Trading Watchlist:
1. XAUUSD
Consider shorting GOLD as its price action has now reached the upper level of the parallel channel:
2. UVXY – analysed.
3. UAL – analysed.
4. JETS – analysed.
5. QQQ – analysed.
6. RUT – analysed.
7. SPY – analysed.
8. BTC – analysed.
9. UNG – analysed
10. TTD – analysed.
11. WOLF – analysed.
12. US10Y – analysed.
13. WBA – analysed.
14. DG – analysed.
15. BIDU – analysed.
16. FFIV – analysed.
17. GE – analysed.
18. DJI – analysed.
Learning Points
- In general, the markets appear to be stabilising after the massive sell-off last week.
If things continue to play out the way that they are, then it may be time to enter some new long trades, and add additional capital to my existing active ones.
The main lesson that is coming across during this period is the extreme importance of patience in order to reduce risk and increase the probabilities of each possible trade.
. - WBA – today, I found out that WBA has now been taken private. The result is that my WBA trade has been deactivated without a loss or any profit.
I have never experienced this before on the eToro site, so I will now have to look into what is supposed to happen during these type of circumstances.
. - I must stay aware, and thus consider taking profits, or exiting any position, ahead of any FED meeting. This is because it unnecessarily puts my capital at risk, something which professional traders are unlikely to risk doing.
So, unfortunately, this time around, I would still be considered an amateur we go into today’s FED meeting. Let’s see how this all plays out.
Next Actions
- Watch “Trading the Close”.
- Look into what happens with our trades when a company is no longer trading.
- Start scaling into XAUUSD as soon as the markets re-open tomorrow.
- From today, always stay attuned to FED meetings and the possible impact it will have on your trading portfolio.
