Just going to enforce a few rules moving forward. I need to follow thesE with extreme discipline if I want to get back on track.
1. 3 Back to Back Red Trades = Finished
2. Trend Trading ONLY. If Reversal only 1 contract and 2 attempts
a. Above the 25 and 50 ma? Long. Vice Versa
b. If Reversal ONLY Trendbreak Horizontal Retest
3. Create Solid Risk Strategy on EVERY Trade
a. Identify what type of trade it is
- Scalp: Range Trading or Breakout/Breakdown at key levels
- Move to Move: Trend Continuation
- Trade to Hold: Any day where we have overly bullish or bearish news AND we are breaking out of a key level on the daily chart
b. Once identified trade the risk accordingly. If you are in a scalp, find the ENTRY where the EV is highest. Respect Risk. If you are in a Move to Move, find the entry with the highest EV. Respect Risk. etc.
- Risk will change depending on the range of the day. If we have a total of 25 point of range on the day and we trended higher for the first 35 minutes and then failed and started trending lower then perhaps on a move to move trade you would want to take about 5-10% of the total daily range. On a day where we are moving a total of 25 points then you should expect on a trend continuation/move to move trade that you can make anywhere from 1-2.5 points on a single trade.
4. Do NOT Trade Until 10:00
5. 6 TOTALTrades/Day MAXIMUM
6. Change Size Depending on Strategy
- Scalp is 1-2 Contracts MAX
- Move to Move is 3 Minimum with potential of 5-10 depending on the type of trend on the day
- Trade to Hold is 1 minimum but in theory as much buying power as possible max. If you get in early on a trending day and are able to size heavily into dips then that would be very incredible but its extremely hard to figure out when those days will occur. They almost always occur on days where we have a major daily spot about to breakout or breakdown AND data must be heavily influencing the charts
