candlesurfer wrote:true I have written mine down here and will try my damn hardest to stick with it.
Golden rule 1: I have to be disciplined & trade with the trend. I will measure trend by eye and MA combinations (short term, medium, long term)
Golden rule 2: Wait for pullbacks, consolidations etc. (indicated by Flags, Pennants, Triangles) to sell short term rallies and buy short term dips (short term being 2-4 days) within longer term trend.
Golden rule 3: Use CandlePro formation analysis as additional confidence that rally or dip is about to turn and estimate by how much.
Golden rule 4: Support and Resistance as further indicators of likely success of trade and to time entry, SL and TP.
Golden rule 5: Risk:reward must be at least 2-3:1 and each trade no more than 2% of capital risked.
Golden rule 6: Actively manage trade, use trailing stop loss using initial SL distance behind price.
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