Xin’s Independent Currency Trading for 3/15/2016 – Oil Slipped Right Out of My Hands

Introduction to RYZE.Ai:

Oil Drilling in Permian Basin

Oil Drilling in Permian Basin

Individuals frequently tell me that they really like to read my trading adventures articles and they would like to make money trading currencies or commodities like oil or gold but they don’t have the time to learn all the things necessary to be really good at it. If you are one of those people, there is a great program called RYZE.Ai by Hodo Global. I can show  you this fully automatic artificial intelligence algorithm, which  I use to generate consistent profits in my account, day after day and week after week. For more information, please view the overview videos, read more of my detailed articles, attend a Thursday evening webinar , check for a RYZE.Ai seminar in your area or send me an email or set up a time to talk to me personally.

Now back to “the best of” my personal trading:

Morning Tuesday 3/15/2016

Signal 1: West Texas Intermediate Crude (WTICr1) Shark Pattern

3 AM Chart:

My son woke me up because he wasn’t feeling good. I got him taken care of and back to sleep and I stopped by for a quick peek at my computer and this is what I saw. A buy signal on West Texas Intermediate Crude.It was just above the entry range and I hesitated. First because I had never traded crude oil before and wasn’t sure of the size of the position to take. Again, my risk aversion keeps me from plunging blindly ahead. Plus it was 3 AM in the morning. So, unsure I just went back to bed.

.WTICrudeH1-shark-3-15-2016-3am

West Texas Intermediate Crude (.WTICr) Harmonic Shark Pattern on Hourly Chart from 3/15/2016 at 3AM

5:00 AM Chart

When I got back up just before 5:00 AM, this was the chart I saw.

.WTICrudeH1-shark-3-15-2016-5am

West Texas Intermediate Crude (WTICr) Harmonic Shark Pattern on Hourly Chart from 3-15-2016 5 AM

The chart hadn’t changed much so I looked up the contract and decided to buy the smallest lot which was .1. I really wanted to get it at 37.70 or below which was the entry signal point on the chart. I tried and tried but it wasn’t getting that low. At one point it was within a few cents but then it ran up to 38.00 rapidly. Now I an at a dilemma. I could have gotten it 5 or 6 cents above the entry point but now it was 30 cents higher and thus my loss if it hit the stop loss would be higher. I waited for a pullback until 10 minutes later than I usually leave in the morning, but no luck. I toyed with the idea of putting in a buy order at 37.80, but finally just left doing nothing.

7:00 AM

This signal happened after I had already left the house in the morning, so I did not have a chance to enter this trade. I wanted to include it to show the signal and results anyway. The chart below is from 4 PM in the afternoon. There may have been a chance to enter then but I did not do so. I will put a buy order in just above 160.00 for one position to try to catch a quick pullback. We will see what happens overnight.

GBPJPYiH1-shark-3-15-2016-4pm

British Pound / Japanese Yen (GBPJPY) Harmonic Shark Pattern on Hourly Chart on 3/15/2016

Evening Tuesday 3/15/2016

Results Signal 1: West Texas Intermediate Crude (WTICr1) Shark Pattern

7:00 PM Chart:

This evening the chart looks like this:

.WTICrudeH1-Shark-3-15-2016-7pm

West Texas Intermediate Crude (WTICr) Harmonic Shark Pattern on Hourly Chart from 3-15-2016 at 7 PM

I missed out on a nice trade by trying to finesse 5 cents. This is the whole purpose of why I get my three positions as three different entries. Buy the first position and see how it moves and then get the second position and see what happens and then get the third position. I should have gotten the first position at 5:00 AM if not 3:00 AM and then tried to get a better price on the second entry. This inaction and over thinking of the trade cost me the trade. I have no loss, but I certainly have the missed opportunity of missed profits.

What I should have:

Position 1: Entry 37.80 Exit 38.61 for a net of 81 pips which at a lot or .1 is $.10 per pip so a profit of $8.10

Position 2: Still open with equity of over $8.00

Position 3: Still open with equity of over $8.00

So, I should be up over $24 having a great trade in progress.

