Back to my daily trade journal again. It has been a busy month.
I started to do well by applying my BB/D, Fib swing setups in January. It has four elements in it.
1. Identify trend and follow it. Also draw trend lines to show S/P areas;
2. Look for BB/D cross and pull back to BB line for entry point;
3. Use Fib levels for confluence area and possible change of directions;
4. Calculate risk and reward ratio, I will not consider taking a trade for less than 1.5 RR ratio;
I made several profitable trades by applying this setup. I also avoided several losing trades from other trade signals which didn't match my trend following requirement.
No comments:
Post a Comment