I am starting this public trade journal as a tool to help me trade with discipline, and once I have achieved success, to provide a resource for fellow retail traders.
As the thread title says, my trading plan is to identify intraday trends, wait for retracing/sideways action to allow counter-trend pressure to die off and trend resumption pressure to build, and then enter when price-action signals a resumption of the trend.
I trade on the M1 chart, but will look at all time frames to assist in identifying trends.
My #1 trading rule = Protect Capital
In most cases, I will cut a losing trade within 2-3 pips. I open trades with a 6-12 pip emergency stop that should only be hit if a news or 'fat-finger' event causes an unexpected spike against the trend. I move my SL to break-even once I am up 3+ pips.
My ideal liquidation is a large M1 spike in my direction (4.5+ pips). In many cases this will not occur, and closes will be a combination of partial profits taken at 'sticking points' where the probability of reversal is increased (previous high/lows, support/resistance levels, supply/demand zones, volume profile levels, round/half/quarter/tenth number psychological levels) and counter-trend price action.
I will be posting all trades I take. For now I won't include order size, once I am making enough money to want to brag about it I will include lot size
As the thread title says, my trading plan is to identify intraday trends, wait for retracing/sideways action to allow counter-trend pressure to die off and trend resumption pressure to build, and then enter when price-action signals a resumption of the trend.
I trade on the M1 chart, but will look at all time frames to assist in identifying trends.
My #1 trading rule = Protect Capital
In most cases, I will cut a losing trade within 2-3 pips. I open trades with a 6-12 pip emergency stop that should only be hit if a news or 'fat-finger' event causes an unexpected spike against the trend. I move my SL to break-even once I am up 3+ pips.
My ideal liquidation is a large M1 spike in my direction (4.5+ pips). In many cases this will not occur, and closes will be a combination of partial profits taken at 'sticking points' where the probability of reversal is increased (previous high/lows, support/resistance levels, supply/demand zones, volume profile levels, round/half/quarter/tenth number psychological levels) and counter-trend price action.
Novice trader, please take my opinion with several grains of salt