Monday, August 24, 2009

Goals for the Week

This week I will trade two methods. The first and primary method is Meantrade with the newest golden ratio levels as my "battle lines." Stops will be based on the previous highest high or lowest low from that day, or if earlier enough in the session, from the previous day. I expect my win/ loss ratio to be around 60% by applying hard stops. I accept this because it means I will not blow up. 

The second method is based on breakouts. On Monday's there is an overwhelming tendency for GJ to trend most of the day. I will simply create 60 range CRB's and hold the position until the Heiken Ashi's reverse. Simply following the trend on Monday's has yielded robust gains for the year and I expect the tendency to continue. I will not take the breakout trades on other currencies so readily. For those I will only trade in the direction of the weekly breakout basing the previous weeks highs and lows and marker points. Once the CRB prints higher than the previous weeks high and lower then the previous weeks low, I will trade only in the direction of the breakout.

I favor the Meantrade method over the breakout method, but I will keep my eyes open for both.

My concrete goal for the week is to use hard stops when trading Meantrade.

1 comment:

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