STRATEGY ONE:
Setups and criteria______________________
>Start ready at 6:30am
>Mark on all S/R levels produced overnight and any others within 200 pip range (only those with no price movement between level and current)
>Take each signal from 7am onwards until 5 trades completed or 8pm
>Enter on MA cross with new candle on or above MA cross
>Trail each position behind S/R levels when new candle produced above/below
>If no pull back to trailing stop, SAR on new opposing setup signal
>No targets and a maximum of 18 pip stoploss (incl. spread) regardless
STRATEGY 2:
Setups and criteria_____________________
>Start ready at 6:30am
>Mark on all S/R levels produced overnight and any others within 200 pip range (only those with no price movement between level and current)
>Wait for the first cross over a S/R and pullback through
>Enter after 5/10 pips past or new candle* subject to change through live testing
>Trail each position behind S/R levels when new candle produced above/below
>Do the opposite when cross back through in other direction
>No targets and a maximum of 20 pip stoploss (incl. spread) regardless
>Keep going all day whilst trading Strat. 1 but only at £2pp (SB)
>If and when stopped out, await new set up the same.
The 2nd strategy will be traded in conjunction to see if it can be included in, or possibly replace, the current plan, depending on the success, in real time.
Additional:
>The 2 days prior and the day including any FED/FOMC announcement will be traded at a smaller size.
(the only actual change to plan). (only once has trading this announcement proved profitable. 9/10 the run up and announcement are in no way financially beneficial to me).
>Usual risk and money management rules.
Items of note:
>Monday is Labour day in America
>August is finished and September is upon us, volume should increase
>FED Beige book Wednesday evening
>BoE Announces rates on Thursday
New week, new month and new lot size (increase to =£30 per pip). The discipline factor, what with increased size and a tight, previous month should be getting to me but quite the opposite, I am really looking forward to September and nothing will faze me. After a profitable month it could be hard to forget everything and go into September with a clear slate, discipline and little recolection of August to affect me, but, thanks too alcohol, it'll be easier than you'd imagine