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Live Trading Session Summary (2023-12-11)




Quick recap

Anthony discussed his new Mac Mini setup which has improved his work efficiency. He also shared his insights on the effectiveness of multiple monitors with one's productivity as a trader.


Additionally, he discussed the impacts of the global slowdown on trading opportunities and his plans on launching a beginner's course in the New Year.


Summary


Mac Mini and Multi-Monitor Setup Discussion


Anthony discussed their new computer setup, a Mac Mini, which has enhanced his work speed and productivity. Crew discussed their experience with multiple monitor setups, noting that while proficiency with their software, Sabre, allows them to work effectively with one monitor, adding more can further enhance productivity, though more than three could be overkill.


Anthony also mentioned the strengths of the Mac Mini M2 Pro, with its four USB 3.0 plugs and one HDMI as a reading computer.

EURCHF Trade and Confirmation Trades


Anthony discussed the performance of the euro Swiss trade and predicted potential changes due to its slow and predictable movement.


Anthony further explained the concept of confirmation trades and how they can reduce risk in trading. They suggested that by implementing a confirmation trade, one can decrease their level of risk. However, they also pointed out that this approach might not align with their current rules.


Global Slowdown Impacts Trading Opportunities


Anthony discussed the impacts of the global slowdown due to the upcoming holiday season on trading opportunities. They analyzed market trends, identifying a downtrend and discussing potential trading strategies. However, they noted the absence of clear levels or opportunities for shorts at present.


Depth Charge and Sharky Area Evaluation


Anthony discussed a potential Depth Charge in a particular scenario. They also evaluated the possibility of identifying a sharky area and the difficulty of distinguishing between a breakout move and a sharky area. They used examples to illustrate these points and emphasized the importance of careful evaluation before making trading decisions.


Backtesting Strategies and Trading Impacts


Anthony shared his experience about developing his very first indicator (now known as the Depth Charge) and how it taught him how to develop backtesting strategies.


They discussed the effectiveness of different market conditions, highlighting the short levels, gauntlet moves, and failure of certain formations. They analyzed a recent trade that almost led to a Depth Charge and emphasized the importance of waiting for the price to come below a certain level.


The Crew setup an alert when the depth charge crosses a trend line to consider taking a particular trade.


A new topic to the Crew, they addressed the impact of finance charges on trading, emphasizing the effect of leverage and how staying in trades for a week or more can affect your profit margin.


Financial Matters and Trades in Shortland Area


The Crew went through the daily WatchList and noted the difficulties of finding suitable trades due to market conditions thanks to the upcoming Christmas season which affect the global market, not just a single country, like Independence Day in the USA or Boxing Day in Great Britian and it's commonwealth countries.


Missed Trade Analysis and Future Opportunities


Anthony discussed a potential trading opportunity that was missed in the last Live Session. They analyzed the market movements and considered adjusting the entry point for the next attempt. They also reflected on the missed trade and the lessons learned from it. Towards the end, they shifted focus to the current slow trading day and the potential for further opportunities.


Trading Instances and Uncertainty


Anthony emphasized the importance of locking in profits during consolidation periods and the need to avoid trades that become untenable due to spread. Towards the end, they mentioned the occurrence of a new all-time low and the uncertainty it brings about in terms of future trade direction.


Trading Opportunity Missed: Importance of Vigilance


Anthony discussed a potential trading opportunity that didn't materialize due to a higher spread than expected. They reviewed the specifics of the trade setup, including the spread, the highs and lows, and the break of a pivot. Despite the missed trade, Anthony emphasized the importance of continued vigilance during the holiday period for other potential opportunities. They also suggested the team post any overnight levels they identify in their Telegram group.

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