My Daytrading Plan to earn $5,000 in October

Discussion in 'Trading' started by SuperVolatility, Oct 1, 2007.

  1. To some of you this is a daily or morning target but I am testing a new trading setup/system and plan to make $5k with this plan. I don't mind you critiquing the plan as long as it's reasonable argument language.

    --Use "4-timeframes method" (aka LONG-TERM and SHORT-TERM periods)
    1) Firs time-frame: 9-mininute candle stock chart. MACD, EMA (20-day) and MACD Histogram.
    2) Second time-frame: 6-min candle chart. Same momentum and oscillators.
    3) Third time-frame: 3-min candle chart.
    Same momentum and oscillators.
    4) Fourth time-frame: 1-min candle chart.
    Same momentum and oscillators.
    5) Applied Price Channels to identify when prices hit Upper or Lower Bands.

    --Entries and Exits:
    1) *IF 9-min* chart is UP it must be confirmed by price being on or above EMA with Bullish EMA trend. This trend must be confirmed by MACD and MACD Histogram bullish trends tracing higher highs or higher lows (aka improving macd).
    2) *IF 6-min* chart complements 9-min chart's pattern then proceed to analyze the trade further for Long trade.
    3) *IF 3-min* is on or below EMA and there is a temporary Bearish trend it confirms the entry position.
    4) *IF 1-min* chart is below EMA with Bearish MACD it indicates an entry's perfect if price is close or hitting Lower Band of Price Channel.
    IF 1-4 conditions are true then go LONG.

    USE the opposite for SHORTS.

    I'll try to post my results daily unless I did not trade.
    Welcome any feedback.