I had a great ending to the week on Friday, it actually was the easiest profit I made all week!
When I started the trading day I was pretty excited to start the day, I wasn't very focused on trading as I am working on improving our community and adding some new courses up, but I was excited and grateful for the day ahead!
I also knew that the markets could get busy with NASDAQ especially showing excellent opportunities as it was sitting at a support at the 61.8% fibs on the 1H chart and it was coming of an important support, I've added text to what I am talking about below
I was pretty busy to take advantage of the move from the 54% unfortunately as I've had a long week and I was just too focused on the production tasks I had, but when I was done with those tasks came the hour and a half before the New York market close, it was about 14:30 EST. I saw a potential breakout forming on the on the 100 tick chart and I took it!
Now the New York market close usually provides excellent opportunities and I find it quite easy to trade in most days, so when I saw what happened with the 1H chart and that we were coming of a major support
rt of the 1D chart, which literally is holding the bullish play of NASDAQ I decided to jump it!
Below you can see the notifications sent:
I took a fairly big position here, the stop was tight and my overall risk on just 13 points was a little over $1,300, not a usual risk I would take on an account at this size, but everything lined up and I was expecting a bullish continuation as NASDAQ also had the highest traded volume of all the major indices, something I reported on a few times on Friday to the Primed discord community. The good thing was that my reward over risk was 7 to 1, but I got out at 3.3 to 1 as the market was about to close and I didn't want to stay in the trade over the weekend.
As an overall I've got to say that I am happy with how well I did at the close, I got away with 32 points, but I’m also aware that I have to get better at not missing out on pre-planed setups as NASDAQ had total move of 237 points from the 54% fib.
I'm leaving you a lesson in this post: recognizing when it’s worth it to risk more on a trade is imperative, but also knowing when not to trade big or trade at all is also important, I didn't take action on the first entry I had because I was too distracted to trade, even tough the trade worked out with fireworks, it also could have gone wrong, I wasn't focused on the markets... my focus was on something else and I'm sure I might have screwed it up if I did trade with little focus.
If you are to be aggressive I would only say you should "go for it" when you are 100% focused, know your system better than your name and have the right habits to trade, until that is done I would say trade as small as you ever have, earn the right to trade bigger! Until the next post, Denis, over and out!