I've been planning to start a journal on futures.io (formerly BMT) for a while and the time has come. I will gladly take constructive advise from any readers and will be pleased if the journal is of any use to anyone (I have learnt SO MUCH on this forum and am therefore happy to try to contribute something useful). But the main reason im creating this is for me to review it frequently with the aim of ensuring that im making positive progress.
I trade using PASR and as you will see my charts are naked except for one 20EMA and S/R lines. The 3 setups I trade are as follows:
Incase anyone is wondering what my definition of a squeeze breakout is, I define it as an area of tight consolidation at an important level. That level could be a higher high, lower low, high of the day, low of the day. Basically it needs to be an area of support/resistance. I make a very definite destinction between a range breakout and a squeeze breakout. For me, a squeeze is the market consolidating in an area of tight price action before the next move. I dont trade range breakouts, but will instead wait for a pullback.
I trade using 3 time frames: daily, 30min, 5min
I live in South Africa and trade the ALSI (All Share Index)
Edit: Just to keep this 1st post updated, I no longer trade the ALSI. My main instrument current is the 6B. I am also looking into adding a 2nd instrument which will likely either be the YM or ZS. For the time being im just building up stats and getting a feel for those 2 markets while my primary focus remains with the 6B.
On average I get anything from 1 to 3 trades a day and do not hold overnight. It is rare that I get any more than 3 good setups a day.