
Hi there!
I will also keep my journal here, and here's my trading plan:
TRADING PLAN:
I'm a short-term (1-3 days) momentum trader employing price action and market logics to identify good opportunities.
I basically divide market states on 2 groups:
Balanced and imbalanced market.
Inside of these two groups there are also insitutuinal imbalance and short-term imbalance (weak holders are in control). Know more about my approach to trading here ("Price action basics" posts). Also you can attend webinars, concerning these trading principles
Trading in balanced market:
For this type of market I will need to see volatility and rejection in the center of the bracket. To see rejection, I use several clues - directional candles, gaps, pinbars e t.c.
Rejected level located in the center of the bracket I call "rotational center".
I use it as a reference point and important trade location. I will trade on volatile breakouts of rotational center heading to the extremes of this bracket
Trading in imbalanced market:
In this case, I expect to see participation of big money buyers/sellers.
For that purpose, I have some clues:
1. Days with extremely low volatility near extremes
2. Neutral days after breakouts
3. Minor development areas protection
4. One-timeframing moves
e t.c.
Mostly I trade momentum, duration of trades are pretty fast (3-4 hours), but sometimes I hold position overnight (from US to Asian session) and in special situations, I trade 2-3 day swings, fading correctional movements. Of course, I should have very strong conviction about big buyer/seller presence in the market
My objective:
I want to improve my trade selection and decrease overall quantity of trades, improving their qualty. Historically, I make 30-40 trades a month, the better number is 20-30 with more accurate trade selection