Well that’s pretty much me for today I guess.
Was hoping to get some short signals on Oil but no luck today. I’m now ignoring any tier 0 trades (those 1-day or first day signals) i.e. I don’t have the luxury of being able to add five times (if required) to a position anymore unfortunately. Not worth the risk for me right now.
Took profit on Gold this morning. Was still a valid short trade and I’ve not even looked at it again today. But I never scale-in on Friday night because I was nervous about these two over sized positions that I have in error. So I figured well just close it out for a box of cigarettes and have done with it. Suppose I’ll be mighty pissed if it tanks for the next few months like it did last year at pretty much this exact time hey!!! LOL!!!
Have scaled-in further to my S&P and Dow shorts. Still valid trades. Just too big. But hell: I’ve come this far. Of course: much fewer trades now on other instruments. I’m now kind of employing the logic that under normal circumstances my total risk across all instruments at any one given time could be as high as 50%. So I’m just saying that on these two positions my fixed mental stop will simply be increased proportionately i.e. the total risk overall on the account is the same just with two or three trades. And given that they almost always turn to profit (hope I don’t live to regret THAT statement) well I’m not too concerned. Will probably be singing a very different tune if these things go pear shaped obviously.
So yeh. That’s about it for today.
Oh. Nearly forgot. Full disclosure.
Short the following but with CORRECT lot sizes again (no mistakes):
NASDAQ. Tier 1.
FTSE. Tier 1.
Australia. Tier 1. (Wasn’t going to trade Australia again but I’ll take what I can get at this point).
Short Euro Stoxx 50. Tier 1 and Tier 2 (late entry).
Short CAC40. Tier 1 and Tier 2 (late entry).
Short Nikkei225. Tier 1 and Tier 2 (late entry).
Short NASDAQ. Tier 2.
Short DAX. Tier 1.
Theoretically: should have gone in at market on all of the above just before the close. But today a weird day because of the opening gaps. So decided to use pending orders instead to try and get into the trades at better prices. All pending orders placed as close as possible (above) today’s closing prices as allowed after hours. Point is: because of the gaps and on the other open positions I used entry limit orders place at the opening prices of this morning’s bars so got in at much better prices than had I gone in at market on Friday. Also has resulted in not having to scale-in further on the Dow and the S&P because price obtained this morning far better than the close today so if I did scale-in again I’d be worsening the price.
Would love to short Spain. Alas. Due to minimum position size and maximum risk allowed on my pathetic account: no can do.
By the way (and it has no bearing on this trading system but I just mention it for the sake of interest): these last few up days do not appear to be supported by volume. For what that’s worth I guess. I don’t know really. Seen it many times where prices are going up but volume is going down. Sometimes: prices will tank. But other times (normally when these algos. jump in because of some or the other programmed parameters e.g. prices have moved up three days so go long type of thing) the volume starts picking up and then drives the prices higher. Anyway. Just an observation. Those that are VSA experts would know far more about this than me. Just thought it interesting to observe.
Let me just qualify the above though:
Volume was dropping while price was going up last week except on Friday when volume increased and then fell again today. I mention this because you must look at PROPER volume (even Yahoo Finance will do). It you look at the your average MT4 chart it’s deceiving and incorrect. And but ONE of the many reasons why I always jump in when somebody is looking at volume but not at a proper broker. The volume you see on your average MT4 screen is meaningless in my opinion and in some cases simply reflects volume being traded by traders at the brokerage. And given that most lose: that’s a pretty slippery slope I’d say. There is a GOOD reason why professional traders subscribe to professional charting packages and pay exchange fees just to get this information. Why your average retail trader figures they’re getting this all for nothing in MT4 is beyond me. And it gets even worse (even less meaning) for FOREX.
And now that I’ve probably pissed off some more budding retail FOREX millionaires (more than once today probably): it is DEFINITELY time for bed!!! LOL!!!