MY WEEK TIMEFRAME ANALYSIS:
Below is my LONG Term Analysis for the five instruments I trade:
COFFEE: BULLISH (Double Bottom) But not as confident as the other instruments
CRUDE OIL: BEARISH
EUR/CAD: BULLISH (at the bottom of a range)
G/J: UNCLEAR: WEEKLY (BEARISH), DAILY (BULLISH)
You may find contradictions on my “view” versus my trades. I have made my goal to “improve” this in the near future. For instance, I am Long on Gold yet I am “BEARISH” in my sentiment (long term analysis). Reason being that I am trading long the “A->D” Leg of a Bearish Gartley.
I am planning to align my “longer term view with my position trading style” as much as possible in the upcoming weeks AND as such have “less number of trades” BUT increase my risk % per trade. I am aiming at investing 5% per trade when this happens.
This is my “plan” but “nothing is set in concrete”. I want to test this new approach to allow me to spend “less time in front of the computer” gaining more freedom.
And also, because I have came to “believe” that the larger wins will come from this more strict approach.
As an example, I wouldn’t be entering a Long trade in Gold to trade A-D but only wait to go short at “D”.
Another example is that I wouldn’t be trading Coffee Long, since I am not as verse or as confident with trading Double Bottoms/Tops.
Wait and see…