Swing Trading
- Thread starter SwingTrader-PA
- Start date
- Watchers 2
My trading plan:
- Use only price action to swing trade
- Trade only daily charts
- Risk 5% per trade
- Enter on 50% retracements during the asian session or Breakouts towards the European session
- Take off half the lots at 1:1R and use price action to manage the remaining position
- Always use a stop loss
My trading philosophy:
- Keep it simple
- Buy low, Sell high
- Use only price action to swing trade
- Trade only daily charts
- Risk 5% per trade
- Enter on 50% retracements during the asian session or Breakouts towards the European session
- Take off half the lots at 1:1R and use price action to manage the remaining position
- Always use a stop loss
My trading philosophy:
- Keep it simple
- Buy low, Sell high
Last edited by a moderator:
5% risk per trade seems quite high to me. If your first 5 trades turn losers, you'd need to recover from a very deep pit - to get back from 77% to 100%, you would need to win 7 trades.
Otherwise, it's an interesting plan. I am looking forward to seeing your updates.
Otherwise, it's an interesting plan. I am looking forward to seeing your updates.
Thank you for your feedback that is definitely something to consider. I have been thinking about risk to reward and in simple terms, I'm comfortable losing 5% per trade and I'm more than comfortable making more than 5%
Once I take a see a setup I will start uploading charts.
So, here is the first trade using my swing strategy. Retrace entry on the Aud/Cad daily chart. Looking to target the recent swing highs using price action to manage the trade:
Price has now reached the recent swing highs and the trade is at 1:3R profit. I will let the candle close to see what the price action tells me.
The next trade I took was the USD/JPY. Price had made a nice swing high and I caught a retracement entry and looking to ride this down to the lows while letting the price action guide me.
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