I have been consistently profitable for a while on trading 1 min chart by using price action solely (with 20ema). As my trading positions increase, there's some psychological issues occur. Thus, I start this thread to help me record my daily trades and hopefully solve the problem.
If keeping using 10 cents hard sl and 10 cents tp, my trading results would be much better than now. But I want to record which makes my mind change during the trades. After these daily homework, let me see if I can learn lessons from that.
Any comments are welcome.
Here we go. This is my trading plan
Trade Signal Strategy:
Price Action = Candlesticks + S&R + Correlation
1) breakout pullback
2) pullback within the trend
(U can see my setup in the attached pics, nothing more, really simple:fans: )
Trading Instruments:
SPY, IWM, QQQ, DIA, VXX --- high correlated
Chart Intervals Used:
1 Min chart only
Position Size:
The risk is under 1% per trade.
Stop Loss Protection:
Hard stop for 10 cents, may use mental stop loss. I will stop trading if losing three trades in a row.
Profit Targets:
Usually 10 cent, or former S&R zone. My problem is that I change this target frequently with different reasons.
Trading Time:
US regular market hours, rarely trade during 11:30 am 1:30 pm EST unless the momentum is strong enough.