A busy day today. Lots of signals, a number of trades, some good profits. What more could I ask for?
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Morning Monday 5/9/2016
Signal: Silver / US Dollar (XAGUSD)
The stop loss and profit target on this trade are large, so I only took one position. The trade is in the same direction as the Silver trade I entered last evening, which is below (remember the market opens Monday morning in Sydney, which is my Sunday afternoon.)
This is a Silver trade that I entered last night. As usual lately with Silver trades I am taking three positions. I hit profit targets one and two and we will see if I hit the third profit target. Silver has become my favorite and most profitable trade over the past couple on months. I just love Silver trades!
Signal: British Pound / Canadian Dollar (EURCAD)
Once again, I did not take a position in this one as it had already hit the first profit target when I saw it this morning. Sleeping cost me another trade. 🙂 Realistically, the market is open 24 hours a day for 5 days. You can’t always be in front of your screen. You are going to miss tades. I have learned the hard way not to chase trades. I have had some big losses by taking a trade too late and then having it go bad. Your stops are then much farther away resulting in bigger losses. Another trade will always come, so be patient.
Signal: Euro / British Pound (EURGBP)
I passed on this trade. It had moved up to fast and the stop loss was just too far away when compared to the potential profit.
Signal: US Dollar / Canadian Dollar (USDCAD)
This signal happened in the middle of the night. It is too late to enter the trade now. I missed this one. Not much I can do about trades that happen during my sleeping time.
Signal: Euro / Canadian Dollar (EURCAD)
I took two positions on this trade. I entered higher than I would have liked but it quickly moved up and hit my first profit target for a small profit. Let’s hope it hits the second profit target in short order.
Evening Monday 5/9/2016
Signal: Euro/ Canadian Dollar (EURCAD)
Wow, what a move. I wish I had taken a third position on this one. It hit my second profit target and then continued on up a mile!
Signal: Euro / British Pound (EURGBP) Harmonic Shark Pattern
This was the trade I missed this morning. It turned out to be a nice trade, but I didn’t see it in time.
Signal: Silver / US Dollar (XAGUSD) Harmonic Shark Pattern
Actually the trade I entered was on the 15 minute chart, but the pattern was the same. My trade hit the third profit target during the day. Silver is just awesome for me!
Signal: Euro / British Pound (EURGBP)
Once again, I am showing the hourly version of the trade I missed on the 15 minute chart this morning. This illustrates how different time intervals can give the same signal. If I was looking at the 15 minute chart this morning and see the same signal on the longer hourly chart, that is a nice confirmation of the trade.
Today’s Geography Lesson: Greens Creek Silver Mine
From Wikipedia; “
Greens Creek is a large, underground silver mine located in Southeast Alaska, which also produces smaller amounts of gold, lead, and zinc. The mine is the 5th largest silver producer in the world, and the largest in the US
In 2009 the mine produced 7.5 million ounces of silver and 67,000 ounces of gold.”
Greens Creek Mine
Lessons Learned 1: Look for confirmation from longer time interval charts. If you are looking at say a 5 minute or 15 minute price chart and see a signal, also look at the longer hourly or four hour chart and see if you see the same signal. This is a good confirmation of the trade.
Lessons Learned 2: Don’t chase trades. As I said earlier in this post. If you miss a trade because you don’t see it in time or it moves to fast just pass. You can set yourself up for large losses and smaller profits by chasing a trade. Be patient, another trade is always around the corner. Just wait for it.
A busy and profitable day. Once again Silver rocks!
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