Starting today I will make a trading journal using The Freebie System started by Dredding82. Since I still have problem to determine trend bias using multi timeframe, I will use Paulus approach to make it as mechanical as possible.
The original rules can be read from the thread, I will use this.
Entry Rules:
1. 123 formation
2. Fail/break on pivot (I use Camarilla Pivot)
3. Heiken Ashi color match with entry direction
4. The signal bar must be the first HA color change, closed on the right side of the pivot, max 7pip from pivot
Stop Loss: 3-4pips below/above previous swing considering the spread
Target: will be on the next pivot lines. Minimal Risk:Reward 1:1 and maximal 1:3
Risk: 2% of my account
Pairs: AU, EU, GU, UJ, will try to add some pairs ie EA & EJ if I can manage all of them at once
Timeframe: M5
Trading Time: Tokyo open-London close
Indicators:
1. OHLC bar
2. camarilla pivot
3. 3 level semafor
additional indicators: market line, candle clock, fifo alert to analyze the performance regarding HTF
To be analyzed from the journal result:
- is it better to wait for the big 3 from semafor to confirm direction?
- is it better to trade on London session only?
- is it better to follow H1 HA direction?
The original rules can be read from the thread, I will use this.
Entry Rules:
1. 123 formation
2. Fail/break on pivot (I use Camarilla Pivot)
3. Heiken Ashi color match with entry direction
4. The signal bar must be the first HA color change, closed on the right side of the pivot, max 7pip from pivot
Stop Loss: 3-4pips below/above previous swing considering the spread
Target: will be on the next pivot lines. Minimal Risk:Reward 1:1 and maximal 1:3
Risk: 2% of my account
Pairs: AU, EU, GU, UJ, will try to add some pairs ie EA & EJ if I can manage all of them at once
Timeframe: M5
Trading Time: Tokyo open-London close
Indicators:
1. OHLC bar
2. camarilla pivot
3. 3 level semafor
additional indicators: market line, candle clock, fifo alert to analyze the performance regarding HTF
To be analyzed from the journal result:
- is it better to wait for the big 3 from semafor to confirm direction?
- is it better to trade on London session only?
- is it better to follow H1 HA direction?