Highlighted Trades - 04/10/2024
We’ve had our quietest day yet with our system today, making only 3 trades (all shorts). You’ll also see that none of them were particularly remarkable, all ranging from -0.11 to 0.11% returns. This is going to be a shorter analysis for this reason; there isn’t much to highlight today.
Our most profitable trade of the day was a short on WYNN, making us a return of 0.11%. Overall, the entry here is perfectly fine. We can see momentum building up before we go in, and the TK-cross is pretty solid. The entry doesn’t look particularly excellent here, but there are no major red flags. While I would have taken this position, I’m not surprised it didn’t do anything remarkable. Solid entry, but it just didn’t work out.
Our biggest loser of the day was a trade on AVY, losing us 0.11%. The entry here is pretty similar to WYNN’s as seen above. The only red flag present here that wasn’t present on WYNN is that this chart is a bit choppy throughout the day. I would have had second thoughts about this trade for that reason, but I don’t think I would have refused it entirely. Given the fairly minimal loss here, it wouldn’t have been a major issue if you’d taken it anyways.
Our last trade of the day was on TSN, where we broke almost exactly even (losing 0.04%). The flat Kijun-Sen line is a red flag here, and frankly it’s the biggest red flag of any of the positions we took today. There’s an argument that, given the bearish momentum and approach towards a new low of day, the flat Kijun-Sen line can be ignored, but I don’t think that’s fully true here. The momentum isn’t extremely strong, and at the time of our entry, the price was approaching a level it had bounced off of earlier that afternoon. It was testing an old support level, and didn’t really have the momentum to break through it. Similar to both of our other trades today, the entry is kind of just okay here. I would have taken it, but I’m not surprised it yielded no profit.
That’s all I have for you tonight. Thank you for reading, and happy trading!