Highlighted Trades - 03/07/2024
Due to some internet outages this morning, our day trade bot wasn’t active during the opening hours today. Consequently, we made fewer trades than usual - only 30, where we average around 50. Of these 30, 19 were long positions and 11 short.
Our best trade of the day was a short on CTRA, which returned 0.66%. Our entry conditions are just shy of ideal here. The cross is solid, there’s downwards momentum at our time of entry, the stop loss is tight but pretty reasonable. The only problem is the lagging line. It isn’t below price action at the time of entry, but it’s incredibly close. I might have waited an extra candle to get in (the lagging line would have been below price action 1 candle later), bit overall this looks like a pretty solid entry setup.
Our best long of the day is less impressive in terms of returns, but also has a solid entry setup. We only made 0.3% here, but at the moment of entry, the TK-cross is strong, the lagging line is mostly above price action, we see bullish momentum, and our stop loss is at a pretty reasonable level. If you were using the “Tenkan-Sen line as a stop loss” method, you would have been stopped out for a small loss, but been able to re-enter to turn a profit overall. This trade was never going to be one of the best of all time, but the entry is pretty good here, and there were some solid opportunities to make money off of it.
Our worst trade today is questionable for a few reasons. Our entry comes as a response to a sudden increase in volatility, which would have given me some pause on this one. We’re down 0.59% on this one, but it’s still open, so that may turn around. The cross is also a bit weak, but that’s somewhat mitigated by both TK-lines sloping downwards after the fact. Overall, I think the problem is that the system called this trade a candle too late. The system sometimes waits an extra candle or two to verify the presence of a TK-cross (something our updated one will not do), which leads to us missing out on potential profits, like in this case.
That’s all I have for you tonight. Thank you for reading - and happy trading!
