CadChf Short

Reasons:

1) In the direction of main tread
2) Bounce from TL
3) Bounce from Monthly SR
4) Hidden divergence

Trading Plan - Trend Line Bounce N Breaks

This is draft of my trading plan. From today,  I m going to take trades in a demo account until I ll be profitable for consecutive 3 months. I m starting with an equity of $2500.

• Know yourself, Know your purpose

1. Why do you want to be a trader?
• Current job is sometime stressful, difficult ot take leave
• Job very harmful for health
• To fulfill my dreams eg: Range rover
• Would love to be part of 5% of people
2. What sort of trader are you?
• You can call me medium day trader. With my day job, I can manage to look at H4 closes.
3. What are your strength & weakness?
• Strength: Ability to let the profits run.
• Weakness: Wanting to re-cope a loss quickly
4. Are you in right frame of mind to trade?
• I will only trade on days when I am rested, relaxed and not distracted by work or family. I will not trade on days when I m feeling hangover, tired or when I am mentally distracted by event in my life.
5. What are your Income targets?
• monthly $200
• 1 year - $2500 ie 100% per year.
• maximum draw down 30%
6. What is your trading goal?
• Max 9 trades per month
• Win ratio 3:2
• If attained we will go to BBQ nation

• Pre-market Routines

1. Which time fame(TF) will you trade?
• I ll max go down to H1 not beyond that.
2. What is your daily pre-market routine?
• To analyse and log yesterdays trade. Review any open positions, update TP & SL. Initial selection of possible instruments to trade.
3. Have you analysed yesterdays trades?
• Each day I ll ensure that yesterday's trade was analysed and logged and that my trading journal is upto date.

• Risk & Money Management

1. What is your risk to reward ratio?
• Equal or greater than 1:2
• Risk per trade - 2%
2. When will you stop trading?
• When we loose 6% in a week - stop trading for current week.
3. Will you locking profits?
• I ll utillize the trailing stops which I ll position at previous swing high or lows.
4. How will you determine your position size?

• Exit Strategy

1. Will you exit before you SL is hit?
• No
2. Which signal will see you exit completely?
• If the TL which I am riding is broken
• If it hit trailing SL which is 2R from the peek
3. Which signal will see you a close half?
• I ll exit half my positions when I see a bounce from major Monthly, Weekly or Daily SR lines.
4. Which strategy will you trade?
• Trendline bounces and breaks.

• Setups and Entries

1. What are your set-ups?
• Find out trending pairs in monthly, weekly or daily
• Dras TL in H4 or daily
• Trade the bounces from TL & trade the breaks after retest.

• End of Day

1. Have you recorded today trade?
2. Did you executed trades according to your plan?
3. Have you completed your trading journal?

• Discipline

1. What are the punishments if you break your trading plan?
2. What questions do you ask after winning a trade?
3. What questions do you ask after losing a trade?

H4 Power by 60MM

Inside bar breakout eg; post450
Basic rule post55
Dealing with fear of loss. post Read down few more posts.

CrucialPoint -notes

The construct