What I have instead: Nothing! Except another lesson learned.

Results Signal: Gold / US Dollar

This Gold / US Dollar signal was originally from Thursday evening of last week. To recap the action so far, I had entered three positions, which I entered at three different prices and had set my stop loss and the three profit targets as shown on the Harmonic Scanner chart. The chart from yesterday is directly below and the one from tis evening is below that.

XAUUSDiH1-crab-3-14-2016-7pm

Gold / US Dollar (XAUUSD) Harmonic Crab Pattern from 3/14/2016

Position 1: Entry 1272.52 Exit 1265.36 for a net of 716 pips or $7.16

Position 2: Entry 1272.40 Exit 1259.86 for a net of 1254 pips or $12.54

Position 3: Entry 1272.16 – Still Open

716+ 1254 = 1970 pips to date

XAUUSDiH1-Crab-3-15-2016-7pm

Gold / US Dollar (XAUUSD) Harmonic Crab Pattern on Hourly Chart from 3/15/2016 at 7 PM

As you see today the price has not reached its low from yesterday. I will set a stop at at 1238 to preserve my profit on this last part of the trade. We will then see what happens overnight.

 

Results Signal: Silver / US Dollar

The Silver/ US Dollar trade is progressing well t date. Just as with Gold, this chart has failed to match it’s low of yesterday or yet hit the third profit target. I will move my stop to 15.35 to preserve profit and we will see what happens overnight.

XAGUSDiH1-shark-3-15-2016-7pm

Silver / US Dollar (XAGUSD) Harmonic Shark Pattern on Hourly Chart from 3/15/2016 at 7 PM

This trade so far:

Position 1: Entry 15.65 Exit 15.50 for a net of 15 pips for a .02 lot that is $.20 per pip, so 15 x $.20 = $3

Position 2: Entry 15.62 – 15.47 = 15 pips once again, so 15 x $.20 = $3

Position 3: Entry 15.58 – Still Open

On this $1,000 account the return would be $6/$1,000 = .006 or 0.6% in just a couple days, while one position remains open.

Lessons Learned

Lessons Learned 1: Don’t be afraid to initiate first entry. If the trade has move a lot then you have missed it and move on to the next one. You won’t always be in front of the computer so you won’t be able to catch every trade. Plenty more will come along in the future. However, if you are there take the entry at the best price you can. Don’t get to hung up n a few cents. The reason for scaling into the trade is that you can get a better price potentially with subsequent entries. So, don’t fret about a few ticks.

Lessons Learned 2: Look for confirmations from different time frames. If the hourly chart for silver gives a buy signal, look at the four hour and daily charts as well. If one or both of these is also in a buy, that is a nice confirmation of the trade.

Conclusion:

We are still in a few trades, namely the gold and silver trades from last week. I will track the West Texas Intermediate Crude Oil trade even though I foolishly missed it and I have included a British Pound / Japanese Yen trade that happened after I left this morning, which I still may be able to enter, if it pulls back slightly. I don’t consider this trade a mistake because I wasn’t at the computer until many hours afterward.

I hope you enjoyed the continuing adventures of Xin in the magical realm of currency trading. If you do enjoy, please leave me a comment and tell me you are inspired or I have scared you away from the idea of ever trading or whatever you feel.

Leave-Comments

In conclusion, as always I say at the end of my blog posts, if you have any questions on gold, silver or currency trading or about RYZE.Ai the fully automatic artificial intelligence algorithm that is available by subscription, please leave them for me in the comments section below or email me at xin@FXTradingIncome.com. You can also view the videos on RYZE.Ai by clicking here or on the image below.  Also. if you have suggestions or ideas how to make my posts more useful for readers, please let me know.

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Sincerely,

Xin Zhang

Zin Zhang - Hodo Global

Zin Zhang – Hodo Global

 

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