My winning trades - 7 Feb 2025

The trade below, a winning trade shows you and even myself the value of a higher probability trade set up. This trade was opened on the 29 Jan and closed on 7 Feb. Let's check this out.

The most important starting point is that on the higher time frames such as daily and weekly, the trend for Silver is clearly bullish. No doubt. This should be the starting point in determining a direction for a trade.

On review of the 15 minute time frame a very good trade set up appeared. On the left side of the chart the price action was ranging. It broke out to make a higher high, higher low and then back up to making a higher high again.

Subsequently over a number of candles the price starts moving back down again to the area of the first higher high. It is what price does after that in determining this to be a good trade. A large bullish elephant bar was printed, suggesting a resumption of the uptrend. The second most important fact was that the price surge was accompanied with a large volume spike.

I took 20% of the position off the table after the price action had made 5 times my original risk and moved my stop to break even. I closed the remainder of the trade on the 7 Feb during a period of poor trading performance unfortunately. This was poor decision making because I should have let this trade continue further.

The final profit on this trade was £382.

My losing trades

I confess that on the 7 February I made a number of trades, six to be precise. Every single trade was a loser and as discussed above this impacted my emotions of handling a prior open trade that was performing well.

Of the 6 trades that I entered and lost, only 3 of those trades were deemed acceptable trades in terms of following the rules. The first trade I made did follow the rules. On reflection, I didn't reset before continuing to trade and the result was that I was not trading in the zone. This is not acceptable behaviour. For those 6 trades I lost £432.

I have to address this issue as this is not hugely uncommon for me. The only solution to this problem is to cut the number of trades I am allowed to make per day rather than limiting my trading activity by daily losses. I actually breached my daily loss because of the last 2 trades. To make matters worse the final trade had me adjusting my stop loss also!

Not a good day despite the headline of the blog post. I feel comfortable that I am now limiting the number of trades I will make on any day. I need to use my knowledge of myself and my behaviour in order to make tweaks to improve my trading.

Trade Clearly!