Why couldn't I just set and forget with a larger position at the get go? That is what I always ask when I study price action. I've chased price all over waiting for bearish confirmation. With each market move I ask what have I learned, what am I learning? In retrospect, I should have less entries and larger positions.
Stopped out on a few positions on the break of the trend line. Added another position. hopefully it reverses, if not, then it is still overbought and I will get in again after more highs.
Is the spike done? It's not past the recent high, so I am still short. Stopped out of some positions as it went up got in at the top, then messed up with the order, got in again at a not so good position stop wise, but not so bad. Lost a little on this one so far, but not much. How can I do better?
Some thoughts on the past few hours. My main goal is to find large moves and pinpoint entry. This needs work as I got stopped out of USD/JPY too many times before it went in my favor. USD/CHF was similar. The tricky price action right at the reversal point is what I need to master. It helps to have times where I can stare at the screen and watch it. Just not enough momentum.
Done right, if I get in at these points, pinpointing entry with a super tight stop, minimizing stop outs, then I can load up my position size and have a huge reward in relation to risk.
Couple of hours to NY bell. Hopefully some volatility in my favor. I am delving into low priced stocks too, I trade them on Robinhood. Not posting my stock trades here though. Perhaps I will post elsewhere and leave a link here.
Still waiting for this darn thing to reverse. It's fun to see how small my losses can be though, my latest entry is at breakeven. Some are down a bit, they didn't stop out.
Price action at the trendline break is noteable. Too bad I didn't scalp it on another account.
Mastery of market noise. Like any skill I will perfect it.
I was considering taking partial profits but considering the lack of support I am going to let it run. It's at somewhat of a support now, but it may just stall before continuing down. Originally I was hoping for a move down from a break of the trend line, but it sailed upward to another resistance point. I didn't stop those positions out because I could handle the draw down and still have a good risk to reward if I hold it long enough.
In retrospect I should have just cut my losses early, then added to the position as it reversed, selling the peaks, taking partial profits at the bear spikes, and letting some run.
This one I am just not adding any more to since there is no momentum hardly. It should get to the center of the range and I can make a small profit or scratch the trade.
Moved stop to breakeven on the second entry, the other is already at breakeven. The trendline held, if it isn't really a top then it is a scratch trade, however the other will still be in play. If this happens I will enter again at a better position.
