share my emini trade plan

oldcat

http://www.hutong9.net/home.php? ... ward=1&id=42428

chickencoop

greenback

Great! Please water here often so we can exchange ideas ...

greenback

I'm posting your plan here so I can think about it more ...

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Goal:
Become consistent profitable in emini trade: profit every month and more than 70% of the weeks.
Capture 4 points profit everyday on average.

Market:
emini s&p 500

Time Frame:
6:30-9:00 pacific time. no new position after 8:30
using spx 5m chart to decide buy or sell and es 2000 tick chart to fine tune entry.

Method:
Trade the following setup:
1. one leg pull back in strong trend
2. 2-3 leg pull back in mature trend
3. Range reversal
4. Trend reversal: break trend line and successful retest.
Exit:
exit half at first resistance/support, trail stop the rest until 9:00am.
Decide weather to trade on long or short side:
1. decide if market is range or trend day
2. if there is clear trend, trade pullback setup
3. otherwise trade range reversal
4. try to trade on the same direction of daily trend, if 5m direction is opposite with daily direction, prepare to trade reversal.

Risk control:
1. stop at signal bar low but not large than 2 points
2. stop if lose 4 point one day.
3. stop for the week if lose 10 points this week
4. stop if lose 40% of portfolio

Every day:
6:20- 6:30: Prepare
6:30-9:00 trade
Night: document and review trade
Battle plan for tomorrow.

Every week:
Review weekly trade. Next week news event.