Hello everyone, setting up this trading journal using a strategy I've been using for quite some time now. I'm a part-timer and I don't have the luxury of being in front of my laptop all the time thus I mostly use my Android phone to trade using the mobile MT4. With that as a "limitation" I needed to have a strategy that works on my current circumstances.
So the specifics goes like this.
1. I use 4H timeframe.
2. Setup 20 and 100 simple moving averages
3. I use the bar chart (just my personal preference as its simpler to the eyes)
4. I also setup a custom fib for me to measure risk and return (handy especially using a the mobile MT4).
5. With the 4H timeframe setup, I only look at my phone atleast 3-4 times in a day.
Rules:
1. Always have a stoploss
2. Look for pinbars/reverse pinbars at the 4H timeframe.
3. If a pinbar/reverse pinbar is formed, enter at the start of the next candle.
4. Based on experience, it'll be far more profitable if pinbars or reversed pinbars are formed away from the 20MA or the 100MA. As these would indicate a reversal of the trend.
5. I move the stop loss to Breakeven once the price crosses the 1R marker. This is how i like mine being executed.
6. Profit target is 2R. But I leave it till the next reversal bar shows up (pinbar or a reversed pinbar).
Succeeding posts are my current trades for the 3rd week of May.
Hope this helps.
So the specifics goes like this.
1. I use 4H timeframe.
2. Setup 20 and 100 simple moving averages
3. I use the bar chart (just my personal preference as its simpler to the eyes)
4. I also setup a custom fib for me to measure risk and return (handy especially using a the mobile MT4).
5. With the 4H timeframe setup, I only look at my phone atleast 3-4 times in a day.
Rules:
1. Always have a stoploss
2. Look for pinbars/reverse pinbars at the 4H timeframe.
3. If a pinbar/reverse pinbar is formed, enter at the start of the next candle.
4. Based on experience, it'll be far more profitable if pinbars or reversed pinbars are formed away from the 20MA or the 100MA. As these would indicate a reversal of the trend.
5. I move the stop loss to Breakeven once the price crosses the 1R marker. This is how i like mine being executed.
6. Profit target is 2R. But I leave it till the next reversal bar shows up (pinbar or a reversed pinbar).
Succeeding posts are my current trades for the 3rd week of May.
Hope this helps.
Don't bet the farm house.