2023-04-11 Trading Rules (XAUUSD)

DRAFT: 2023-04-11

Trade Planning (Beginning of trading day)

• Mark major supports & resistances from D1, H4 charts
• Check Bollinger Band upper, lower and mid-bands
• Check data release hours
• Check D1 ATR11
• Mark opening price
• Mark daily S&R around noon using m5 chart, at least 3 key levels on each side

Trade Entry (Assessing trade opportunities)

• How much price has moved in a direction
• Avoid entry if price in awkward positions between or before key numbers ($5, $10, previous peaks)
• Avoid entry if it's within 30 min of key data
• SL covering key numbers and next key level
• Any 3-line strike pattern will be a bonus
• Q: Is this a FOMO trade? Yes --> stop
• Q: Is this a revenge trade? Yes --> stop
• Q: Is the TP reasonable or is it influenced by previous trade(s)? 

Trade Management (Trades in hand)

• If positive
• Is the TP still achievable? Yes --> maintain
• Any sign of change in momentum? Yes --> consider adjust TP, or take profit
• What might be the impact of the next key hours?
• If negative
• Any sign of pattern change, from range to trend or vice versa? Higher tf MA crossover? Obvious break of S&R?
• Yes
• Any opportunity for defense trade?
• Cut loss?
• No
• Any chance to add position?
• Stick to the plan?
• What might be the impact of the next key hours?
• Reentry:
• Price retesting S&R level, could be reversal, or confirmation

~~