Market Prep:

The following items to be completed daily before the market open.

-Update all pertinent price levels

-Assess swing structure

-Develop a prediction for price direction



Countertrend Trade Qualifications:

All countertrend trades to be initially qualified by the following explicit requirements.

-Price has reached a significant level

-Price breaks the previous swing high/low

- If the broken swing high/low is on the immediate order flow, then price must not have entered the area of interest of the larger composite swing

- If the broken swing high/low is the larger swing then price must break the swing convincingly and not trade into an opposing significant level

-Price trades into area of interest of the new swing which broke the previous swing

-Entrances are executed with stop orders trailing micro swing high/lows once price has entered the area of interest



Trend Trade Qualifications:

All trend trades to be initially qualified by the following explicit requirements.

-The nearest significant level is a far distance from current price

-Swing projection has not decreased

-Depth of pullback has not increased

-Price trades into area of interest

-Entrances are executed with stop orders trailing micro swing high/lows once price has entered the area of interest

-In instances of extreme price movement that does not allow retracement to the specified area of interest, stop orders beyond the current swing high/low are acceptable for entry

Trade Management:

All trades to be managed in accordance to the following steps:

-Initial stop is placed beyond the previous swing high/low

-If price violates the area of interest but does not hit the initial stop then the stop is to be trailed aggressively

-If price respects the area of interest, then the stop is not to be moved without significant reason

- If price approaches the previous swing high/low but sharply rejects from the area the stop is to be moved to the current swing high/low in the area of interest

-If price breaks the swing high/low, the stop is to be moved to just beyond the acting swing high/low

-If swing projection decreases or depth of pullback increases considerably, then the stop is to be trailed aggressively on the next swing

-If price reaches the opposing significant level then the stop is to be trailed aggressively

Man, you are a killer. That equity curve is smooth. Thank you for sharing! Here is hoping that I’ll be able to post a similar screenshot in a couple years!

I'm kinda casually perusing other FIO members' stops... how far do you set yours out and what is your expected R:R? Forgive me if you've mentioned it before... I am old and lazy

Nice work! What is this program you’re using to log and plot your info like that?

I never would have thought that psychology would be my limiting factor.

I never thought so either. It seems that it is, once you get past the "this will work if I just follow it" phase.

Good work. Definitely appreciating your journal.

Bob.

These are my setups and live trade of 199. My loosers are more than my winners by 2 trades still out green with profit factor of 2.