I am trying to find a method to trade that is effective enough without having a million lines on the charts. Going to take a look at what the reasons for entry and exit are using the strategy I like to trade.
A couple of ideas that I am also leaning towards are 1. not to trade pre or post market 2. avoid trading the first 20-30 minutes of market open so the dust can settle. Yes, Monday it would have been better to take profits pre market, but today would have left money on the table. However as I posted before that had we gotten into the trade based on the chart, we still would have had time to sell and make money on the trade.
This is a review of the last trade set up we were looking at yesterday. Again, I will say that this is not trying to guess the bottom or exact top, but find a bullish set up that will allow us to enter with a managed risk and reward and try to ride it out as long as possible.
This review is based on waiting for the first 30 minutes of market open to pass and then assess the price action.
After that I find that the swing low or gap window is often a good place to set an initial stop loss as long as the RSI is above it's trend line.
Then as the price breaks and closes above a previous swing high, I like to adjust the stop loss to the previous swing low. This takes the emotions out of the trade and will still be a profitable trade when stopped out.
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