The last silver trade was successful with preety decent profit of 1200 points. Was busy so couldnt update here.
Also i would like to share that my open=high and open=low strategy is failing miserably and giving me major losses in stock intraday. It think i will have to sacrifice the holy grail search for morning entry and exit at market end strategy and come back to price-action-volume even if that means it may take me having a look between work hours.
On one hand there is no system hopping and one hand there is seeing that a system is not having POTENTIAL. How can i say it.. umm..it works.. but in a way of 10% accuracy rate..but the 10% successful trades are enough to cover losses and give u decent profits..but..the catch is ALL the scripts in the list have to added and thats impossible for a person to enter all those orders on a phone.. i will admit i even thought of automating it..but eventually dropped the idea..
Well first of all this is way aloof from my quality over quantity approach which has worked for me in commodity. I wish i could afford the future rates in stock too ..ahhh.. soulful chart reading and trading…soon…hopefully.. well when i was paper trading the system openhighlow i thought i will be minting money.. but thats far from reality..and this is the reason:
F#cking 50 scrips are eligible at 9:45 am …how will i enter 50 trades at once.. while looking at charts of each of them in 5 mins.. and then 80% of them end up not triggering at all ..but the eat up the capital right.. so as much as it hurts me to system hop again.. i will have to ditch this system .But iam thankful for this system to bring me back to TECHNICAL ANAYLISIS then just mechanical trading( it works..but needs some tweaking and i cant do that without an algo ..somebody help :o)..
now lets move on to silver: this is a potential short on silver which is about to trigger with a good r:r.
a nice inverted hammer is about to be formed on the daily chart which if it breaks below the swing low will indicate market weakness. Also as the geopolitical tensions have decreased i will keep just the technicals in pov. i will enter half at the pivot point on 15 min chart if the price rebounds there by EOD else ill enter full at the break of swing low. Ill try my best to update here.