SPX500 4H Short Plan
Wedge was broken and lower low created
Now price just pull back to 618
Entry 1: 3041
Entry 2: 3053
SL: Previous High
Calculate your position size before you took the trade
Aim 3000 / 2930 / 2840
Wedge was broken and lower low created
Now price just pull back to 618
Entry 1: 3041
Entry 2: 3053
SL: Previous High
Calculate your position size before you took the trade
Aim 3000 / 2930 / 2840
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NICE FALL on monday
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catch three waves of down , each more than 300 pips
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2ND Short win 90 pips again
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Thanks to "PowerofCapital" , He actually made a very good question, see comments area
Quote: "Jack, you said you "catch three waves of down , each more than 300 pips". To be honesty, I doubt that. If you can do that, you are not human being, you are god."
I decide to share something here, maybe I will create a special post for this
This is something about Trades Management (How to manage your existing position)
1. If the trade went well ( You are in profit ) , When Reward / Risk Ratio hit 2:1, Close Half position. (You can also close all, if you feel good enought to take all the Floating Profit, but you will have the opportunity Cost of not be involved in the next trend , Hard to decide? Then Close Half! )
Why? Coz by doing this, even the market goes back and hit your SL, you are still winning?
Calculation:
0.5 * 2R - 0.5 * 1R = 0.5 * R , If R is set as 2% of your capital,
then Minimum Result it 0.5*2% = 1% (Congratulations! Now you have a 100% Winning Trade with 1% Result, and you are still holding half position with RiskFree)
2. If trend is in your favor, and price hit 4:1 or 6:1 , or maybe 0.618 pull back, or opposit Resistance or Support , Feel free to close another half , which is 1/4 position.
3. If hit 8:1 RR, close all profit, or Move SL to the latest Pivot to trail your profit.
You can use 8ema or 21 ema to trail as well. or close all profit when you see price action shows reversal pattern .
Quote: "Jack, you said you "catch three waves of down , each more than 300 pips". To be honesty, I doubt that. If you can do that, you are not human being, you are god."
I decide to share something here, maybe I will create a special post for this
This is something about Trades Management (How to manage your existing position)
1. If the trade went well ( You are in profit ) , When Reward / Risk Ratio hit 2:1, Close Half position. (You can also close all, if you feel good enought to take all the Floating Profit, but you will have the opportunity Cost of not be involved in the next trend , Hard to decide? Then Close Half! )
Why? Coz by doing this, even the market goes back and hit your SL, you are still winning?
Calculation:
0.5 * 2R - 0.5 * 1R = 0.5 * R , If R is set as 2% of your capital,
then Minimum Result it 0.5*2% = 1% (Congratulations! Now you have a 100% Winning Trade with 1% Result, and you are still holding half position with RiskFree)
2. If trend is in your favor, and price hit 4:1 or 6:1 , or maybe 0.618 pull back, or opposit Resistance or Support , Feel free to close another half , which is 1/4 position.
3. If hit 8:1 RR, close all profit, or Move SL to the latest Pivot to trail your profit.
You can use 8ema or 21 ema to trail as well. or close all profit when you see price action shows reversal pattern .
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Done. It's under Tutorial
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By applying this rule
You won't be panic about the price up and down ,
A lot of people has nothing to do with the market price up and down
and watch their account Keep changing Color from Blue to Red
Are you one of them?
If the market is in your favor , GO GO GO!
If the market is not your favoc, NO NO NO!
What to do? should I close? or should I wait?
maybe next candle can let me win more?
OMG, All my profit is gone ! I should have closed all just now!
OMG, Why did I close the trade so early! I should have kept it , now it rally so much!
Come on, are you fighting with the market? or are you doing a business?
Focus! the floaing profit and loss is not what you shoud look at, but the RR ratio is!
You won't be panic about the price up and down ,
A lot of people has nothing to do with the market price up and down
and watch their account Keep changing Color from Blue to Red
Are you one of them?
If the market is in your favor , GO GO GO!
If the market is not your favoc, NO NO NO!
What to do? should I close? or should I wait?
maybe next candle can let me win more?
OMG, All my profit is gone ! I should have closed all just now!
OMG, Why did I close the trade so early! I should have kept it , now it rally so much!
Come on, are you fighting with the market? or are you doing a business?
Focus! the floaing profit and loss is not what you shoud look at, but the RR ratio is!
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