Sunday, 30 December 2012
Tuesday, 18 December 2012
Current set of rules
| DB | Buy Setup |
| DT | Sell Setup |
| FH | Fade New High |
| FL | Fade New low |
| MO | Market Order Strong Trend |
| TLB | Bounce of Trend Line or EMA |
| TLS | Bounce of Trend Line Sell or EMA |
Sunday, 16 December 2012
more ideas on trading rules
As per vance in bmt
I have been circling the trades on my daily chart...I refer to them as optimum entry points. These are the areas where there is a compelling reasons to enter a trade.
They can include 2 or more of,
1. An area of support or resistance.
3. Evidence of price movement. No big chop or overlap going into an area where I am intersted in doing business.
4. The beginning of another leg up or down, as in a measured moved, or at the end of such a move as an area of capitulation.
5. Bounce off the EMA or a trend channel top or bottom.
6. 2nd entries (I explained in a video)
7. Trend days, any reason to go short or long.
8. Range days, fade every new high or low.
9. Double tops or bottoms. Without excessive overlap. (rangebound)
10. Buy or sell on retests of highs or lows.
11. Reversals or countertrend. Need extra certainty. More so than with trend continuation.
12. This is a recent addition...Market orders on very strong trends...(This is something that I got from the Al Brooks webinar... needs more review.)
Close is close enough.
I have been circling the trades on my daily chart...I refer to them as optimum entry points. These are the areas where there is a compelling reasons to enter a trade.
They can include 2 or more of,
1. An area of support or resistance.
3. Evidence of price movement. No big chop or overlap going into an area where I am intersted in doing business.
4. The beginning of another leg up or down, as in a measured moved, or at the end of such a move as an area of capitulation.
5. Bounce off the EMA or a trend channel top or bottom.
6. 2nd entries (I explained in a video)
7. Trend days, any reason to go short or long.
8. Range days, fade every new high or low.
9. Double tops or bottoms. Without excessive overlap. (rangebound)
10. Buy or sell on retests of highs or lows.
11. Reversals or countertrend. Need extra certainty. More so than with trend continuation.
12. This is a recent addition...Market orders on very strong trends...(This is something that I got from the Al Brooks webinar... needs more review.)
Close is close enough.
Tuesday, 11 December 2012
My trading rules and template
Ideas/focus on having good rules and template for trading
a> have a template/excel to check the Bull and Bear case
b> Type of trades to be taken
1> Trend (h1)
2> Trading range
3>
a> have a template/excel to check the Bull and Bear case
b> Type of trades to be taken
1> Trend (h1)
2> Trading range
3>
Monday, 10 December 2012
Sunday, 9 December 2012
trading rules example from Breakout journal -- BM
Trading Rules
Name: Robert
Live Account Forex
Account Size: 2000
Max. Position Size: 10000
Loss Limit: 60.00
Market(s) trading: FOREX
Trading hours (in Eastern Standard Time)
Trading style: Discretionary
Trading strategy: Breakouts
Loss limit:
What is your edge? Trading Breakouts and predicting price movements using support and resistance.
Risk to reward ratio 1 to 1
Mechanics (entering orders, placing stops, etc.): Use OCO orders to set stops and target. Enter on market during a breakout or use stop above breakout point to capture breakout.
Core discipline principles
Trade only high probability trades. If I miss it then I miss it. There is no getting in late on a trade. Never re-enter the market right after a big win or loss. If I lose 3 trades in row then I am done for the day. If I have 3 losing days in a row then I am done for the week
1. I will NOT hit my loss limit.
2. I will NEVER add to a loser.
3. I will NEVER add to a position
4. I will stop trading if my Net P&L is greater than $100 and my Net P&L has pulled back
25% off my high watermark (Net P&L high of the day) for the day.
5. I will take at least a 10 minute break after a large winner.
a. Define what amount you consider to be a large winner: 70+ ticks
6. If I am down for the day, I will take at least a 10 minute break if I experience 3 losing trades then I am done for the day. If I have 3 losing days then I am done for the week.
7. I will always commit to my stops and will never enter a trade without having a stop in place.
8. When my trade goes in the money by 10 ticks, I will slide my stop to breakeven [at the very
least].
9. My largest winning day will be greater than my largest losing day.
10. Overall Average Win greater than Overall Average Loss
11. Overall Average Win Duration greater than Overall Average Loss Duration
12. Total Win % of 45 or greater
Name: Robert
Live Account Forex
Account Size: 2000
Max. Position Size: 10000
Loss Limit: 60.00
Market(s) trading: FOREX
Trading hours (in Eastern Standard Time)
- Start time: 8:30 am
- Stop time: 3:00 PM
Trading style: Discretionary
Trading strategy: Breakouts
Loss limit:
- Per day: 60
- Per week: 120
- Per trade: 20
What is your edge? Trading Breakouts and predicting price movements using support and resistance.
Risk to reward ratio 1 to 1
Mechanics (entering orders, placing stops, etc.): Use OCO orders to set stops and target. Enter on market during a breakout or use stop above breakout point to capture breakout.
Core discipline principles
Trade only high probability trades. If I miss it then I miss it. There is no getting in late on a trade. Never re-enter the market right after a big win or loss. If I lose 3 trades in row then I am done for the day. If I have 3 losing days in a row then I am done for the week
1. I will NOT hit my loss limit.
2. I will NEVER add to a loser.
3. I will NEVER add to a position
4. I will stop trading if my Net P&L is greater than $100 and my Net P&L has pulled back
25% off my high watermark (Net P&L high of the day) for the day.
5. I will take at least a 10 minute break after a large winner.
a. Define what amount you consider to be a large winner: 70+ ticks
6. If I am down for the day, I will take at least a 10 minute break if I experience 3 losing trades then I am done for the day. If I have 3 losing days then I am done for the week.
7. I will always commit to my stops and will never enter a trade without having a stop in place.
8. When my trade goes in the money by 10 ticks, I will slide my stop to breakeven [at the very
least].
9. My largest winning day will be greater than my largest losing day.
10. Overall Average Win greater than Overall Average Loss
11. Overall Average Win Duration greater than Overall Average Loss Duration
12. Total Win % of 45 or greater
Tuesday, 4 December 2012
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