How I Trade
- I trade off of the. H1 for trade setup.M15, H4 for confirmation
- Trade on Price movement. Utilizing the Shi Channel, Linear Regression Channel, Barrys Support and Resistance and Fibonacci.
- Trade after retracement starts and looks like its almost complete.
- Looking for (re)entrance in the .382 or .500 range.
- Utilize SL on a previous resistance level (ex, if entrance at .382 use .500 as SL)
- Trade in the direction of the market
- Trade only on EURUSD, GBPUSD, USDJPY and USDCHF. Main focus on EURUSD, especially for GBP setups. No COMDolls or blends.
- Never risk more than 3% on the SL, if I need more pips then I will reduce my lot size
- Primarily look for setups around 9am, and through the rest of the US day.
- Never trade Sunday nights or Friday after noon.
- Never trade around news.
- Never trade on Holidays.
- Check daily news release times before setting up. Use the releases as guidance
- I will see what is on the charts and not what I want to see.
- No matter how biased I am towards a direction, I will make sure to trade only what my eyes see and not what my feelings tell me.
- I will not get “revenge” on the market if I lose on a trade.
- I will not trade when there are no setups. I will be weary when the trends are not being followed.
- I will not beat myself up if I make a losing trade. Instead I will take it as a learning experience and move on.
- Finding trades when they are not there.
- Trading outside of my normal style.
- Watching the market too much and second guessing/Hedging myself.
- Testing new systems on “live account”.
- EA’s
- Initial goal is to trade for 2 months with demo account and have positive equity.
- Learn how to trade on price action, being able to understand where the market may go.
- I will shoot for at least 25% monthly return.
- Devise EA and test. Never allow too big of draw downs.
- Read Japanese Candlestick Charting Techniques, Second Edition (Hardcover)
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