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I traded alot today. 9 trades, 8 losers and BEs, 1 runner that paid for them all. Gotta keep swinging! totaled 240 bps before commission. The first winner on W, I did not count - it was a mistake that led to profit. I felt like a machine, kept pulling the trigger, watch the 1min chart, see it doesn't go anywhere, take my small loss... over and over... then one takes off... Let it run... the whole time I was thinking I hope that the one winner will pay for all the losers. I was tempted to close out the winner early. I had no idea that the payoff distribution for this strategy would be so extreme - 8 tiny losses before hitting a big win. Pays to keep the losses tiny and keep swinging.
FX News Today
Both Topix and Nikkei, declined during the Asian session, with -0.25% and -0.18% respectively.
Overall, stock markets in Asia struggled through most of the session as subdued inflation data rekindled concerns about a lack of demand and flagging growth and after Wall Street closed in the red.
News that US President Trump will meet with China’s top trade negotiator today in Washington seems to have helped Chinese markets to stage a late rally and CSI 300 and Shanghai Comp are up 1.76% and 1.51% respectively and the Hang Seng also managed to claw back losses and is up 0.11%.
US stock futures are posting marginal gains and the April WTI future is trading at just over USD 57 per barrel.
USDCAD rallied over 1.32 to 1.3225, as Oil inventories rose, with the US at record production levels. Oil price is now back around the $57 mark.
Japanese CPI data same as forecasts, pushing the Yen higher.
Charts of the Day
Main Macro Events Today
EU CPI Inflation – Core inflation is expected to be confirmed at 1.1% y/y while the overall inflation rate is expected to have stood at 1.4% in January.
Canadian Retail Sales – Retail Sales are expected to have declined by 0.3% m/m in December, an improvement from the 0.6% declined observed in November.
Mario Draghi Speech – The ECB President is due to speak to the University of Bologna where he will accept an honourary degree.
Support and Resistance
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Please note that times displayed based on local time zone and are from time of writing this report.
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Dr Nektarios Michail
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Today had 3 trades, + 73 bps. The 2nd red dot on ALB was an error, somehow 1 share got executed at the lower price. I started new batch of trades today. The tweak was the exit is now based on trailing exit instead of manually calling it. I found it to be extremely uncomfortable as I sat through each retracement on DPZ. To see profit retrace back to zero or negative is associated with much pain. It feels as if it's a permanent loss. My goal is to execute my trading plan and not trade based on my emotions. I am very proud of the 2nd exit on DPZ for 170bps. I will do my best to continue this work. I do notice I may be giving back a bit too much on my losers, I will not change anything until the next batch of trades.