Daily Plan Updated!
As highlighted in last weekend’s market review - the kind of action we have been witnessing has dictated that we focus our time and efforts into studying setups, reviewing our past trades, and constantly seeking areas of our systems that may require improving. It is also the holiday season so do use this time focus on the more important things in life - spending time with friends and family!
I continue to do little trading, from last week’s focus list I took a long position in SMMT 0.00%↑ and closed it out same day for a nice profit.
Also took a short in LI 0.00%↑. In this kind of market environment, it is more important than ever to do very little trading as you WILL chop yourself up! It is essential that if you do trade, you must find entries that allow you to manage risk tightly and avoid exposing yourself to too much risk.
Given that we are approaching the end of the year, I highly recommend going through the trades you made this year and studying them - this is a process called post-trade analysis and you can read up more on this essential topic here:
Reminder that the market is closed the coming Monday 26th December and so I will have the detailed plan for the upcoming weeks out before Tuesday.
Daily Plan Update
Some good news as I have spent this week working on a new and improved market health overview format as I have created a quick and reader-friendly way of understanding breadth and leadership in the market.
The idea is to give a quick insight into where the money is flowing to over the course of a trading day and so this would help us identify potential leadership groups and sectors which may warrant some more attention than others in terms of looking for setups!
I am also currently working on a similar format for a couple of stocks which have market leadership potential, as it is extremely important to watch the action of these stocks closely as they are the leading indicator of market health!
Something similar to this:
Let me know what you guys think about this format, all feedback is greatly appreciated!
Most importantly, wishing you all a wonderful holiday season and a merry Christmas 🎄🎄🎄