Jedidiah's Holy Grail： Day Trading, The Trend Is Your Friend Trading System
Posted: Mon Apr 03, 2023 4:14 am
Main Trades are London open and New York open
I purchased a course,
Suddenly realized that the opening line of the day is particularly important
admission time
Open positions between London time and New York time (between Tokyo Time 16:00-24:00)
If the movement is higher than the opening price, we will buy.
If the movement is lower than the opening price, we will sell.
The risk is 5%
Limit your margin loss to 5% per trade.
Risk 5% = calculated lot size x target price range (pips).
basic rules
Do not trade on Tokyo time.
Follow the trend according to the opening price.
Since it is intraday trading, I will abide by the principle of not trading if I lose money twice a day.
After 2 o'clock in the middle of the night, the price trend will decrease, so consider withdrawing money after 2 o'clock. Positions will not be carried over to the next day.
If you can't catch the first move, try to stop the loss as much as possible. If the price is not running, admit defeat as a day trade.
best entry point
That was the opening price.
Buying pressure is likely to come into play above the opening price.
Selling pressure could come into play below the opening price.
This means that the entry point with the highest advantage will be near the open price.
On the contrary, the farther you are from the market price, the smaller the price range you can target, and the smaller your advantage.
The entry point away from the opening price,
There are two entry points.
One is the rebound against MA.
When we touch the 20SMA or 200SMA, we will enter with the goal of a bounce
The second uses Fibonacci.
Fibonacci 61.8%, rebound 38.2%.
Fibonacci retracements are used to measure breadth push rates.
It measures the lowest price of the day from 0 to the highest price of the day 100.
profit point
Our goal is to target the most recent high and low prices.
