new month, new approach, new journal ... here are the rules (in no particular order; will edit later and categorize):
momentum bars in NT7
an instrument that "moves" (eg. YM, CL)
positive risk-reward (eg. 12t max stop with 15-20t target)
single-tiered approach (at least initially, to keep things as simple as possible)
entries are with-trend (or with-new-trend) only, no counter-trend entries; avoid trading in a range
enter with stop-limit, so orders are placed outside the market in advance/expectation of movement (similar to range bars, momentum bars have a fixed candle-body range, which makes this easier for me to anticipate & visualize)
look for failed counter-trend move, enter on resumption of trend (see chart for example; will be clarifying more as we go)
progressive stop tightening to lock in profits (eg. after 10-12t in profit, tighten stop to +5, and again after 15-16t in profit, tighten stop to +10)
initial target may be adjusted upon initial entry, if respected S/R levels fall within these areas; however, this should be the exception and must be justified/explained
only take trades during pit session (0830 - 1500 central)
no new trades entered during last 5m of pit session (1455-1500)
maximum 3 losing consecutive trades per day
max daily drawdown 5% total account size, including commissions
stop trading after net 50t is realized (approx 250$/contract incl commissions)
add new contract each time 3k net is added to account; assume 5k opening balance
if anything goes awry on entry or with atm stops, close the trade immediately
with that said -- here is a chart from yesterday for illustration:
32198
i will be on holiday camping w/the kids for a few days this month during spring break. all other days this month i expect to be posting here.