I just can say that I am learning a lot for myself these days. That’s the reason I am writing not so much in this weekly summary. But the more I know about details and approaches in trading I am learning:
Trading should be boring!
The bearish week of the bulls 😉
What a crazy week!
The week started with this big red candle. Many of my trading friends wrote me that their trades hit their stop losses. And Tuesday started with a huge gap down but it closed bullish, pin bar like. The next day we had the second gap of the week with a bullish candle and a close at the close of Monday’s bear candle, followed by a small red one at the 10 SMA. And on Friday? Everything’s okay. We’re almost at ATH! 😀
We had three gaps and only the first one was filled. Therefore the bears should have the possibility to fill the gaps. On the other side the bears had no chance and the bulls jumped up after the first break through the 10 SMA since 10th of October.
It was a healthy reversal (below the resistance at $310 mentioned the last weeks) but in my opinion it is more likely we will see a trading range the next days. Maybe the third gap will be filled and the bulls will collect the power for the breakout to a new ATH. But it’s very difficult to say after those choppy last candles.
Trading should be boring
I heard this sentence so often. But last weeks I begin to understand more and more. Not many trades, just the high quality ones. Always be calm and do not make a party after a 2R win and not be sad after a -1R loser. Just trading. Day after day.
My emotions were calm the whole year of 2019. The last years I have been very emotional. But it was because of my doubt in strategies and trading. I did not know what was right or wrong.
Now I also do not know but what I know is that this is okay. 🙂 Because no one knows if the best setup will be a winner or if the best strategy fits to you. You and me have to find out for myself.
And the boring week brought out “only” one winner:
My small range PG trade hit its target at +1.5R on Wednesday. Same day it would have hit +2R but I wanted to be sure that a touch of the resistance would bring me a profit.
By the way, I am invested in PG (Procter & Gamble) for a very long time. In the years 2017/2018 it had a bad performance but I knew that they were changing a lot in their structure and it will be worth holding it. In the end we had a rally of +77%. Now it’s little overstretched in the monthly and I am excited if there’s enough power for a breakout above $125.5.
Last week we had a new subscriber to the newsletter. Welcome! He’s from Australia. I am happy that we are almost reaching all continents now with: Canada, Malaysia and Slovakia, Austria, Switzerland and Germany in Europe.
Have a wonderful week, best setups, good profits, boring trading and much to laugh!
