-hour timeframe across 40 markets each day, putting another 10 trades under my belt.  A mix of code-based and discretionary trading.

Thanks to being very tied up with another project, I barely had any time to spend on trading this week.  However, I was able to monitor 40 different markets, on the 4-hour timeframe, throughout each trading day.  As discussed last week, this is possible thanks to the EasyLanguage code that I am running in TradeStation, which helps me pinpoint setups.  All up, this took around 45 minutes a day.

On the completion of each 4 hour bar/candle, the code would spit a list of potential buys and sells across the various markets (there don’t tend to be that many).  I would then manually check those signals on the charts and either take the trade or pass on it.  I would also scan across each chart to see whether any setups might have been missed by the code – the code does miss some, but not many.

Friday I skipped altogether as the monthly US employment was going to be released that day – which regularly triggers significant & unpredictable price volatility.

Due to the limited time I had available, I never had the chance to interfere with the trading plan – i.e. let it the stop or target and/or close before a major news event (such as the US employment report or say the Bank of Canada interest rate decision for any Canadian dollar crosses).

Hence it was basically a rigid week of taking only valid setups, helped by code, and managing the trades according to the strategy’s rules.  In the end, there were still 10 trades that were notched up over the 4 trading days.  4 winners, 5 losers and a scratch trade results in a +1R gain for the week.  The slideshow below shows some of the trades from the week:

This slideshow requires JavaScript.

A trader friend cautioned me not to be over-confident following the profitable trading streak last week.  It was good to be reminded of that.  Thank you John!

Some thoughts I had during the week – for things to work on once the other project slows down -> Now that I have a fairly rigid manner for setting stops and targets I will write some code for that.  I will also write code to help me quickly collate list of all setups identified during the week, that I can download into Excel and add my comment and categorise into setups I would take and/or ‘false positives’.

That’s it from me this week.  Have a good weekend everyone.

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