Day Trading records for the 3rd of August 2021
Charts Below show Futurepivot lines, 1Hr support, and resistance lines. Shown on a chart provided by investing.com using Heikin Ashi candlesticks on 5 min and 1 min time frames.
Check out yesterday`s performance here.
The orange lines on the chart represent the 1Hr time frame, support and resistance lines. I have chosen thease lines myself from previous support levels which are witnessed when zoomed out on charts.
These are my Futurepivots, They are a calculation that represents two lines that create new support or resistance levels.
If the market is above these lines you can expect support when the price drops if the market is below its vice versa you will find resistance when the market rises.
But as you may be aware the market will do as it pleases most of the time, so we use all of the levels suggested with caution and build a strategy around this.
My Trading Results 03/08/21
Conclusion of trades taken
Here I write about my feelings of how my trades have gone why I opened and my list of faults so I can improve on my trading and ultimately my funds.
First Trade 11:31 am
The first trade is a little late in the day as I got wrapped up writing my reports for the website and wasn’t really watching what the market was doing.
You can see on the third image below on the WTI Crude Oil Chart 11 am – 2 pm chart that the market is trading in between my futurepivot lines this means that the market could go either way.
I decided to use the bottom purple line as a support level and opened a position, after a short while the market wasn’t really getting anywhere just bouncing around and I felt that it wasn’t going to move up so I closed my position early at a 1 pip loss it did say zero but changed last second.
Then as you can see the market went down so it was a good call.
Second Trade 12:07 pm
The third chart again listed as WTI Crude Oil Chart 11 am – 2 pm.
This was a bad open but good result, I got wrapped up in the buzz of trading again as I always do feel desperate to jump back in and trade.
But as most of the books say doing nothing is the best thing to do until there is something to do I have found this is helping. In other words, if it doesn’t fit into your strategy just don’t do it.
There will always be another chance another pullback another support or resistance level met.
I opened on the bottom line again when it should have been supported but I followed the trend lines and monitored the position.
I took a 54 pip gain on this trade but closed far too early, if I had left it open I could have achieved a 200 pip gain but I am happy with the result and it has helped cover some of the losses from yesterday.