It is an interesting pondering, and one I have found to be untrue if your system is strictly TA/pattern recognition. So long as the instrument moves, it doesn't matter which one it is. The patterns should work across all classes. I watched it before my eyes through my mentor, and the only quirks that came up was the ranging of certain instruments on certain days, and how some instruments will fly on days when others will waddle and then vice-versa.
You summed it up perfectly. I always say, if it's a liquid instrument I could remove the symbol from all of the charts and could trade them all the same. At the same time I don't discount that there are other trading approaches/techniques/styles that benefit from focusing on a small set of instruments.
I've been so busy, there is no way I will be able to journal some of things I wanted to this weekend. I am getting completely crushed right now: had a nightmare situation unfold at work, closing on a house, dealing with large medical bills, and a dozen other things. I primarily wanted to write about the 2 full losses I have now taken, that have been journalled. Thanks to an excrutiatingly detailed journal, I am perhaps starting to see similarities between my big winner and big losers. The data set is still way too small, but the results are still intriguing. I have journalled 13 trades so far, 10 winners, 2 full losers, 1 near breakeven. I will journal that in more detail when i get more time. I have an aggrrasive house payoff plan now, that I may end up running with. The plan would be to payoff my new house by Dec 2020. The pathway to making that happen would be to average paying off 5% of the house each month, having it paid off within 20 months. I need to run some numbers to see if it is feasible, or if I need to be more conservitive. It will be a fun journey and something worthy of journaling about. My P&L on grey hairs is up 0.5% this week.
No big updates for the journal. There were some buy signals in DXY but they just weren't to my liking so I passed them up. Too bad because DXY ended up rocketing up today. I ended up selling a 20 delta call in SPY. Getting some short prem on the board and getting neutral/short into this long-in-the-tooth rally. There is nary volatility to be found, so not a lot of opportunity there. There has not been much for price action signals for swing trading either. It is usually feast or famine, and right now it looks like famine. On a side note: my trading account is getting a 50% haircut. We decided to pull some funds from it to deal with the bills coming in right now, so I am working with a humble 25k account now. We agreed to keep the arrangement that for every $1,000 I make in the market I can deposit $1,000. If I can end the year stronger than I started I can work my way back up to a 50k account.
Yet another pin bar is forming in SPY on the daily charts. Since December, every pull back where a pin bar has formed has seen price rocket higher within just a day or two. The most recent being the pin bar last Friday where price rocketed from 289 to 293 very quickly. These pullback are very shallow with large pin bars forming which goes to show the buying strength remains, and a signal to not be short, especially after one of these patterns form. There are still a few hours left in the session but it looks likely that the day will end with another bullish pin bar signal. This one would send prices breaking into new highs.
This will be my final post for this thread. It has originally started as a test for 3 pronged strategy. I have since deemed the stock buy-and-hold prong of the strategy as not compatible with how I personally like to trade. Any future journaling will be in a new thread.