Trading Method
1. The main trading strategy is to ride a trend, by scaling in positions of varied lot size, and scaled out when approaching resistance or momentum is lost.
2. I find this the most challenging: pace the market movement and get a feel. No indicator, pure price chart (thus naked chart). Look at Day chart and hourly chart to gauge the trend and overall picture, trade the 5 minutes chart. There is no magic indicators, the most are just 2 MA (12 & 48 SMA in M5 chart) for initial directional guilds, but as trade progress, one has to react to price movement and act accordingly.
3. Entries are based on price action and "feel", so are exits.
4. Entry lot size are scaled in and exit are scaled out as momentum is lost. Retain the first entry if you wish. Entry size is discretionary, depending on trader's trading capital, risk appetite, chart pattern, price action.
5. Entry levels are discretionary too, depending on trader's trading capital, risk appetite, chart pattern, price action.
6. No placing of stops loss orders, when price move against entry, consider rescue (average down essentially. Yeah, I heard you, average down is taboo in trading, but just bear with me for a while, I will come to that later.)
