My Simple S/R Strategy: Trade #1 - MGM
After spending many, many hours on Jeremy Newsome's RealLifeTrading website and Youtube channel, I've come up with a strategy of my own and will begin documenting each trade for learning and adherence purposes.
My Rules:
- Only Buy during Accumulation or Distribution phases
- Price MUST be caught between my S/R lines, mapped using the Daily chart
- Price MUST have bounced off of this support at least TWICE already
- My stops will ALWAYS be 1R, and I will begin trailing my stop anytime a profit of 2R is reached
- I may exit early where I see fit in effort to minimize losses
- 3 open trades at any given time is my max
- I must document how long the trade should last and why
To Jeremy....
Simply, thank you.
~ Myles
My Rules:
- Only Buy during Accumulation or Distribution phases
- Price MUST be caught between my S/R lines, mapped using the Daily chart
- Price MUST have bounced off of this support at least TWICE already
- My stops will ALWAYS be 1R, and I will begin trailing my stop anytime a profit of 2R is reached
- I may exit early where I see fit in effort to minimize losses
- 3 open trades at any given time is my max
- I must document how long the trade should last and why
To Jeremy....
Simply, thank you.
~ Myles
Trade closed: stop reached:
Stop was hit at $30.
Down 1R on the testing of this strategy.
May revisit MGM if any bounce evidence appears in the next few candles.
Down 1R on the testing of this strategy.
May revisit MGM if any bounce evidence appears in the next few candles.