I am starting this new thread to document my progress on trading this micro-trend trading strategies. This journal serves to keep myself accountable and also to track my trading performance. In this thread, I will post my daily trades if any. Personally, I prefer lower timeframe charts and day trading. Please don't tell me that higher timeframe will be better and will have less noise. I believe that a trader should design a trading strategy that is suitable for his/her own trading style. Nothing is absolute. What works for some traders might not work for other traders. No two traders are the same. find what works for you and stick with it.
Please help keep my journal clean and positive. This Forum should be a place where traders share and learn from each other.
I am only trading EURUSD pair using this strategy because of its tight spread. Also I like to focus on one currency pair at a time and master it before moving on to different pairs. To me, trading multiple currency pairs can be a bit distracting. I prefer to keep it simple. Just my personal preference.
TimeFrames that I use:
30mins
5mins
1min
Indicators:
20EMA
Entry strategy:
I only place trades when all the three timeframes line up. I enter my trades on the lowest timeframe chart. Entry strategy is mainly based on support & resistance and price action.
Exit strategy:
I am experimenting with both static and dynamic exit strategies. For static exit strategy, I use fixed stop loss and profit target and fixed risk reward ratio( RR ratio is in terms of R-Multiples). For dynamic exit strategies, I am looking at multiple profit targets & moving stop loss to breakeven after it has moved in our direction by a certain number of pips
Money Management: % risk per trade is 1%
Please help keep my journal clean and positive. This Forum should be a place where traders share and learn from each other.
I am only trading EURUSD pair using this strategy because of its tight spread. Also I like to focus on one currency pair at a time and master it before moving on to different pairs. To me, trading multiple currency pairs can be a bit distracting. I prefer to keep it simple. Just my personal preference.
TimeFrames that I use:
30mins
5mins
1min
Indicators:
20EMA
Entry strategy:
I only place trades when all the three timeframes line up. I enter my trades on the lowest timeframe chart. Entry strategy is mainly based on support & resistance and price action.
Exit strategy:
I am experimenting with both static and dynamic exit strategies. For static exit strategy, I use fixed stop loss and profit target and fixed risk reward ratio( RR ratio is in terms of R-Multiples). For dynamic exit strategies, I am looking at multiple profit targets & moving stop loss to breakeven after it has moved in our direction by a certain number of pips
Money Management: % risk per trade is 1%
1) your trading style and preference( short term day trading or longer term position trader) (2) your testing results. For me, I prefer not to hold my trades for longer than a few hours and M30 works for me so far so good based on my results. Another reason is that m30 will be more sensitive to price fluctuations compared to h1, thus more trade signals when using m30. There is no fixed rules. If it works, then it is good enough for me.
