A comprehensive list (for now) of instruments and tickers that I'll be scanning for trading opportunities on a daily basis:
Futures
Spot Forex
ETFs
TRADING PLAN (OUTLINE)
I'll be trading purely "W" and "U"/Round bottom reversals either at end of a downtrend, or whenever they are seen around key support zones in a correction in an uptrend. Simply put, I'll only BUY.
All entries will be limit or stop-limit orders.
Hard stops and profit targets will be determined before orders are placed.
Stop-loss will be placed at previous lows with level 1 bullish patterns, or at the floor of a consolidation zone below entry.
Profit targets will be either Fib Ext levels or overhead resistances.
I'll go in with FULL size and scale-out for all DAYTRADES (applies to all FUTURES trading). No scaling in for daytrades.
I'll scale-in only when I see another "W" or "U" setup as price moves higher up. This applies only to SPOT FOREX (where I'll be using a maximum leverage of 1:2) and ETFs trading, which I will hold indefinitely whenever I'm confident that a trend will last for a while.
I'll daytrade both spots forex and ETFs mainly, and hold for a swing only when my profit target is not hit by end of the trading session.
BROKERS
Futures: IB (Main Broker), Rosenthal (considering), TT (considering)
Forex: Oanda
ETFs: IB
6 comments:
GodAlmighty Jules, I watch your blog for a while now and this is the only post of yours i feel like i have to say something: would not that be overwhelming? and btw, forex spot and forex futures moves are exactly the same basically you can watch one and trade the other so thers no point in watching both..or maybe there is coz I too watch 6E and EURUSD side by side.
:-) Paul, I read my blog entry again and noticed that the first line (edited) was misleading.
What I meant to say was that I would be SCANNING those 3 lists for trading opportunity. They are the complete list for now, but I might shorten or lengthen the list going forward.
For FX, I'm looking at only the 4-hourly for setup and maybe the hourly for entry. ie. I won't be staring at them throughout the day :-)
The only list I'll be staring at will be the futures.
This is how it goes: I start work daily at around 7am and my day at my workstation ends at 2-3am. From 8am to 9pm I'll be watching mainly futures (mainly forex futures). At 9:30pm which is when the US session begins, I'll watch mainly ETFs and commodities & index futures.
Although 6E and EUR/USD's moves are essentially the same, one's highly leveraged and the other one's not (at least I won't be using any). So for futures I'm looking mainly to scalp once I see the setup I want to trade develops. Most importantly, the timeframes I'm watching for futures and spots are different (10min for futures vs 4-hourly for cash market). For FX, I'll most likely be holding for longer than a day.
Because I'm scanning across a few dozen tickers, I'm trading predominantly just 1 setup and whether I take a trade will depend on whether I think the pattern will hold, and the R:R of that trade.
Hope that sounds less scary than it appears to be? :-)
Thanks for dropping your first note, Paul :-)
Whatever makes you comfortable it is good I believe so you know better Jules. The truth is that I experience a lot of boredom waiting for something meaningful for me to apear on chart (I hate to call it setup) and because of that sometimes I make trades without reason so maybe a little more activity its welcomed sometimes. Good luck Jules, see you around.
Sounds like a plan. I'm also looking forward to trading one setup myself.
The only concern I have for you is 7am to 3am? Is that only 4 hours of continuous sleep? Even if you take naps, that isn't good enough because I heard that one needs to go through at least 6 hours of continuous sleep for brain sorting/regeneration.
Precisely why I prefer to look at more than one chart, Paul. When I look at one and put all my HOPES on it to give me "something meaningful" (I will just call it setup LOL!) to trade, I tend to start imagining things after staring it for too long :-)
That's why I have a degenerated brain, Ed! LOL!
Unfortunately for me, max I can sleep is 4 hours, WITH medication. Without medication, I can go without sleep for 2 days in a row and then still not be able to get a good sleep on the 3rd day.
You're trading 1 setup too? Yay!!! :-)
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