Highlighted Trades - 03/11/2024
Today was a slower day for our system. We only entered 35 positions (our average is about 50). Of these, 25 were long and 10 were short positions. Let’s check them out.
Our best trade today was a long on NEM, returning 1.56%. This was an unusually long trade too - we took 3.5 hours to reach an exit we were happy with. As is common on this system, the entry is solid, but not textbook. There’s some short term bullish momentum prior to our entry, the lagging line is safely above price action, and the candles are just starting to break above the Tenkan-Sen line. The one red flag here is that the TK-cross is relatively weak. The TK-lines both trend upwards after our entry - which helps mitigate this - but by the time they’re obviously sloping upwards, a good portion of the gains from this trade have already been made.
Our best short of the day was on WTW, and echoes a lot of the points I discussed in our previous trade. Again, it all looks good, except for the weak TK-cross, which is mitigated a bit by the TK lines sloping downwards. The only really unfortunate thing about this trade is our target exit, which we missed by literal pennies. Our target exit was $270.18 - WTW’s low of day was $270.20. We were 2 cents away from an extra 0.7% return here. The common strategy of “Tenkan-Sen line as a moving stop loss” would have worked in our favor here, and helped to mitigate that. Ultimately, this trade did work out for us, but a skilled user could have improved it pretty significantly.
Our worst trade of the day is interesting, and lost us 0.85%. On paper, the entry is at least as good as our 2 big winners. Like our WTW trade, the “Tenkan-Sen as a stop loss” system here would have improved this trade - not only reducing loss, but bringing in profit. If you took our winning trades today, you probably took this one as well, but depending on your exit strategy, this might have been a relatively successful trade for you.
The last trade I want to highlight is this long on MOH. We made 0.93% here, and the entry is really strong. The cross is solid, both lines slope upwards, price above Tenkan-Sen, lagging line above price action, short term bullish momentum - this is what we want to see every time.
That’s all I have for you tonight - thank you for reading, and happy trading!
