#001 New2 DCA LONG USDCADOk, I decided to close all of my positions previously opened in NEW DCA and begin a new log because I want to tweak some things and I feel that those opened positions that goes into drawdown and then into profit isn't helping me mentally. So, I closed all of them out for maybe 3 or 4% loss, maybe at most 10$ loss, I am not sure.
New tweaks are as mentioned below,
- Buy when price is trending up, short when price is trending down.
- Pick the strongest products only for watchlist and potential trading.
How do we determine if something is trending up, or down, and how do we determine which is the strongest?
On the bottom left of tradingview chart, theres the 5D button. Or in the tradingview app, there's a overview option when we click into any pair. Select 5D range. The glowing price movement will tell you if price is trending up, down or sideways.
It is quite easy to tell which one is trending, ranging, and their strength.
If one is doing it on laptop browser, then, click on the bottom left's 5D range button, and then use a vertical line to mark the first day of the 5D range (from the left most).
Then, zoom in or out to fit the entire 5 days on the chart, and try to not show as much of the price movements on the left beyond the 5D range. This is to prevent clouding ones judgement.
Strong price movements should be in your face. It moves in one direction so strongly you just know it. Besides that, another clue is price making higher high, higher low for up trend and lower low and lower high for down trend.
Avoid ranging or weak trending markets.
Go for the strongest movements only.
Now that we have understood the settings and preferred price action, we are going to look at chart type next.
I am going to keep it simple. I will be using the line chart for the most part.
Avoid clouding your judgment with too much moving parts. There will be time where candlesticks come into play but those are not the rule. And even if we forgo candlesticks completely, we are not missing out anything at all, because the current price and the previous closed prices is all we need to know about how the market feels in the end.
Third, is to mark out the previous higher highs and higher lows, vice versa for short. I would like to think it is always easy and very clean movements. But that should actually be the fact. Because if price isn't moving cleanly, then if we choose to be a part of the movement, we are just entering into states of unrest within our minds. And then we begin to have other thoughts and bs and we change things again.
I hope that this changes I am going to implement would be the last for a long time.
Besides the forex market, there's gold and stocks, indices. I shouldn't be focusing on the forex market all the time. If there's prettier flowers else where I should go to those gardens and admire other peoples flowers too. Possibly supporting their bouquet business too because it is all about "Guan Xi".
Anyway, I hope this is the last.
I have been missing out on tons of action on other products such as bitcoin, GameStop, NVDA, Gold, JPY carry trade, and other shit. I have to broaden my worldly outlook, instead of hoping that only this shit works out.
And I only focused on this piece of shit because I have limited funds, but now that my partner is also with me on this trading and investing journey, and also that I am feeling much much better mentally wise after years of suffering, I should chase what moves instead of hoping I could heal the dead horse with my superior post flop folding skills.
1712SGT 18122024
