Every Pre Market AM please read the plan, especially the **Strategy & Setups** paragraph with Overnights. Please log into the Chat every Pre Market to get the notes – sent via email & twitter. This will keep you from having to scroll through twitter and being interrupted. The notes/tweets during the day will make more sense this way and you will see the market develop better by doing this.
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What you need to know VIDEO
**Setups/Strategy – this area contains my thoughts on how the day will play out as well as trade setups for the day.
Bull Above(Green) Line a point at which we think the market will continue UP. Look to Support for Bullish setups.
Bear Below (RED) Line a point at which we think the market will continue DOWN. Look to Resistance for Bearish setups.
Glossary twitter must knows, terms
WIN M*V*V Painted Ray Members Video Need permission via Gmail account
In this game it really does pay to be a winner. Following these next few steps can guarantee that you will win in more ways than one. No matter what you are trading forex, futures or stocks you need rules. Just having rules is not the answer but having simple rules to apply is trickier than most think.
The following are what it takes to win and may be used For all things traded – Wheat, ES, Oil, Euro, Gold etc etc
1) Plan your trade. Homework on the previous session after the close. In the AM review the Overnight session to see what, if anything, has changed. At a minimum know the top/bottom of current balance (last few days of trading range), Previous day & Overnight High, Low & VPOCs for reference points.
2) No need to trade early, or the open unless you have a setup
3) Identify 3 key trade areas/setups, Current balance area top, bottom and VPOC. This includes one that may develop during the day & know where you are wrong – get out. On Developing trades make sure for Longs (buys) price is above VPOC, VWAP & MID as support or below for resistance to short (sell). This will give you evidence and a point to exit if violated by a few ticks which shows things may be changing.
4) Know if the overnights are long/short/balanced/overextended -compared to previous close & value – this will show you where late shorts or longs may lose control and things are changing- this will give you bull/bear lines for the day.
5) Patience. Wait for your setups or one to develop during the day.
#Other BASICS you NEED to KNOW & DO to WIN
# Have a daily trade limit for both Number of trades and loss limit. Having to limit the number of trades (3-5) you can take will increase your willingness to PICK better areas of entry while doing homework/review. This should eliminate the trades when you are chasing price.
# Use IF/THEN scenarios for entry. If above ## then favor long or IF below ## favor short. You then will have a setup from a support/resistance area for entry. Make sure VPOC/VWAP/MID are you friend – support for long or resistance for short.
# Every planned trade will have an area that says you are wrong and respect this area as a Stop. Entry point close to your setup is your defense.
# Short at resistance. Do not enter a short at support, wait for a bounce if you favor short or enter at resistance is a better plan. Make sure below VWAP/MID/VPOC
# Do not add to a short at support. This is a scale level (take risk off) if you are looking to add wait for a BOUNCE from support after scaling out (taking risk off) or key area then add.
# Buy/Long at support. Do not enter a long at resistance, wait for a pullback or support as suggested if you favor long/buy. Make sure above VWAP/MID/VPOC
# Do not add to a long at resistance. If you must add wait for a pullback from resistance or a key area after scaling out (taking risk off), then add.
# Do not add to losing trades unless you have planned points of entry. Do not follow traders that add to losers on a consistent basis, this will only reward a bad habit when they do turn into winners now and then.
# Trade the price reaction to news not the news itself if it is bull/bear. Let the market decide what it is, up/down. Try not to be in the market on key releases and if you are have stops set and scale out IF it moves your direction.
# Control what you can control – Money Management = not risking more that 2%, Daily trade plan using homework, number of trades you can take and a loss limit for the day. This will give you THE edge. If you control what you can control your emotions will not drive your trading = things you can not control.
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Slide show notes – https://t.co/B4j5Q4Vw
Intro Video How to VIDEO see disclaimer on risk at bottom of page, thanks
KISS – please review after a bad day/week to see what you missed
RISK – please review after a bad day/week to see what you missed
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