NQ Hourly Trade Sep 3 Wed
Plan as if your life depends on it, this list is the most exhaustive and rigorous because it is necessary to do it to be successful
Any emotion? Any thought? Any event? Any distraction? Any fatigue?
Any market opinion that may be a personal bias? Any outside influence and bias?
Scenarios:
In a bull market, 8 trades out of 10 should be long
- Short trade profits should be treated as secondary trend trade and taken quickly
In a bear market, 8 trades out of 10 should be short
- Long trade profits should be taken quickly
Signals:
- Monthly pin in Apr
- Weekly IBB
- Daily bearish inside break
Trends:
- Daily up to sideways
- 4H sideways
- 1H down
ETH trade
A. Dow trend:
- Note both long and short setups
B. Average trend:
- Much preferred to trade with the primary trend
- For a trade against 4H trend, either 1H and 15 min should be aligned together, or if there is a 3 sigma move
C. Average and level tend to be less reliable in ETH with overshooting
- Wait extra bars for confirmation, no rush into entry
D. Pattern:
- Breaking out or signaling consolidation?
E. Squeeze:
- Don't trade against a young squeeze
- Note divergent momentum signals
- Is the Bollinger band setting up for a squeeze?
F. TPO:
- If a POC is forming, don't rush into entry
- Note singles that may attract price
G. AVWAP
- Note significant AVWAP support or resistance that may cap price
H. Final preparations:
- Wait for relevant candles to close
- Enter the trade in the direction of the last candle on relevant time frames
- Check for economic events again before entry
- Take a moment to reiterate purpose, process and presence
- Access the flow state
RTH trade extra tools
Identify a setup first then use TICK and 5 min / 1 min for fine tuning
Review market tide and net flow every 30 minutes or so
Take a screenshot before trade entry
Stop loss management
- Follow 20MA of the relevant time frame initially
- After a few bars, tighten stop loss aggressively and follow 10MA
- Jam stops with new signals, review potential risk of not moving stops
- Depending on the trend alignments, take quicker profits in a range trade and secondary trend
- Especially when there is a sense of gloating, usually a good get-out signal
- Take a 15 min timer break after stopping out on a short-term trade