Hello everybody.
Just wanted to share my trading journal here. I've been trading since 2009.
Anyway, my strategy is very simple. I based it on one of the old threads for Daily charts and it worked very well for me. I just can't find the original thread.
1. Simple charts - I use Daily charts. I also like to look at the Weekly to confirm the trend.
2. Indicators - I use Bollinger Bands; 8,3,3 Stochastics with lines set at 40 and 60; and 5/8 EMA crossover.
3. BUY - Price is bouncing off 20 SMA (Bollinger Band) - SMA must be trending up; Stochs crossing up from below 40 level; 5 EMA must cross above the 8 EMA (and price must be above those said EMAs)
If there is a setup, you must confirm with the Weekly to see if they are moving in the same direction.
*** Wait for the Daily candle to close - 5 PM Eastern Standard Time - before opening a trade.
4. SELL - Vice Versa
5. EXIT - Stop Loss is hit; Stochs crosses the opposite way than the entry; the system says to open an opposite trade.
6. MONEY MANAGEMENT -
SL = 70 pips (BE +3 after 70 pips)
I let the winning trades run for as long as it can.
Some rules that I like to follow.
* Stick to your rules.
* Don't force a trade.
* Never trade against the trend.
* Never trade during major news (NFP, Interest Rates, etc.)
* Never chase a missed opportunity. There will always be another trade.
Erik
Just wanted to share my trading journal here. I've been trading since 2009.
Anyway, my strategy is very simple. I based it on one of the old threads for Daily charts and it worked very well for me. I just can't find the original thread.
1. Simple charts - I use Daily charts. I also like to look at the Weekly to confirm the trend.
2. Indicators - I use Bollinger Bands; 8,3,3 Stochastics with lines set at 40 and 60; and 5/8 EMA crossover.
3. BUY - Price is bouncing off 20 SMA (Bollinger Band) - SMA must be trending up; Stochs crossing up from below 40 level; 5 EMA must cross above the 8 EMA (and price must be above those said EMAs)
If there is a setup, you must confirm with the Weekly to see if they are moving in the same direction.
*** Wait for the Daily candle to close - 5 PM Eastern Standard Time - before opening a trade.
4. SELL - Vice Versa
5. EXIT - Stop Loss is hit; Stochs crosses the opposite way than the entry; the system says to open an opposite trade.
6. MONEY MANAGEMENT -
SL = 70 pips (BE +3 after 70 pips)
I let the winning trades run for as long as it can.
Some rules that I like to follow.
* Stick to your rules.
* Don't force a trade.
* Never trade against the trend.
* Never trade during major news (NFP, Interest Rates, etc.)
* Never chase a missed opportunity. There will always be another trade.
Erik