1. I will trade only high volume stock with the price range is $10-$150.
2. Daily volume at 10 am is 300k-600k.
3. 10 minutes chart but also check 30 minutes charts too.
4. Avoid extremely wide opening ranges(including wide body & the shadow)
5. Choppy price action( means when I will see more long shadow in the charts)
6. Not get into any position before 10.am (because this time when all the order from the previous evening get filled & market makers, institution traders are most active.)
7. Narrow range bar is the best candle to enter for obvious reason
8. 5 EMA need to be close to the candle.
9. Enter stop loss as soon as get into a position.
10. Before entering a position I must know the stop loss and possible exit, I will exit half of my position at next round number or at a dollar gain or support or resistance & rest of them when strong reversal candle will appear or when a opposite type candle overlap the intended trade candle(green, or red).
11. Position size will determine by dividing the fixed amount by opposite candle size.
12. Patterns that I trade or like
· Pull back then resume with full swing.(VVI)
· Pause in the trend(VVI)
· Opening breakout
· Flag
· Base form & breakout
· Wedge
· Triangle
13. I will never let my loss become bigger then my predetermined stop loss amount.
14. Before entering a trade I must know previous days high & low, support & resistance, most of the stock get stuck in previous days support or resistance.
15. I will never turn a gainer to a looser, if I am in profit & I want to give stock a playing space, but it doesn’t mean I will make a loss to give a stock a playing ground.
16. I will not decide the market direction, market will tell me the way it’s going, and I will not force the direction.
17. What I thing about the movement of the stock does not mean anything but what I see is the main thing.
18. Loss is the part of the trading, but it is the most important in my trading to keep it under control.
19.I will follow my plan what ever happens.
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