MY TRADING PLAN
- I run screens on Yahoo! Finance between 9:50 and 10AM to find very weak/strong stocks, i.e. > 3% off open.
- I trade from 10:10 - 11:45AM.
- I place trades off 5-min charts.
- I take only Floor Trader Method setups, such that:
- Pullback pierces Bollinger Band
- I enter on a break of the piercing bar
- Pullback is on decreasing or constant volatility
- At least one of the EMAs is rising
An example of a Floor Trader Method setup.
- I move my stop to breakeven when price advances 2X entry setup.
- I exit my entire position on breaks of levels formed on 2-minute chart if stop has been moved to breakeven (Home Run exit). See an example.
- I risk a fixed amount of equity per trade.
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