Today, in the Counterpunch traderoom we were able to hit all of our Power of Quitting goals in all the markets we cover and trade live in the room.
- Crude Oil Futures; T2
- Dow eMini; T2 + 30 points
- Russell eMini; T2 + 2.2 points
- EURUSD 5 minute; + 42 pips
- DAX Futures T1; + 31 points
Other markets also were positive, despite choppy price action. The tradeplans are robust and have built within their rules, mechanical ways to incorporate some of the ‘art of trading,’ helping us make quick trade decisions as the price is moving. Following the rules takes the pressure off as our jobs are ‘just to execute the trades’ per the rules. By doing so, we learn to just ‘lean on the strategy and tradeplan’ and by doing so, we’re able to quit positive on MOST sessions, thus — we are ’empowered by quitting. The Power of Quitting!
See Today’s straight forward EURUSD trade using a 5 minute chart. With our Power of Quitting Strategy, we were ‘One and Done’ today for a net total of + 42 pips. Normally we like to take 25% off at each target and then trail the remaining 25%. Today, the price action was pretty tight and due to a small Target 1, the tradeplan says take half off at T2, then 25% at T3 and trail the remainder. This resulted in the net of + 42 pips.
There were many winning forex pairs today, GBPUSD, GBPAUD, AUDUSD to name just a few. But I wanted to show you today’s Russell eMini trade using our 377 tick chart, which was our fastest to Power of Quitting, very efficient, hitting all targets on its first trade of the day. One and done in just six minutes!
Just to show you the diversification of the CPT, here is a look at the same market, the Russell eMini (TF) using an 8 tick Range Bar. It too was one and done, hitting all its targets on the first trade within FIVE minutes.
It is nearly time for our Live In the Market Demo Webinars where you can learn more about the powerful CPT. Make sure you are registered by clicking on one of the links below:
Wednesday, February 3rd @ 12pm ET/9am PT/5pm GMT
Wednesday, February 3rd @ 6pm ET/3pm PT/11pm GMT
Thursday, February 4th @ 10am ET/7am PT/3pm GMT