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Philosophy: I focus on day and short term trading via market profile and technical analysis. I look for optimal trade location that provide asymmetric risk to reward opportunities.
Markets: I trade Gold, Crude Oil and E-Mini S&P futures.
Strategy 1: Excess Breakout: Market moves quickly with strong volume, Enter via market order in direction of breakout. Minimum risk:reward of 1:3.
Strategy 2: Value Area Extreme Retracement: If market retraces to VAH or VAL and stalls, fade the market via a market order. Minimum risk:reward of 1:3.
Risk: Maximum 3.5% of account equity on any one trade.
Journal: Enter all trades in Trading Journal. Monitor performance weekly, monthly, quarterly and yearly.
KEEP IT SIMPLE: Today I simplified my trading. I reduced my number of strategies to 2. Previously I was trying to implement 4 or 5 different strategies. I was confusing the hell out of myself and suffering from analysis paralysis. The problem I was suffering from was not wanting to let go of EVERY opportunity. I have to accept the fact that I will not catch EVERY move. That is ok. The key is to catch some moves. Nobody can catch 100% of the moves. Patience is key!
OOps! I butchered this trade. This made me realize I need to update my strategy rules. The correct trade, according to my rules, was to short the retracement to the VAH. I've updated my rules.
Gold, Crude Oil and ES screen shots with trade locations for 3/2/12. Will update Trading Journal and Monthly Quick Review and Post later. I also made an error on an ES trade. Similarly, I should have followed the excess breakout requirement before entering ExBo long. Correct trade was fading VAH.
