Today i have gone through ST and URD hand books to brush up my understanding as i see i was unable to pull trigger some times in last week and missed few good setup as hesitated at entry points.
Came with small document which i can use as reference point daily, Sharing as blog spot to take right cues if useful for your style of trading DP's.
Daily Trading Plan
Came with small document which i can use as reference point daily, Sharing as blog spot to take right cues if useful for your style of trading DP's.
Daily Trading Plan
- Plot DP’s such as BRN,PDH,PDC,PDL,RN & Proven Resistance/Support levels from daily chart
- Develop market bias by answering below Q’s
·
What is day’s trend; Up/Down?
·
Price opens in/out side of yesterday
range?
·
Price gapped trend or counter trend?
·
Price trading above/below of DO/PDC?
·
IR formed above/below yesterday closing
range
Read this before initiating trade:
- FTA should be at least 15 points away, to allow scratching
- Check if trapped traders create good order flow; Don't miss BOF of prominent levels
- Don't risk more than 10 points per trade
- Define exit levels before processing entry itself, you may get into TRAP right!
- Never miss Fluids.
- Check if critical mass (day traders booking profits/market counter gap down below PDL and reverse etc.) provides order flow to your trade.
- Attempt counter trend FTC trade only if you think price exhausted (near to higher t/f level)
- Don’t trade BOF while SAC pattern running/developing.
- Don’t miss PP trade, if BOF exits at other extreme
Managing Trade:
1. Hide SL behind DP,
Swing High/Low, Flip’s and Pivots
2. Move SL to cost and look to scratch if price reverse from FTA
3. Do SAR trades only in
case of TRAP entries (Or) You had one profitable trade already
4. STOP trading for the
day, once 2 SL triggered in a row
5. Maximum trades per
day, Four.
Good synopsis.Thanks.
ReplyDeleteRegards,
Veer
Welcome Veer.
DeleteHi Rose,
ReplyDeleteAlthough I too hesitate to pull trigger many a times. But this help sometimes.
http://screencast.com/t/nu17W8N
In Managing trades , it is very essential to follow your 4th point , as after two failed trades, we are likely to enter into revenge trading zone at least in my case.
Thanks
True, Our psyche effects after 2 failure trades in a row..
DeleteBTW that link is not working.
Nothing new, we have seen and heard many times.
Deletehttp://screencast.com/t/O60YlxWYyUa
Great ready recknor
ReplyDeleteGood info, very helpful. The way you write your each post helped me a lot to align my thoughts during trading. This post is also great, I too have made something like this for myself and this adds a lot to it. Thanks
ReplyDeleteBanafsha Chandran,
DeleteGlad to know that I am being helpful
Hi Rose,
ReplyDeleteUnderstood everything except this one:
"Don’t trade BOF while SAC pattern running/developing."
What do you mean by SAC pattern
Spike and Channel
ReplyDeletehttp://niftynirvana.blogspot.de/2012/06/spike-and-channel.html
Very nice Rose.. I like your systematic approach. I think u r applying Quality System and TQM (normally followed in Automotive field) in the trading process. Where u got training?
ReplyDeleteWhat is SAR trades?
RPKN,
DeleteNot sure what TQM is :)
I just framed some rules out of learnings from ST, URD teachings and my own learnings of risk management, trade management etc. Fortunately it turns out to be proven good so far.