$47.26 / 1.83% so far this week. That’s the biggest news and I’m starting with it cause it carries the whole theme of today. Doing good is exciting. Most of that came around 7pm last night and almost half of it came from AUD/CHF and I was kind of winging it. I’m going to dive into this pair and the trades just so looking back I can really understand my mindset and what I was looking at so that I can make more trades like this. Feel free to skip the next couple of paragraphs if you aren’t interested.
For the sake of clarity I moved to the 1H chart and hid the BollingerBands (BB), but I trade off the 4H charts. The first trade was a trade towards the Daily Pivot (purple ‘P’ line). And it floundered around in obscurity all day. The second trade was my BB strategy, it posted a buy signal so I added a second trade. A little after 5pm when the new Daily Pivot posted price was in between the two and thats when I started making executive decisions. I predicted (guessed) that price would pull back to the most recent pivot before continuing on its way towards yesterdays. Now there is no guarantee that would happen, but my indicators were pointing towards a rising price. Around 6:45ish it looked like price was hitting resistance at the BB midline (20 S.M.A??) so I checked out the 1H chart and Stochastic was overbought.
So I had an Overbought stochastics on a shorter term chart and a rising stochastic on a longer term chart with a price between pivots that it hadn’t touched yet. The price also seemed like it was hitting resistance. The was enough confluence of information (for me at least) to suggest price would bounce. So I closed my trades and set up a limit order slightly above the lower pivot to rebuy and continue holding for the higher pivot point. Here is the only disappointment I had with the whole trade, I closed my whole position. Now I run my trades on top of each other but independent of each other. I shouldn’t have closed the BB trade, I should have closed the Daily Pivot trade. As soon as I closed the trade I thought about that, these are separate strategies, I want them to operate separately. I decided not to reopen the BB trade and just stick with reopening the pivot trade, so the the third trade is the limit trade and then it hitting the higher daily pivot which had a Take Profit order on it.
Okay, thats out of the way. Had to get all that down because I want be able to look back and see what I did, what I was thinking, and why. Leaving the BB trade turned out to be a good deal cause my other BB trades are just dragging along (-$20 between them). But today i’m are in high spirits, because successful days make the goal seem real. I’m going to guess most people here have the same overall goal which is ‘trading to do ‘x’’. My goal is not having to work for someone else. But I also have bigger ambitions than that, and completely selfish ones (Lamborghini…anyone?). I want to help support my family, my mom is 70 and recently retired, my older brother is having health issues (mostly wear and tear from working in the construction field most of his life), I want my girlfriend to not have to work (we are actually looking at the possibility of her going part-time now, but that J.O.B. money doing that) I want her kids set up to be successful, I want my nieces and nephews to be successful. I want to buy my twin brother a Honda CRX every year for Christmas because that bastard took the one I sold him and traded it in to a dealership that sold it for scrap instead of letting me buy it…I never want him to forget that. No one cares if it doesn’t have power steering Laura (sales lady who wouldn’t sale it to me)! It didn’t have power steering when it was new!
More important than just goals and dreams is measuring and making progress. Keeping it all in a ‘when’ not ‘if’ mentality. What I do is my performance is ‘x’ over time. Maintaining that I’ll reach my goal when my account balance is ‘y’. Looking at my stats, its 4.5 years away.