18/11 – Weekly Wrap: 2nd strategy finished & networking with other traders

Big milestone this week has been completing development of a reversals patt15086784_10153930451416218_855497238_nern 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!

This entry was posted in Reversals Strategy, Trend-Following Strategy. Bookmark the permalink.

2 Responses to 18/11 – Weekly Wrap: 2nd strategy finished & networking with other traders

  1. The big money in trading is in catching high R multiple trend moves. 5R,10R,20R moves etc

    Good luck trading reversals, you are going to need it!

    Liked by 3 people

  2. Pingback: 12/1 – Trading Update | Trick or Trade

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