My Simple S/R Strategy: Trade #1 - MGM
Updated
After spending many, many hours on Jeremy Newsome's RealLifeTrading website and Youtube channel, I've come up with a strategy of my own and will begin documenting each trade for learning and adherence purposes.
My Rules:
- Only Buy during Accumulation or Distribution phases
- Price MUST be caught between my S/R lines, mapped using the Daily chart
- Price MUST have bounced off of this support at least TWICE already
- My stops will ALWAYS be 1R, and I will begin trailing my stop anytime a profit of 2R is reached
- I may exit early where I see fit in effort to minimize losses
- 3 open trades at any given time is my max
- I must document how long the trade should last and why
To Jeremy....
Simply, thank you.
~ Myles
My Rules:
- Only Buy during Accumulation or Distribution phases
- Price MUST be caught between my S/R lines, mapped using the Daily chart
- Price MUST have bounced off of this support at least TWICE already
- My stops will ALWAYS be 1R, and I will begin trailing my stop anytime a profit of 2R is reached
- I may exit early where I see fit in effort to minimize losses
- 3 open trades at any given time is my max
- I must document how long the trade should last and why
To Jeremy....
Simply, thank you.
~ Myles
Trade closed: stop reached
Stop was hit at $30. Down 1R on the testing of this strategy.
May revisit MGM if any bounce evidence appears in the next few candles.
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