This thread is intended to help me document my trades on my strategy. I call this strategy 'The Pullback'.
Its main mission is to trade pullbacks and retracements in the direction of the overall trend. It tries to pick the best risk/reward trades in the market.
I do not have everything in place in terms of rules and I am hoping that through this documentation I can come up with a rigid, mechanical plan that I can use to trade.
The rules that I have now are:
Its main mission is to trade pullbacks and retracements in the direction of the overall trend. It tries to pick the best risk/reward trades in the market.
I do not have everything in place in terms of rules and I am hoping that through this documentation I can come up with a rigid, mechanical plan that I can use to trade.
The rules that I have now are:
- Trade in the direction of the 4hr - indicated by the centre of gravity indicator - and the T1MA. We can place a trade against the trend if price is>50 pips away from T1MA.
- Trade on the MA's. If going short -on the upper MA and if going long on the lower MA.
- Prefarably on an up candle when going short and vice versa - this is going against the ordinary human psychology.
- Risk per trade is 1%
- Risk:Reward is 1:2
Example of a buy.
Hopefully I can document all trades with pictures attached for further reference and analysis.
I'm high on trading, cant you tell?