Wednesday, June 9, 2010

Trading Plan

Here is my trading plan.

Overnight Trade:
1. Identify trend line.
2. Check CCI to identify if market has been oversold or overbought before take position. Make sure each position follows the trend line. 
3. If boat is missed, wait for another rally or correction.
 3. Set cut lost 
- short trend, previous high (lower high) + 5 points.
- long trend, previous low (higher low) - 5 points.
4. Money Management
- set cut lost to 10% equity and comply with 3. 

Intraday Trade:
1. Look for at least 5 candles (15 minutes time frame) to identify support & resistance.
2. Check CCI before enter position and check support and resistance identify in 1. Check pivot point to.
3. If choose to enter position that does not follow trendline, set take profit maximum 8 points and cut loss at next support / resistant.

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