Trading Watchlist:
1. TIGR
Start scaling into TIGR long as soon as possible using a limit order.
2. US10Y – analysed.
3. QQQ – analysed.
4. RUTS – analysed.
5. BTC – analysed.
6. SPY – analysed.
7. HOOD – analysed.
8. UAL – analysed.
9. JETS – analysed.
10. SAP – analysed.
11. GFI – analysed:
12. GDX – analysed.
13. US10Y – analysed.
14. TLT – analysed.
15. BIDU – analysed.
16. SMCI – analysed.
17. DECK – analysed.
18. TTD – analysed.
19. WOLF – analysed.
20. WBA – analysed.
Learning Point
- It really is all about being extremely patient and emotionless whilst I wait for my ideal trading setups.
. - Today, I found myself wanting to move my stop-loss higher so that I could increase the odds of not sustaining a loss in regard to GFI:
However, after re-analysing the charts, I re-acknowledged that moving my stop-loss higher would do the following:
(1) put me at risk of sustaining more than twice my current loss or more,
(2) set a bad precedent, and
(3) encourage me to start thinking that I can always accurately predict the direction of the markets.
My key learning points from this potential loss is that
(1) I have got to better assess the possible movement of the price action in relation to its parallel channel, and
(2) I have got to better assess the amount of capital that I risk with each parallel channel trade in light of the charts daily resistance and support levels.
Next Action
- Start scaling into a TIGR long, as soon as possible, using a limit order.
- Watch today’s “Trading the Close”.
- Watch today’s “Verified Game Plan”.
- Read “Trading Price Action Trends”.
