Hi Everyone.
I've traded part time for years and its time to get focussed on one strategy, and accept that it makes me money if I can get over the boredom that comes with it. All the big-dogs say the trend is my friend - so I'm going to see if I can follow a trend. I've never been able to do it before and I am nervous about showing my trades to the world. But here goes!
My Goal is to take my next 20 trades as Rifle Shots; taking only "A trades".
At the end of 20 trades I'll review what I've done and learned and see what needs to be changed.
I will try to post live, so you can see my orders placed live.
Trend Following "A Trade Setup":
Identify the trend and only trade in that direction.
What's the trend? 21 sma 55 sma 89 sma all confirming the same direction. 21 > 55 > 89 for long trend. 21 < 55 < 89 for short trend
Charts
4 hour charts
Entries
Price action confirmation of trend continuation after pull backs to the moving averages.
Stop loss
Swing high or low of the entry signal bar
Take Profit
Price action counter to trend or obvious support and resistance. I have never been able to let my profits run. That's my goal here. I want to let the market take me out.
Very simple and easy to do - now its up to me to follow it!
Performance update:
2 closed trades: +158 pips (2 wins and 1 B/E)
I've traded part time for years and its time to get focussed on one strategy, and accept that it makes me money if I can get over the boredom that comes with it. All the big-dogs say the trend is my friend - so I'm going to see if I can follow a trend. I've never been able to do it before and I am nervous about showing my trades to the world. But here goes!
My Goal is to take my next 20 trades as Rifle Shots; taking only "A trades".
At the end of 20 trades I'll review what I've done and learned and see what needs to be changed.
I will try to post live, so you can see my orders placed live.
Trend Following "A Trade Setup":
Identify the trend and only trade in that direction.
What's the trend? 21 sma 55 sma 89 sma all confirming the same direction. 21 > 55 > 89 for long trend. 21 < 55 < 89 for short trend
Charts
4 hour charts
Entries
Price action confirmation of trend continuation after pull backs to the moving averages.
Stop loss
Swing high or low of the entry signal bar
Take Profit
Price action counter to trend or obvious support and resistance. I have never been able to let my profits run. That's my goal here. I want to let the market take me out.
Very simple and easy to do - now its up to me to follow it!
Performance update:
2 closed trades: +158 pips (2 wins and 1 B/E)