I am been busy trading and travelling and sadly this trading blog has been overlooked for about two months. I am determined to get back into the swing of posting my longer term trades as they occur. These are mostly taken from the four hour chart. Sometimes i cannot resist a trade taken from the daily chart. Its these trades that i wish to report in this blog. I dont want to post lots of charts and meaningless analysis. The net is awash with that material and lots of "ifs" and "buts". I will post my analysis as briefly as i can and report on my entry levels, stop and position sizing.
The four hour chart starts at 0000 GMT and makes new bars/candles at 0400, 0800, 1200 , 1600 and 2000 GMT. Most trades occur at 0800 GMT and 1200 GMT. To make this work I shall try and post first thing, 800 GMT, 1200 GMT and 1600 GMT. First thing for me is about 0500 GMT. On many days this will be brief, if there are no high probability trades available. This is the case this evening. If I am travelling or conducting a seminar I will post that as well. The market will be there when I get back. These are trades that i take myself and if my years in this have taught me anything useful, its patience. If you havnt got patience to wait for the plums then you are in the wrong line of work. If you wish to trade more aggressivly the www.whichwaytoday.com trading room will be of much more use to you.
I use a 1% position sizing model in my trading. Very conservative I know, but thats me. There are old traders and bold traders, but no old bold traders. I will start with a 25000$ account and see how we go. Each trade will have its own unique stop loss based on the volatility of the chart under scrutiny. I will work out the bet size for each trade, the entry point, stop and target.
It will be fun.
Have a great evening.
David
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