The 5 main entry methods i use are:
- Reversal Entry in Decision Areas (zone above last high or low)
- Trendline Break Entry (using highs and lows of swings of the 3 min chart)
- Double bottom/top or Border of Channel Entry
- Continuation Entry (above decision area buy above a blue bar)
- Re-Entry (on strong trends after a small pullback (AB correction) buy above last bars high)
and the stop loss is below this 1 minute bars, so in average 5 points.
Stop is moved to breakeven after a new short term high or low.
Profit is taken at the lower price of the above decision area on a breakout situation
otherwise the stop is trailed below last short term low and the long trade is closed on a new short setup.
Since the human can only focus clearly on 1 thing following stages are executed to follow the rules of my system (the focus is on the task at hand not at past or future events):
1. Drawing in Targets, trendlines and decision areas
2. Observation how price reacts on critical areas(not hoping for a setup to occure)
3. Placing the orders after risk reward is calculated
4. Cancelling the orders if the setup becomes invalid or making sure the stop loss and targets are correct when the trade is on
5. Taking profit, adjusting stop withou emotions but predifined rules
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