Trading Update: exited FET for 1.5% loss, into MVIS
I'm not quite sure what the best method is of letting you guys know what I'm doing with my trades. I try to be transparent (I posted about me exiting the FET trade this morning) but I also want you guys to be able to make your own informed decisions. Maybe at the end of the trading day, I can do a recap and then show you what I'm looking for tomorrow. Here's mine from today: Overview for FET. This cypher pattern formed. I entered at $0.3580, not great entry but I was confident after seeing that little white reversal candle, second from the right, yesterday. Then today happened and I wasn't convinced while watching the price action and level two data. Just not much buy side pressure. I sold for really small loss this morning. Ideally today should've been a bullish daily candle, the start of that move up, but it just wasn't. https://preview.redd.it/mn05wq0r8sz41.png?width=1828&format=png&auto=webp&s=62303d393d66a9a139dc8d4321eab489a6eb6f0e Then this happened today: https://preview.redd.it/i135hwa0asz41.png?width=1828&format=png&auto=webp&s=39372d64753ea7caee1cd02fdc2288fdff36c91f Smaller timeframe for FET: This is called a head and shoulders pattern. I haven't seen it in a while but saw it when it formed. The target downwards is from the top of the head to the neckline. It just wasn't a good day for FET so I dipped. No worries on a 1.5% loss. It could go back up, but I trade off the charts and this one wasn't looking great today. So far we can consider my $0.5976 prediction a failure unless we see some strong bullish momentum tomorrow. And I got into MVIS: https://preview.redd.it/gnaycg42bsz41.png?width=1828&format=png&auto=webp&s=7bafe1b9ca6104f883f6bf7b4c243090a979ce71 That daily candle looks strong. It closed above the wick of the previous candle. The next resistance is the red line as a daily level of resistance, which you can also see that the price has already pierced it previously. https://preview.redd.it/lpr7kcp9csz41.png?width=1828&format=png&auto=webp&s=8a0c1f1cf299f4e222d72f5119cbc48ad2f27415 15min chart. The first arrow, the price failed in the pennant pattern, but rebounded nicely in the afternoon. This is what caught my attention. I love fibonacci trading, so on the smaller blue arrow, I saw it bounce off a fib level and the fifteen minute candle that closed as bullish engulfing, I bought. Then it formed the rest of the pennant. Admittedly, this week I've been struggling with entries. I think this being my first week with webull is part of that, but maybe I'm just a retarded trader lol. I set my stop loss and take profits when I bought, and I've learned to never change those levels after I set them. It sucks but things can become way worse once you start moving your stop loss lower and lower. It is technically underneath a level of daily support, so that's good I guess. MVIS hit my previous target of $1.0346 (weekly resistance) today. If MVIS has downwards momentum and starts to break the $0.9513 level, that would be a bad sign. Although it did fail that pattern this morning and rebound nicely afternoon, so I'll assess things if that happens and might enter another trade here. Risk is standard 5% of my account So that's what I'm doing. Currently 0/1 this week in penny stocks, but I made 5% in forex from betting on usd strength against jpy. So I'm still feeling good. Sorry there isn't a great way to notify my 1,000 followers about what I'm doing immediately. I hope this helps. Cheers!
What's good, guys? Being a full-time trader has allowed me to spend a lot of time backtesting different systems across many pairs. This post will be the first of many where I share the results of backtesting, and hopefully we can all learn from it. I will be backtesting different systems across 24 pairs. The systems being backtested include: Cyphers Gartleys Bats Flags Support and Demand All systems/strategies will be backtested from 2010-2017 on the 30 minute chart, so you can understand how long 1 strategy will take on 1 pair. If you would like me to backtest something for this community, do let me know, and I'll add it into my schedule. For anyone wondering, I use Forex Tester 3 for backtesting purposes. All results will be recorded on Evernote. For example, below you will find the results of Cyphers on USDCAD from January 2010, up to May 2010 (still a long way to go). In the next few posts, in reply to this, I will explain the entry reasons for each system, risk management and results. http://www.evernote.com/l/AjE9mzbdfU1KbZz09ISa67pbkA29BWfzwdA/ As you can tell, I still have about 6.5 years of backtest left, but this system (Cyphers on USDCAD) is proving to be pretty decent, having a win percentage of 50%, however being 4% up for the year so far. Thanks, and will be looking forward to sharing results with you in the next few posts!
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