TRADES UPDATES:
T59 gbp/jpy Short: Took profits +1.1u (+145pips)
T60 copper long: It’s doing good at the moment and we should find out more soon…
T61 Gold Short: Stopped out -0.5u (-18pips)
T64 aud/usd Long: This is our star so far, now at break even and full unit invested with no risk. It hit 127% and 162% fibs. I am staying on this trade with no automatic TP.
COFFEE LONG:
I am not happy with my coffee long trade. I jumped too early but it is too late to jump out now. We have about 0.7units of paper loss so there is no point when there is a slim chance that the Coffee will turn around. I am still BULLISH on Coffee however, the matter is of “timing”. If I get stopped out then I will have no choice but to wait for a Bull Gartley before re-entering to avoid “keep getting it wrong a few times before I get it right”.
This is what’s happening: After further review, I noticed that the Monthly and Weekly charts HAVE NOT FORMED AN RSI DIVERGENCE YET, but they are due to. Since this needs to happen, this means Coffee has to make a new lower low whilst RSI making a higher low BEFORE TURNING OUR WAY. There is however no way (for me at least) to know what is this LOWER LOW price level, but I am almost certain it will stopped us out by a few pips then turn around as it happens
In any case, we are in it and it is not a profitable proposition to close at 0.7units loss when there is as much as 30% chance of surviving… and have a nice reward later on.
So wait and see
COCOA: I am certainly bullish on cocoa however my mistake was to put all my line at once (5%) or equivalent of 2 units, instead of adding once I got further candle confirmation. I am considering reducing my risk on this one back to the usual 2.5%
I am 60% confident that it will bounce off the 786 which should’ve been our initial entry. PATIENCE PATIENCE PATIENCE is what I need to learn!