I keep having to pull myself back from overtrading. I have considered selling and buying this gold trade a few times and I may have come out ahead based on my timing BUT I am resisting and sticking to the plan.
Today I moved the stops up on my first trade and entered a second position, double basically, and set the same stop. This has me at breakeven for trade one and 33 cents down on trade two.
Today's entry was close to not getting filled due to the shallow pullback off the start, but I stuck to my entry price. Had I started earlier I would have got my price pre-market, just busy with other stuff.
I am starting to go over my previous trades, as I mentioned I was going to. It looks a little monotonous as I will have to print out and manually annotate my charts as there are no studies that cover what I am looking for. Most indicators are available (Aroon, On Balance Volume, moving averages and perhaps I'll use the Bollinger bands) but cross referencing time scale charts with non-time scale charts... either nobody does it or they have and not found it useful.
Actually, over the years I have found that all of the non-useful stuff is readily available and all the really good stuff is near to impossible to get without having to pay a fair price to get, so I am now wondering if what I am doing is just one of those things that may happen to work very well. If nothing else I can prove or disprove that theory this weekend. The trouble with any study is trying not to let the known future affect the trade ideas that are to be based on the past data.
Jeff.
Questrade, My direct access discount broker.
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