Big milestone this week has been completing development of a reversals pattern strategy, with potential application to many different markets. This will be deployed live come Monday!
Secondly, I spent time with other traders – phone calls, emails,
meetings and networking events – coaching, discussing, learning. Heads up to Veterans Trader Project and Traders Network Drinks for making networking easy at times! [Note to other traders – avoid going at it alone]
However, as mentioned, the big thing for me this week has been completing the….
Development of Reversals Pattern Strategy [RPS]
I progressed quite significantly with the development of my second trading strategy – a reversal strategy based on a specific price action pattern. The goal was to commence trading the strategy live from Monday for a period of 3 weeks, in conjunction with my existing trend-following strategy. Happy to report that this is what i will in fact be doing come Monday.
Thus from next week I will trade the trend-following strategy on the 1-hour timeframe, as well as the reversals strategy on the 5-Minute and 15-Minute timeframe. I will be monitoring 35-40 different instruments for potential setups. This sounds a lot, however setups are fairly easy to recognize visually and I have created various templates and layouts using the Marketscope platform on my FXCM account. Thus I have put good solid infrastructure in place to allow me to trade efficiently.
It only took three weeks to develop the reversals strategy – aside from 6-day weeks from me, this is also in thanks to two people – my prior mentor Paul Wallace who handed me the foundation for the strategy together with many setup examples, as well as trader1961, who has been mentoring for 6-8 months in 2016, teaching me how to fully develop a trading strategy. Thanks a lot to both of you!
The next three weeks
Thus, the next three weeks will see a lot of trading and execution of all the processes I have put in place, practiced and refined in recent months, and undoubtedly millions of dollars will magically flow into my trading account [did you see the humour?].
Bring on Monday & happy weekend everyone!