CHECKLIST
I believe that if you take a mostly mechanical approach to trading you can limit the influence that emotions have on your trading strategy and system and that it will assist in making you a profitable trader. I have therefore created a Checklist of items that you have to work through before any trade is taken. Only when the intended trade complies with all the criteria on the Checklist should you take the trade. Hopefully this will limit trades to only quality trades and stop you from opening trades to soon that has not been fully confirmed. Here is the Checklist:
SR System Checklist
PHASE 1: (Signal Alert System)① Stoch Crossing 25 Level From Below or 80 Level From Above?
OR
② Currencies Crossing?
PHASE 2: (Trader)
④ Suitable Volatility (and Momentum)?
⑤ Both Current TF Trend and Higher TF Trend In Direction Of Trade?
⑥ MACD Divergence? If Yes - In same Direction?
⑦ Fundamental Analysis supporting the same direction?
⑧ Long Bar or series of same direction bars (e.g. 5 or more)? If Yes – Wait For Possible Correction
⑨ Establish Previous High / Low Price Level that has to be broken before opening trade
⑩ Risk:Reward at least 1:1 ?
⑪ Calculate Lot Size
⑫ Basket Trading? Divide lot size.
PHASE 3: (Expert Advisor / Trader)
⑬ Open Trade ONLY when price “breaks” Price high / low level as established at number ⑨
– Can use M5 timeframe for more accurate entry.
- Or use OpenTradeSR to do this
⑭ Trade half lot size and add other half at confirmation of price direction.
⑮ Close half at First Target and other half at Second Target or at Trend Change.
⑯ Move StopLoss as Trade goes in positive direction.
Download the Checklist by right clicking on the document below and select "Save link as.." and then "Save".
E-mail: [email protected]