Hey everyone today was a bad day for my trading, and a lot of it is Markets World not filling my orders at the right time and when the expiry price chosen. I’m slightly irritated with marketsworld at the moment for some of these reasons. Anyways, I am trying a new indicator known as the Belkhayate timing indicator, it’s mainly a confirmation tool for me, and I still look at price action.
The first thing I did when I opened my charts was look for previous support and resistance and draw lines accordingly. I noticed price was heading down to the support line I have drawn, so I waited for it to touch then placed a call after I saw a green candle. This trade should have been ITM for me because price was above my entry point, it only dipped down below my call for a split second as my trade was expiring, but in the window they decided to choose price below my entry even though price shot right back up and should have been ITM. I know markets world is notorious for this kind of thing, and I know 24Option wouldn’t have done this.
My second trade I waited to see what price was doing since it was really choppy at this level, but I noticed price didn’t close below the support level so I placed another call, this time it was ITM. My second trade was a solid entry and I should focus on more entries like that. I think I need to start taking 30 minute expiries instead of 5 min, since I seem to have the right idea of where price is heading, but it takes longer than 5 minutes to do so.
My third trade I thought price was going to go down again because of the Doji candle, but I should have waited for the next candle for confirmation because it came down for a short time (which was ITM for me for a couple minutes) then it shot up and landed OTM. I probably should have just waited for price to go up to the resistance line I drew, and then place a put.
My fourth trade was a PUT that landed OTM by a tiny margin, my reasoning for this trade was price came up and touched the resistance line, and then went back down some rather quickly which signaled to me, price was being rejected at that level. I had the right idea of where price was going, but I entered too soon for a 5 minute expiry, and price went up just a bit higher. Its trades like this that make me the most upset because my analysis was correct, just my timing was off. I seem to get the direction of price correct most of the time, but I lose many trades due to entry price.