Am starting this journal to keep a record of my trading plan. Am implementing my strategy in a small small account ($250) coverted to cent so that i have a bigger balance for trading. This account will be used only as practice account to test the strategy. First i will be working on the entry exit and stop loss and next on money management. Initially i have planned to trade with small lot size (0.1 or 0.05) to work on my entry, exit and SL. During momey management stage i will look to risk min 1% risk on each trade.
Am practicing both Swing and Intraday trading
Time frame : Weekly and Daily for direction 4hr or 1hr for entry (swing trades) / 15 mins entry for intraday
I use trading view for my chart analysis.
Chart setup & indicators
1. I use key levels as my support and resistance
Key levels : I draw a horizontal line for every 250 pips and a mid line inbetween 250 pips.
2. Indicators used: 8 and 14 EMA and MACD ( indicators will be used only for entries. EMA's for trend change and MACD for momentum.
Am practicing both Swing and Intraday trading
Time frame : Weekly and Daily for direction 4hr or 1hr for entry (swing trades) / 15 mins entry for intraday
I use trading view for my chart analysis.
Chart setup & indicators
1. I use key levels as my support and resistance
Key levels : I draw a horizontal line for every 250 pips and a mid line inbetween 250 pips.
2. Indicators used: 8 and 14 EMA and MACD ( indicators will be used only for entries. EMA's for trend change and MACD for momentum.