Highlighted Trades - 03/06/2024

Our biggest winner was this long on BBY. We held from 10:15 to 11:40 EST, for a return of just over 2%. Looking at our entry, I think conditions look good, but not textbook. There’s solid bullish momentum going in, and the lagging line is above previous price action. The TK-cross, however, is on the weaker side. The lines are fairly stuck together beforehand, and after the cross, the Kijun-Sen line remains flat. Overall, I’m not certain I would have taken this - at least not without using some confirming signals. It’s a fairly strong trade, but it isn’t readily apparent at our time of entry.

Our best short of the day is still open. We’re currently up 1.1% on this one. We see bearish momentum and the lagging line below price action at our time of entry, but again, the cross is weak. There isn’t a strong angle after the cross, and the lines are very close before the cross occurs. The TK-lines do slant downwards after the cross, which helps a bit. Despite its strong performance, the entry on here is nothing textbook. There are some strong arguments for why you would have taken it, but I wouldn’t exactly use it as a good example.

Our worst trade of the day was on ZION, where we got stopped out for a loss of 1.16%. This is another case of pretty questionable cross strength. The Tenkan-Sen line does cross below the Kijun-Sen line, but it had previously only been above it for 2 candles. Furthermore, had you used the common “Tenkan-Sen line as a moving stop loss” strategy, you would have been stopped out for a much smaller loss here. This is a trade that our new system will be better able to filter out, and even in a world where our new system takes this trade, it would have handled it much more effectively.

Overall, we made 54 trades today - 24 long and 30 short. That’s all I have for you tonight. Thanks for reading, and happy trading!