Days #25 & #26: week 1 trading review
Friday & Saturday, October 4th/5th, 2019
|Jasraj S Hothi||Oct 5, 2019|| 2|
I’m really getting into the swing of placing and following-through (setting alerts/adjusting SL) on these PriceTrap twin trades.
I’ve gotten into a good system in the morning where I mark-up my charts, and then spend some time keeping an eye on those close opportunities - e.g. where there is imminent opportunity of a break/re-test and trade placement, and then I also set zone-break alerts for the relevant trades, for me to be able to jump in and keep an eye on chats for breaks/re-tests throughout the day.
I’ve also been able to see the results of my first full week’s trading on demo.
Here are my progress- and reflection-points for my 1st week of (demo) trading:
Execution is getting ‘easier’
Executing trades is becoming almost second-nature, now that I’m doing it a few times (keeping a close eye on a successful break and re-test, and not getting carried away and making any silly little mistakes in my excited state).
Week 1 results
After Week 1, my PriceTrap results are: 5 (successful/wins), 5 (unsuccessful/losses) and 1 breakeven. Of the 5 losses, 2 of those twin-trades were for the same currency pair, placed close together; this was because there was a second successful break/re-test around the same zone and I wanted to experiment to see what would happen. Had these twin-trades both gone the other way, that would have left me with 5 wins and 1 loss in Week 1; however, they didn’t and placing the same trade twice is taking a risk, and probably not spreading my risk effectively. For now, I think I’m going to stick to having only 1 twin-trade live for a specific currency pair.
Note: I ‘did’ place other trades (e.g. TEA trades), but I’m focusing on PriceTrap as this is the strategy I’ve decided to run with moving forward.
Too many currency pairs can spoil the broth…
I have realised that focusing on multiple currency pairs (by the end of the week, there were 9 or 10 currency pairs ‘marked-up’ in the PriceTrap app; it can get tricky keeping an eye on so many pairs - even with CallLevels alerts - and feel it might be more effective to focus on fewer currency pairs each day, perhaps 3-5.
Action vs learning mode
I’ve been in action mode this week rather than learning mode (and there wasn’t an in-person class at Canary Wharf either this week); this is fine but, in the next week, I want to do a little more learning - whether it’s watching one of Chris Derrick’s videos from his sessions, or watching Joshua Walls’ ‘Support & Resistance’ training on IML, which I was supposed to have watched a couple of weeks’ back…
Next week: more markups & trades
I’m looking forward to marking up charts (with Chris Derrick’s GoldCup help / my own markups) over the weekend and into next week, and placing more trades; weekend mark-ups are a great opportunity, as Friday night -> Sunday night (10PM UK-time) is the only time when the markets aren’t moving, so one can take advantage of marking up zones either side of the price for a specific currency pair, and be ready-and-waiting come Monday morning (when I wake up and look for opportunities).
Above: Week 1 results (5W, 5L, 1B-E)
Month 1, Days 25 & 26