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Having written my trading plan I have executed a few trades
All the fundamentals remain the same identification of weekly trend
Swing highs lows etc. Identification of Weekly S&R etc. In other
words this not a pivot point or S&R trading plan rather an integrated approach.
I realize I need to develop a trade management plan, in trades where I think there is a chance of price moving beyond the next weekly S&R my plan is to split the trade 75%/25%.
In the case of successful trades 75% of the trade would be closed by a limit order at the next S &R level. The remaining 25% would
Be left on the table to run initially stop would be at BE or better.
From then on the stop on trades moving in my direction would
be placed behind the last weekly S&R that was broken. Limit
orders to close the trade at major bottoms or highs.
In the case of the other trades I will set a limit order to close
100% of the trade at the next S&R level.
This all new to me keeping a trade open perhaps for 3-6 months,
Observing my profit/loss fluctuate as price moves, asking myself do I take the profit early before price pulls back, or do I let it run
Its course, what is in my best interest? I shall no doubt learn as I go along.
Regards
All constructive comments welcome
All the fundamentals remain the same identification of weekly trend
Swing highs lows etc. Identification of Weekly S&R etc. In other
words this not a pivot point or S&R trading plan rather an integrated approach.
I realize I need to develop a trade management plan, in trades where I think there is a chance of price moving beyond the next weekly S&R my plan is to split the trade 75%/25%.
In the case of successful trades 75% of the trade would be closed by a limit order at the next S &R level. The remaining 25% would
Be left on the table to run initially stop would be at BE or better.
From then on the stop on trades moving in my direction would
be placed behind the last weekly S&R that was broken. Limit
orders to close the trade at major bottoms or highs.
In the case of the other trades I will set a limit order to close
100% of the trade at the next S&R level.
This all new to me keeping a trade open perhaps for 3-6 months,
Observing my profit/loss fluctuate as price moves, asking myself do I take the profit early before price pulls back, or do I let it run
Its course, what is in my best interest? I shall no doubt learn as I go along.
Regards
All constructive comments welcome
