Basic Strategy

February 6th, 2017, 06:12 PM

First trade journal. I still can't come up with a good algo so I'm just trading my discretionary system and I don't have nearly enough trades to give you any statistics. I'm not even promising this will be profitable, just posting what I'm doing and trying to make it better as I go, hopefully I'll receive some good input from the community.

Here is a spreadsheet of the instruments I look at
https://drive.google.com/open?id=1-RNVWr8MzjjM34ZOINqqk6XSS6WBzi8JPWDDN5yr3HA
I haven't updated the avg range in a week or two

The basics of the basic strategy:

Choose an instrument - based on longer time frame trend - is it moving far and fast on the longer term time frame and in a predictable manner in its price action on multiple time frames - I will often use finviz charts for this

Gain context of that instrument on multiple time frames using trading software ninjatrader - I look at weekly - daily - hourly - and minutely - all 4 charts have a longer and shorter donchian channel as well as parabolic sar at default setting and range chart at the bottom - I also usually try to size the horizontal lines on the chart to be equal to about $100 profit/loss segments (so I can build a mental renko chart at the same time as looking at the time based chart - I prefer this to actually looking at a renko)

Generally I'll make sure it's got a good trend going on a higher time frame and look for a pullback and then drill down and attach my orders to whichever of the indicators I think will catch the trend best while still keeping me within my initial risk level. If I get stopped out at a profit and I think it has further to go I might get back in but generally if the trade is a loss I just turn off the computer and go do something else.

I may not make a trade everyday but when I do I'll post them win or lose. If I can remember to keep this up. Thanks everyone.

Basic Strategy

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Basic Strategy