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Live Trading Session Summary (12/6/2023)

Quick recap

Anthony discussed various aspects of trading, including the performance of different trades, potential adjustments, and celebrating a small win they had by moving a stop due to a change in the 'weather' for that asset.


Trade Performance and Adjustments

Anthony discussed various trade setups, their performance, and potential adjustments. They identified successful trades like the Euro-Zealand trade and others that were not as successful, like the Aussie-Hong Kong trade. They also discussed the potential for trades to become invalid as a "standard" Sabre trade but later re-validating as a "Depth Charge" trade. We made the appropriate adjustments to the open and pending trade setups in our spreadsheet and moved on to the hunt for new opportunities!

Stock Analysis and Trading Strategy

In evaluating an asset Anthony expressed uncertainty about it's movement due to unknown demand areas and stressed taking a conservative approach to trading, quoting the saying "rejection is protection." Despite the uncertainties, Anthony decided to take the risk due to the potential reward (as always!).

Profitability, Portfolio, and Strategy

Anthony expressed concern about the profitability of certain projects and decided to pass on a EURCHF setup due to insufficient profit margin. They also removed the CADHKD and EURGBP from their order queue as they no longer qualified as "Depth Charge" trades.

Market Weakness and Trading Challenges

Anthony discussed the difficulties in securing a number of suitable Clubhaul setups from our last session. They mentioned a missed trade opportunity that could have resulted in three R due to a very tight window of entry. Continuing through the watchlist, many assets were seen as being characterized by weakness and lack of strong trading levels. Despite identifying several potential trade opportunities, Anthony concluded that the market conditions were not favorable for initiating a trade due to its weak state.

They also emphasized the importance of considering the finance charge when holding a trade for an extended period, where the overnight charges can eat into small profit trades.

Trading Analysis and Future Plans

Anthony analyzed various trading scenarios, expressing their view that certain trades have the potential for long-term success but also come with inherent risks. They pointed out a trade that did not perform as expected, leading them to believe they might have missed out on a profitable opportunity. They also emphasized the benefits of using 4-hour charts over 15-minute charts for better appreciation of daily market movements. The discussion concluded with Anthony announcing a break before moving on to work through the exotics.

Financial and Technical Analysis Discussion

Continuing through the watchlist a gauntlet and the possibility of a depth charge were analyzed. They analyzed the potential of a short opportunity but that shorts weren't allowed in the current environment.

Anthony advised keeping an eye on a level that might form just outside the "sharks" with one more lower-low candle and considered it a potential trading opportunity. They logged it in the trading spreadsheet planned to revisit this issue later tonight.

Trading Strategy and Adaptation Discussion

Anthony discussed the good and bad of adjusting positions as needed. They mentioned specific levels such as the Clubhaul and Gauntlet, but noted that much of the exotics market was "messy" and "foggy" today.

They also mentioned the need to reassess and adjust one's strategy as needed, and used their personal experience regarding cooking ribs on a smoker as a metaphor for the need to continually adapt and refine one's approach in both trading and life.

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