- Status
wasp
Legendary member
- Messages
- 5,107
- Likes
- 879
STRATEGY ONE:
Setups and criteria______________________
>Start ready at 6:30am
>Mark on all S/R levels produced overnight and any others within 200 pip range (only those with no price movement between level and current)
>Take each signal from 7am onwards until 5 trades completed or 8pm
>Enter on MA cross with new candle on or above MA cross
>Trail each position behind S/R levels when new candle produced above/below
>If no pull back to trailing stop, SAR on new opposing setup signal
>No targets and a maximum of 18 pip stoploss (incl. spread) regardless
STRATEGY 2:
Setups and criteria_____________________
>Start ready at 6:30am
>Mark on all S/R levels produced overnight and any others within 200 pip range (only those with no price movement between level and current)
>Wait for the first cross over a S/R and pullback through
>Enter after 5/10 pips past or new candle* subject to change through live testing
>Trail each position behind S/R levels when new candle produced above/below
>Do the opposite when cross back through in other direction
>No targets and a maximum of 20 pip stoploss (incl. spread) regardless
>Keep going all day whilst trading Strat. 1 but only at £2pp (SB)
>If and when stopped out, await new set up the same.
The 2nd strategy will be traded in conjunction to see if it can be included in, or possibly replace, the current plan, depending on the success, in real time.
Additional:
>The 2 days prior and the day including any FED/FOMC announcement will be traded at a smaller size. (the only actual change to plan). (only once has trading this announcement proved profitable. 9/10 the run up and announcement are in no way financially beneficial to me).
>Usual risk and money management rules.
Items of note:
>Monday is Labour day in America
>August is finished and September is upon us, volume should increase
>FED Beige book Wednesday evening
>BoE Announces rates on Thursday
New week, new month and new lot size (increase to =£30 per pip). The discipline factor, what with increased size and a tight, previous month should be getting to me but quite the opposite, I am really looking forward to September and nothing will faze me. After a profitable month it could be hard to forget everything and go into September with a clear slate, discipline and little recolection of August to affect me, but, thanks too alcohol, it'll be easier than you'd imagine
Setups and criteria______________________
>Start ready at 6:30am
>Mark on all S/R levels produced overnight and any others within 200 pip range (only those with no price movement between level and current)
>Take each signal from 7am onwards until 5 trades completed or 8pm
>Enter on MA cross with new candle on or above MA cross
>Trail each position behind S/R levels when new candle produced above/below
>If no pull back to trailing stop, SAR on new opposing setup signal
>No targets and a maximum of 18 pip stoploss (incl. spread) regardless
STRATEGY 2:
Setups and criteria_____________________
>Start ready at 6:30am
>Mark on all S/R levels produced overnight and any others within 200 pip range (only those with no price movement between level and current)
>Wait for the first cross over a S/R and pullback through
>Enter after 5/10 pips past or new candle* subject to change through live testing
>Trail each position behind S/R levels when new candle produced above/below
>Do the opposite when cross back through in other direction
>No targets and a maximum of 20 pip stoploss (incl. spread) regardless
>Keep going all day whilst trading Strat. 1 but only at £2pp (SB)
>If and when stopped out, await new set up the same.
The 2nd strategy will be traded in conjunction to see if it can be included in, or possibly replace, the current plan, depending on the success, in real time.
Additional:
>The 2 days prior and the day including any FED/FOMC announcement will be traded at a smaller size. (the only actual change to plan). (only once has trading this announcement proved profitable. 9/10 the run up and announcement are in no way financially beneficial to me).
>Usual risk and money management rules.
Items of note:
>Monday is Labour day in America
>August is finished and September is upon us, volume should increase
>FED Beige book Wednesday evening
>BoE Announces rates on Thursday
New week, new month and new lot size (increase to =£30 per pip). The discipline factor, what with increased size and a tight, previous month should be getting to me but quite the opposite, I am really looking forward to September and nothing will faze me. After a profitable month it could be hard to forget everything and go into September with a clear slate, discipline and little recolection of August to affect me, but, thanks too alcohol, it'll be easier than you'd imagine
coolTrader
Established member
- Messages
- 610
- Likes
- 6
wasp said:
Why is it stupid? :cheesy: Though I dont trade that amount. The max I trade is 10.. I mistakenly went 12 and I panicked out of the trade with like two points because that was not the stake I wanted to enter.
When I did not know about stoploss :cheesy: and riskreward nonsense I was fine trading stocks almost 10yrs ago using level 11.. But now I know the risks and oh no my focus is always on risk reward etc..
Real playsers do not use market stop loss otherwise they will get cleaned out as the market sees where stops are place..
Anyway. I do stick to the rules and I use tight stops. This is because it is easier to make up the loss.. Sometimes I wish I could just put a trade go on holiday come back and see 10,000 points
wasp
Legendary member
- Messages
- 5,107
- Likes
- 879
coolTrader said:Why is it stupid? :cheesy: Though I dont trade that amount. The max I trade is 10.. I mistakenly went 12 and I panicked out of the trade with like two points because that was not the stake I wanted to enter.
When I did not know about stoploss :cheesy: and riskreward nonsense I was fine trading stocks almost 10yrs ago using level 11.. But now I know the risks and oh no my focus is always on risk reward etc..
Real playsers do not use market stop loss otherwise they will get cleaned out as the market sees where stops are place..
Anyway. I do stick to the rules and I use tight stops. This is because it is easier to make up the loss.. Sometimes I wish I could just put a trade go on holiday come back and see 10,000 points
I remember a couple of years ago when I fist started playing around with trading and my ignorance knew no bounds, I made 400 into 1000 in 5 hours using a couple of indicators and using capitalspreads at the max (ie £60 margin needed for £1pp so with £480 I was trrading at £8pp!!!) and it only took one more trade to be back at £600! ...oh, to have understood stops and risk reward then!
As for those 10,000 pips though... that would be nice!
coolTrader
Established member
- Messages
- 610
- Likes
- 6
dc2000 said:
We have to take the risk at some point! To get the thoughts from the head.Did you close it after or did it turn out to be profitable.
The most I have done is put a trade through on my way to the airport. At the airport had to check it it was in profit and I closed it. The idea was for it to get to my target but hey... I was going on holiday...
wasp
Legendary member
- Messages
- 5,107
- Likes
- 879
Twist
There is little need for me to post my chart and P:L at the end of the day as thats not really the issue. More importantly is my discipline and what goes on during the day in my mind and how I react and whether I follow the plan or not, so, each day I shall keep adding to a post throughout the day and post that instead.
There is little need for me to post my chart and P:L at the end of the day as thats not really the issue. More importantly is my discipline and what goes on during the day in my mind and how I react and whether I follow the plan or not, so, each day I shall keep adding to a post throughout the day and post that instead.
- Status
