JIH,
Last we left off.., you were on the ledge almost ready to step out
Letâs get you back there as soon as youâre ready
To recapâ¦, and depersonalize this gig
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Edge;
Indication price will do one thing over another
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Methodology;
Use lines / boxes â encompassing PA â to build context
Use this context â to identify PA conditionsâ¦, to identify signals for same
Add toâ¦, as you see fit
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Define the entry signals youâll use
Examples;
DT = enter on a potential double top
DB = enter on a potential double bottom
PB = enter once price pulls back to the TL.., and shows signs of respecting this TL
Add to.., as you see fit
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Trade plan (created for each trade)
1.) Signal / entry
2.) Initial Stop loss
3.) Target / way of managing trade
Trade plan example;
For this example price has been moving down â making LHs (forming a down move TL)
Then.., over the last few bars.., price made a steeper down move (pulling away from the above down move TL)
Now.., price commences to pulling back â in the form of a range â to this down move TL
1.) PB to TL / short
2.) Breach of the down move TL / breakout to the upside out of the range PB / (25.14) (all 3 would be the same for this example)
3.) Remain in.., long as price continues respecting this down move TL / breaks out of the PB range to the down sideâ¦, / continues making LHs (these 3 are the same for this example)
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I use my methodologyâ¦, to identify an edgeâ¦, appropriate for the current PA conditions
I then.., identify an entry signal to exploit this edge
I then.., create a trade plan / enter â based on this entry signal
I then.., manage this trade
I then.., move on to the next trade
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The process (simplified) â from which we never deviate
Identify the direction
Identify / wait on an entry signal (which includes a low risk stop loss)
Create a plan / Enter
Manage per the plan / wait till it time to exit
Exit â for a profit.., or a loss
WRR
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As you experienced last week â a little discipline / focus is not sufficient
Come Monday morning;
We amp up our discipline & focus â to 100%
We separate our self / get out of our way
We follow the process
Our PnL is simply a reflection of how well we follow / followed the process
Small / BE losses is to be expectedâ¦, is damn good trading
Entering â exiting â immediately reenteringâ¦, is necessary at timesâ¦, is an advanced skill
The mkt is uncertain
Each tradeâs outcome is uncertain
We donât know.., we never know
We follow price's lead
Trading is only about making moneyâ¦, by managing risk first â by making money second
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Welcome back my Friend
Now letâs get your shit wired tight.., your head in the gameâ¦, your self separated from the gameâ¦, trading
RN
