Just wanted to share my trading journal here. I have been trading because 2009.
Anyway, my egy is quite simple. I loed it on a few of the threads for Daily charts and it worked well for me. I can not find the thread.
1. Simple charts - I use Daily charts. I also like to Check out the Weekly to confirm that the trend.
2. Indiors - that I use Bollinger Bands; 8,3,3 Stochastics with lines set at 40 and 60; and 5/8 EMA crossover.
3. BUY - Price is bouncing off 20 SMA (Bollinger Band) - SMA must be trending upward; Stochs crossing upward from under 40 degree; 5 EMA should cross above the 8 EMA (and price needs to be above those mentioned EMAs)
When there is a setup, you must confirm with the Weekly to determine if they are moving in precisely the same direction.
*** Wait for the Daily candle to close - 5 PM Eastern Standard Time - before opening a transaction.
4. SELL - Vice Versa
5. EXIT - Stop Loss is struck; Stochs crosses the other way than the entrance; the machine says to open an opposite trade.
6. MONEY MANAGEMENT -
SL = 70 pips (BE 3 after 70 pips)
I allow the winning trades operate for as long as possible.
Some principles that I prefer to follow.
* Stick to your principles.
* Don't force a transaction.
* Never trade against the trend.
* Never exchange during major news (NFP, Interest Rates, etc.)
* Never chase a missed opportunity. There will be another trade.