This week, it’s just been a case of:
a) Assessing trade opportunities in the morning (using GoldCup and my own markups)
b) Setting the appropriate alerts on CallLevels
c) Entering/riding trades as appropriate in MetaTrader
Above: my new favourite iPhone apps…
I’m still making a couple of silly errors; whether it’s entering on a failed re-test (on 15m), or entering a successful break/re-test but on 1h instead of 15m. School-boy errors, but ones to make on demo and I’m pleased I’m doing it this way round, rather than let excitement to have gotten the better of me and be making these mistakes on a live account.
I’ve decided I really want to lean into PriceTrap as a strategy, which has some pros and cons:
- It’s like, really simple, no rocket-science required
- I understand it
- It requires you to be active throughout the day; for example, if a CallLevel hits at 3pm in the afternoon, you have to be there and ready to keep an eye on the zone for the break/re-test
- Sometimes, things happen overnight; for example, on one trade I would have been ‘breaking even’, as it moved 10pips and I would have moved both SLs (twin trades) to the price at which I entered at, so I would have ridden the trade risk-free, but this was late in the evening so I missed the Call Level, and subsequently the trade went 30pips the other way overnight and so I lost out.
For my lifestyle right now, though, I am managing it. I am trying to be more disciplined with how much time I am spending marking-up and spotting opportunities in the morning, so that I can then focus on the rest of the day and then keep an eye on the charts as/when those ‘alerts’ pop up on CallLevels.
It makes sense for me to focus on a strategy I am happy with, and PriceTrap is one I am liking.
However, I am still relying mostly on Chris Derrick’s markups. I want to do more of my own marking up and place trades on those charts.
Someone in the group yesterday said that they had never used Chris Derrick’s mark-ups, only their own; I think that’s quite smart, as it forces one to learn the skill and become reliant on their own mark-ups, rather than be at the mercy (as it were) of IML GoldCup and Chris Derrick’s markups.
Really, it makes sense for me now to do my own marking-up. I suspect spotting opportunities and marking-up is an art, and comes with practise. That said, I still need to watch Joshua Walls’ (IML educator) video on Support & Resistance, which I was supposed to have done a couple of weeks ago. I must do that this week.
Month 1, Days 28-30
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