Hello I'm starting this to help my trading and to post my set up for input from the community. Next post will be my set up and a screen shot. After that my rules (but there not finished, being written down still)
Entry Rules and Exit Rules
I've always had problems putting down on paper my trading rules. This is a weakness I have but they make sense in my head. But when trying to put the rules on paper, I tend to either over write them and they become way to long and hard to follow or I over simplify then and there worthless. My exit strategy is a big help to me, I tend to exit trades way to early and then don't have a good signal for a place to reenter the move. My exit strategy is written down but it's far to long and full of screen shots to post. I will work on shorting it this weekend. But in a nut shell, I'm using fibs for my exit(not for my entry) I set up Fibs( 0,25,38.2,61.8,75 and 100 only)The 25 and 75 are from something somebody taught me. But I'm watching after a 40 pip or more move to draw my fibs and watch the retrace. unless I get a candle closed above the 75 line. I'm holding the trade( unless all indicators turn against me) I keep redrawning the fibs as the trade moves. Also I have cheat sheets made up on each currency, so I know the daily ranges and when and for how much it tends to run when a trend does start. If I'm past the daily range on that currency, I will hold that line and be happy with a very nice trade. Yes this fib exit will return some pips, but i'm holding my trades far longer and over all have doubled or more my pip total on nice moves. Just my thoughts, not really doing this for you guys, but to keep me focused and moving forward. But I would be happy if this helped even one trader out there.