Here is my trading plan:
Time Frame used Daily and Weekly.
Looking for PA as PIN-BUOB/BEOB-DBHLC/DBLHC in confluence with:
1)BRN (every 500 pips)
2)PPZ.
3)Fib retracement as 50%,61%......i can use 38% as further confluence but never consider it as a single factor.
4)Trend Line.
5)Macd (only for counter trend).
To take a trade i need to have 3 factors,PA with two of the above elements.
Only trade according to the main trend except when i have a divergence on the MACD.
I will always take note of the PPZ;TL;BRN before the fact....every sunday i'll draw my charts with the area that for me have an interest and i'll wait for the price to come to me.If not NO TRADE.
Exits:
As soon as i enter an order i'll take note of the first trouble area FTA and second trouble area STA.
I'll test three exits methods:
1)When price reaches FTA move stop to BE and take partial profit.Second unit will be closed at STA.
2)When price is at 0,5% profit i'll close half position and move stop at -0,5%.Second lot will be closed at 1%.
3)One bar trailing stop ( I trail the stop below everyone's bar low that ecxeed the previous bar high).
Risk 1%
I'll demo-trade for 3 months.....till 10/31/2010 to see what kind of resoult i got.
Time Frame used Daily and Weekly.
Looking for PA as PIN-BUOB/BEOB-DBHLC/DBLHC in confluence with:
1)BRN (every 500 pips)
2)PPZ.
3)Fib retracement as 50%,61%......i can use 38% as further confluence but never consider it as a single factor.
4)Trend Line.
5)Macd (only for counter trend).
To take a trade i need to have 3 factors,PA with two of the above elements.
Only trade according to the main trend except when i have a divergence on the MACD.
I will always take note of the PPZ;TL;BRN before the fact....every sunday i'll draw my charts with the area that for me have an interest and i'll wait for the price to come to me.If not NO TRADE.
Exits:
As soon as i enter an order i'll take note of the first trouble area FTA and second trouble area STA.
I'll test three exits methods:
1)When price reaches FTA move stop to BE and take partial profit.Second unit will be closed at STA.
2)When price is at 0,5% profit i'll close half position and move stop at -0,5%.Second lot will be closed at 1%.
3)One bar trailing stop ( I trail the stop below everyone's bar low that ecxeed the previous bar high).
Risk 1%
I'll demo-trade for 3 months.....till 10/31/2010 to see what kind of resoult i got.
Patience is essential
is that ironic??
