Intraday Method

Pre-Routine

  1. Get up 0745
  2. Wash Face
  3. Water
  4. Light Exercise (Calisthenics)
  5. Mindset - Gratitude LOA work
  6. Start Trading 0800

Prep

  1. Identify H4 trend (in order to trade with it on M30)
  2. Label D1 and H4 demand and supply. Using pivot low's lowest tail's width (uptrend demand), pivot high's highest tail's width (down trend supply) and counter trend bar tail's width if a strong trend precedes current price action: bull bar tail in down trend and bear bar tail in uptrend.
  3. Identify M30 trend (in order to trade with it on M5)
  4. Depending on trend Label M30 demand or supply (for M5 Entries), use different colour to H4 levels. Using pivot low's lowest tail's width (demand), pivot high's highest tail's width (supply) and counter trend bar tail's width if a strong trend precedes current price action (supply or demand).
  5. Set sound alerts around S&D levels.  Use the lows of supply levels and the highs of demand levels so as not to miss out.
  6. Drill out to M30 & Wait for alert to trigger. Ensure you spend very little time in front of the charts until a level is hit as you have a tendency to exhaust your objectiveness by staring at them incessantly. 
Supply in a Downtrend

Trade Plan:
In its most simplest term my trade plan is Buy Low, Sell High.  A little more info would be my long term strategy Buy low at long term demand, sell high at longterm supply. However price often takes awhile to get to these areas and so my short term plan is to trade price from one area into another. IE: If Price has most recently touched an H4 supply level and fallen from it I should be shorting away from it and into H4 demand below using H4 or M30 supply as entries...Put another way If I am waiting for price to reach a supply I can short at I should be getting long into it. And if I am waiting for price to reach a demand level I can get long at I should be getting short into it.

Trade Entry and Management
  1. Wait for alert to trigger 
  2. drill down to M5 if it is M30 level that's been touched (except on GU, stay on M30).
  3. Be very patient, breaks can be false so wait!
  4. Use HOLP if getting long or a LOHP if looking to short.
  5. Use a standard stop plus spread to avoid shake outs 
  6. Profit target: near 2:1 - 3:1 ideally near a larger timeframe supply or demand level. IE M5 trade off M30 supply, trade it into the next level of M30 demand.
  7. Trail stop on low of pivot low if long or high of pivot high if long.  (Trend bars cut your profits too quick!)
  8. Time/Momentum stop.  If you're an intraday trader, ultimately you're trying to catch momentum. Therefore if it doesn't show up after 2.5-  3 bars of your entry it probably isn't there, scrap the trade for a small loss, you can always get in on a re-attack. 
  9. SAR Rule: Should a Long term trade fail (m30 price off H4 S/D) update M30 levels and drill down to M5 to perhaps get in on a SAR (stop and reverse) of the long term trend.

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Business Plan


























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About me:

I am Risk Averse: I am a FBT (fear based trader) so my knee jerk reaction is to avoid risk (a trade) rather than take it.  This is not something I can change but knowing it, it is something I can work around.

I am a Perfectionist:  Again this is something that I am not going to be able to change, it's just a part of my make up.  The most important thing is that I know it and can therefore can trade around.  For me my need to be right far out weighs my need to make money (shrink says this stems back to trying to please parents) so instead of trying to take the seldom trade to the moon and lose 70% of the time. I want take small winners and be right 90% of the time.  This way I stay happy in myself and am able to trade well. 

Solution to My  Problems: I find that most of my problems originate in the 3Ps, Psychology, Physiology or Plan and can be fixed by working on them. And of course find words from other traders useful. Here are a couple of my favourites from JMF3

"First, realize the nature of your mind and its ability to rationalize and deceive. You're not being prudent with your risk management by avoiding trades that could go against you. ANY trade can go against you. So catch yourself when you think like this. Second, learn to think in terms of a long series of trades. It's not the results of this trade that matter. "

#1 Trade to make money.
#2 Make all trade management decisions focused on capital preservation. You will never make a bad decision or miss a trade if you remember these 2 rules.
#3 Accept small consistent profits over occasional large gains and inconsistent winning patterns.
#4 Do not trade the illusion of the trend (in intraday emini trading), but trade to specific targets and a daily goal.
#5 Take profits regularly. Become the 1st target master, and use leverage instead of trying to beat the market for more points than what you (and your method) are capable of.

Goals: I am currently only concerned with getting consistent results. I am quite happy with small consistent wins, ATM (131114) I am really more focused on consistency and building real-time experience rather than P/L. IE last week I lost 3.9% The week before I made 1%,  so technically I'm net down but to me I'm BE in terms of consistency.  I know this is not going to work for LT success but currently this mindset is keeping me motivated and I feel I am progressing regularly, so must be a good thing.  This is a sim account and my long term goal is to get 4 winning weeks in a row and then I will start to trade a small amount of money. 

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