Hi Everybody,
Decided to begin this journal to stimulate my growth as a trader and document my studies, commerce analysis, insights and ideas about EURUSD.
A couple of words about myself. I have been trading for four years now, had my ups and downs (more downs than ups, definitely), and have a goal to raise and start trading for a dwelling in the forthcoming two years. I already know this trip to be tough and humbling, and one in personal advancement in the first loion. I trade intraday, searching for scalp entrances with high risk-reward swing potential. My usual stop is 3-6 pips, and I look for trades that may produce at least 15 pips, a 3R multiple. In my trading I utilize the Brooks Price Action methodology for reading market context and market plogy bar-by-bar, but I also look closely at the classic TA chart patterns. The single indior I use is the 20-period EMA. Would love to incorporate Market Profile in my trading, but leaving for the future for the time being.
My trading plan
INSTRUMENT: EURUSD
TIME: European session and US morning session
PREPARATION: Daily analysis of the preceding day's functionality and visualisation (10 minute mental toughness exercise)
METHOD, STEP-BY-STEP:
- Multiple timeframe technical analysis according to Price Action (Dudella patterns, Brooks Price Action)
- Document trade places and thoughts, entries and targets
- Practice 5 min price action chart bar-by-bar based on Brooks Price Action to/at trade loion
- Entry on Tick Chart with tight stops 3-5 pips
- Take off to break even place on the next 5 min pub or scratch
- Breathe and hold to goals, scaling out
- 15 minute break and refocusing