Tuesday 3rd of May

Good morning folks!

I hope all is well

I come with news of a loss sadly.

Trade Update -1R

AUD/NZD

Australian Kiwi (which has been in the red more or less for the integrality of the time) is sadly no longer.

I remain in the belief is was quite a good trade, there was a clear break and retest of a trendline/phase line.

That being said, it is what it is and there’s nothing I can do about it.

In terms of hindsight, it could be worth looking to see the impact of a bounce off the entry point, but that being said, I previously collected data on the benefit of closing trades that spent over 24hours in the red, where I found that it wasn’t worth closing it early. The difference between a full loss and -0.7R is ten times smaller than the potential reward, so even if only 1 out of 9 trades end up being winners it’s not worth it

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FX Watchlist

AUD/CAD

Aussie Canadian was way to slanted for me to be interested in taking a position yesterday, it remains on my watch in case it forms a clear double bottom

EUR//JPY

Still waiting for the price to reach the area of supply before looking for a short

NZD/CHF

While we nearly reached the area of demand I have yesterday, we didn’t, so it remains on my watchlist for a potential long if we get a clear double bottom

Silver

Silver provided an entry last night, however, having never taken a live trade on it I’m only taking the trade on my demo account in order to test the sizing hence why it’s not in my trade updates

Gold

Gold is slowly approaching an area of supply that has a monthly stack. I’llbe patient

Take care folks

One constant I see from poker to trading is many people think they are smarter than they really are

Most of them lack of character. Stay humble, work on your mindset

— High Stakes Capital (@HighStakesCap) May 2, 2022