Week Slightly in RED But Many Teaching Points! - 05/08/20 RECAP
Hi traders,
Welcome to a week sup-up together with Friday RECAP.
As I explained in Thursday video it's sometimes hard to judge whether you should hold onto the trade and it really comes down to your backtesting and psychological comfort.
I am, however, pretty happy about the reverse I did in SPWR because I've been studying this behavior for the last couple of weeks and it did (sort of) work out!
My Trades:
1) CNP - LONG @18.32, jumped the ship before my original SL and then the market finally turned and went without me. -0.86%
2) SPWR - LONG @8, unfortunately, didn't go as far as my target. Moved my SL to at least don't lose on it. -0.1%
3) SPWR - SHORT @7.74, seeing a typical extended behavior with a volume drop, I found a nice technical formation to go again, this time SHORT. It didn't really move much after, so I exited before the end of the day for a +0.2%
*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: -0.76%
Total PnL for the week: -1.12%
Good trades,
Tom | FINEIGHT
Welcome to a week sup-up together with Friday RECAP.
As I explained in Thursday video it's sometimes hard to judge whether you should hold onto the trade and it really comes down to your backtesting and psychological comfort.
I am, however, pretty happy about the reverse I did in SPWR because I've been studying this behavior for the last couple of weeks and it did (sort of) work out!
My Trades:
1) CNP - LONG @18.32, jumped the ship before my original SL and then the market finally turned and went without me. -0.86%
2) SPWR - LONG @8, unfortunately, didn't go as far as my target. Moved my SL to at least don't lose on it. -0.1%
3) SPWR - SHORT @7.74, seeing a typical extended behavior with a volume drop, I found a nice technical formation to go again, this time SHORT. It didn't really move much after, so I exited before the end of the day for a +0.2%
*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: -0.76%
Total PnL for the week: -1.12%
Good trades,
Tom | FINEIGHT