I made 42 trades today, That’s the most ever so far. Only because I wanted this to be a green day, every other day this week has been a loss, not too big losses but losses all the same 😥.
It wasn’t to be, I came within a pound or two quite a few times but then I’d make a bad trade and the target would be snatched from my grasp. For instance I needed less than a pound when I made this trade which lost me £5.10, so annoying!
The average winning trade (~£1.76) was about half the average losing trade (~£3.36) so still plenty of work to be done there.
I find I also need to set my hard stops, and set them wide enough to give the price space to move, they should be in the 6 – 15 point range for US Tech, depending on the time of day.
Another problem was using the 20ema on 15 and 30 minute charts, it’s too lagging for those and I wasn’t getting into the trades early enough because of them, so was missing out on the main moves.
It’s all okay, I’m feeling confident for next week (tomorrow’s Good Friday so no trading, probably not on Easter Monday either). Most of the trades today were on the Nasdaq (US Tech), it offers more points than the S&P (US 500) and when viewed on higher time frames (5, 15, 30) is quite tradeable (by me!).
And that will be part of my new strategy, US Tech traded on the 5 minute chart with research done on the 15 and 30. I’ll use the 20ema on the 5 minute chart and the 100ema on the 15. The 30 minute I’ll be viewing using Heikin Ashi candles and won’t bother with a moving average. I’ll also have a 15 minute Heikin Ashi chart open.
Research will be done on IG (where I can have 4 charts open on a screen). Then I’ll take the trade on TD365.