Browse Symbol Stacks: DJIA: Blanks of the trader
Blanks of the trader
At this stage of year it is best practice recommended by many traders to cut trading to minimum in order to avoid traps that may be set at this time. While cutting down on analysis i was taking more time to reflect on this years results and do some projections for the following year. Overall it was fairly good trading year mostly in terms of knowledge and experience gained during the time frame of last 12 months. Lost of gaps and grey areas got filled with valuable "live" trading experience, that will allow me to take my trading to the next level in the coming year. Particularly was happy with results of back testing of the breakout system that I'm very excited to take "live" next year as an effort to fill strategic gap that i had for quite some time, trading just one counter side of the market. One of the targets for the next year will be setting is to finalize and back-test trend following and intraday systems with positive expectancy that will be giving me another valuable pieces strategically, one more step to complete picture of the trader if it exist. With so many things going on will be cutting down portfolio watchlist to max 4-6 markets based on current volatility and market conditions as well as risk tolerance at the time. One thing i noticed that has huge effect on trading is ability to focus and have clear mind during the market analysis, having less markets to watch will help me not to spread focus unnecessarily.
Back to day-to-day operations last week was relatively calm based on the setups posted last week, only Gold (XAUUSD) long entry got completed and almost immediately stopped out on the break to the downside. More skilled traders probably took advantage playing the breakout as curve came back to area that use to be support making it resistance and dipped to the downside south again. Also worth mentioning selloff that happened on EUR/USD pair in the middle of the week, well done to traders who took advantage of the AB=CD pattern that shaped during the week.
Looking ahead for the next not much on my radar for the reasons mentioned above. DOW and CAC40 setups posted last week still in play. French index CAC 40 has potential reversal zone between 3654 and 3680's area. Bottom level of the potential zone has strong fib confluence with major pivot, the top has AB=CD pattern completion. What makes it worth attention looking at the higher daily time frame is how many time this level was respected in the past. DOW has very much correlated setup, the recent structure resistance was broken last week and there are not many technical obstacles on the way to 13300's area. This area served as huge pivot in the past as well if looking left. Will be looking if all entry conditions will be fullfilled to take one of those setups if market will get there. See updated charts below.
That will be very likely last setup and last review for his year. Have a good break traders and stay tuned!
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