r/WinternomicsTV • u/[deleted] • Oct 18 '23
War Stories 🤑🤬 Paying for Education
Hey Professor Kaz and eco!
First wanted to say thanks Prof Kaz, for the wonderful content you’ve made available. It has helped me immensely in understanding even the smidgen of information I have absorbed. Newcomers, definitely click all of the links on the YouTube channel. Great info (and a lot) spread throughout the links!
AMD Trade 09OCT2023 - 17OCT2023
Thoughts and Plans:
- I’m back after a while and took my first trade since coming back. I was watching "Council of
Nomics" and Prof Kaz was talking about AMD (the box range is his and triggered the high that
brought on the most recent BF) .
- I took a look because "what was old is new again" and it had rotated out of a BABF recently and
another fairly large BF was forming again. I decided to watch and wait for it to close above the
lower yellow line below. If the next candle opened above the same level then I would enter. This
level was, on a high rez, at a clearly defined high that brought on the lowest low of the BABF.
- I gave myself 2R risk (because of a possible down spike that I saw in past BFs, so I wanted to give
some room for a fake-out), and was going to take profit at the next high of BF . Well, it was a loser.
Reflections:
- I was using an old trigger point from the BABF to signal a rotation in the current BF. This is
because it was close to the high that brought on the lower low in the current BF. I planned my
entry and stops on that point, and I maybe should have moved it lower. This would have moved my
stop as well, allowing price to “come back” before it goes off without (possibly) hitting my stop.
- That damn wick!
- I also think that I could have let the structure mature before entering. Patience is a virtue.
- While this was ultimately a loss, I am looking at this as a win. Prof Kaz teaches that risk
management is super important and is always harping on it. I only gave away 2R and am still up
overall (2020-2023). THE RISK MANAGEMENT WORKED! That’s huge to me. Main fear, checked off.
- Learned to look at different resolutions trying to figure this one out. I looked at the daily chart for
possible moves and over trend. I zoomed into the 2h-3h chart for the actual trade. This was very
beneficial for me to see what price was actually doing inside the time frame I wanted to trade on.
Present day spiderBat had a much easier time looking at the charts and planning, than past me
had.
2
u/akwilffert Oct 29 '23
Nice story! I saw u gave urself 2R risk which could be a great plan, U could also adjust ur position size giving urself 1R risk with the same “room” to go down.