OK, test this one in Simulation mode
until you're confident for Live trading. ( I know it works)
Thank you, I will try it because I like the idea of 1 trade per day and profit target of 100 ticks per trade , and 1 trade per day lose or win.
Step #1 Open MNQ with a 30 minute chart.
Step #2 Make sure you can see at least 5 days
of price.
Step #3 Every day determine High/Low range.
Step #4 Range is absolute high and absolute low
between 5:00pm to 5:00 am Eastern
Are you referring to the 24 hour chart?
Step #5 Use horizontal lines to mark
these two levels on your chart.
Can you please clarify what you mean by the 2 levels? Is the high and low over the past 5 days of trading?
Step #6 Buy or sell the first level that's breaks
past 1 tick.
Are you stating that if price is 1 tick above resistance Sell? Are you stating that if price 1 tick below support, Buy?
Step #7 Stop loss is the price level on
Can you please clarify what you mean here?
opposite side that was not broken.
Step #8 Profit target is 100 ticks
Yes I know, many times you'll have a
WIDE stoploss. Just be patient and
wait till move develops. Watching
the chart every day will help you
determine the best days to WAIT
FOR IT.
Some days you'll see when MNQ is developing
a clear trend. When that's evident to you,
look to take position early before it breaks
any of your price levels. On such days you can ride
the move for more than 100 ticks. Sometimes
a lot more (200+)
In time you'll know when to increase your contract
size. (Goal is using Mini contracts instead of micro)
Caution: ONLY use this with a 30 minute chart
and ignore price action on lower time frames.
If you use this with a lower time frame you'll
end up pulling out too early when the move
is barely under way. Lower times frames = Slot machine
mentality. (Stay away from it)
Once you win the trade, STOP TRADING.
You only need 1 trade/day. This will protect
your profits, build your confidence and
your bank account.
Patience is required.
To your Trading Success.
