Normal
I didn't want to increase the length of the EOW review, so I'll add a few more comments here.The recent exits in MMS and TPM were closed before price hit the exit triggers. I do this when market conditions become bearish. I see no point in making the losses bigger while waiting for price to hit the exit triggers. I can always re-enter when prices rally.MMS: Chart shows two down bars with the second one larger than normal. Clear rejection of the recent highs and our BO level. I use this exit strategy in the turbo TP and when protecting above average profits.TPM: Exited after three down bars. Price immediately rejected the BO level (and our entry). It's important for a BO trader to be prepared for an immediate rejection of the BO. If after three bars price is not above the BO level, that's enough for an exit. A BO can fail in any market type.SBM: The recent price volatility confirms why I don't trade gold stocks, preferring to trade the POG directly. The POG jumped after the US unemployment numbers were released so we'll see what happens to the price of SBM on Monday. There's no room to defend our entry in this trade. It'll be a full loss or a winner.If you're having a frustrating time in the market you shouldn't ignore it. It's easy to take a rest, but if we do we'll miss the next rally and the opportunities it'll produce. The next rally might be the big one that takes the XAO through 6000. I'm not holding my breath waiting for this to happen btw.Our last five losses were caused by the bearish market rather than too many mistakes. If you're trading poorly and making too many mistakes, then definitely take a rest and review what you've done.
I didn't want to increase the length of the EOW review, so I'll add a few more comments here.
The recent exits in MMS and TPM were closed before price hit the exit triggers. I do this when market conditions become bearish. I see no point in making the losses bigger while waiting for price to hit the exit triggers. I can always re-enter when prices rally.
MMS: Chart shows two down bars with the second one larger than normal. Clear rejection of the recent highs and our BO level. I use this exit strategy in the turbo TP and when protecting above average profits.
TPM: Exited after three down bars. Price immediately rejected the BO level (and our entry). It's important for a BO trader to be prepared for an immediate rejection of the BO. If after three bars price is not above the BO level, that's enough for an exit. A BO can fail in any market type.
SBM: The recent price volatility confirms why I don't trade gold stocks, preferring to trade the POG directly. The POG jumped after the US unemployment numbers were released so we'll see what happens to the price of SBM on Monday. There's no room to defend our entry in this trade. It'll be a full loss or a winner.
If you're having a frustrating time in the market you shouldn't ignore it. It's easy to take a rest, but if we do we'll miss the next rally and the opportunities it'll produce. The next rally might be the big one that takes the XAO through 6000. I'm not holding my breath waiting for this to happen btw.
Our last five losses were caused by the bearish market rather than too many mistakes. If you're trading poorly and making too many mistakes, then definitely take a rest and review what you've done.
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