If you have just completed PTS and are starting your trading plan and you have no idea where to start here's a tip.
Strategies: You should have a section in your trading plan for the strategies that you trade. If you are a new trader with no experience I'd suggest that you pick one strategy and focus on that strategy until you feel like you have mastered it. Mastered it means you could give a seminar on it. :-) Why? Because PTS covers a lot of different strategies. You can't possibly remember every detail on every one of them just from taking the course. It's best to master one at a time. Make sure your pre-trade checklist covers every little detail of the strategy.
Once you have mastered one strategy then add another, master that one add another until you have added all the ones you wish to trade.
I have made this suggestion to a lot of trader's over the last few years and everyone of them has told me it was the best piece of advise I could have given them. Try it, it works!
For more information on trading plans:
https://newtradersupportnetwork.locals.com/post/270588/the-dreaded-trading-plan
2 trades for me today with +1.5R total
1st Trade QCOM +2R
148.39/149.97 exit 143.25
12% gap down under pivot support and 50ma after a strong daily double top rejection,. I took it on a congestion breakdown with a fairly wide stop, leaving my 2R target 50c over its ATR, slow but consistent move down with great RW, hit my target on the penny before it bounced.
2nd Trade AQB -0.5R
9.40/9.70 exit 9.56
I rarely trade stocks under $10 and even more rarely short them. I liked this daily chart as it broke its uptrend channel and stayed under a strong 9.50 support line enough room to its daily 50ma. I entered after a pullback with a fairly wide stop but only 1/3 of its ATR used at the time. It failed to break down with the strong market open and stayed in a narrow range.
I actually broke my plan with this trade as I lowered my stop to a pivot where price made a big bounce earlier at 11am with a large seller sitting there. My thought was that if it breaks that level again then it will likely...
1 trade for (-1R)
I took a BD on QCOM. I was worried about the target being close to the daily range, so I took a tighter stop on the 2 min chart. I am looking through PTS right now, most of the examples have 2 options for where to put your stop. It looks to me like one of the stops would be at the bottom of the main consolidation area, and the other at the bottom of where there has been a shakeout or turnaround bar (if there has been one). Due to the daily range I took the tighter one on this. In hindsight it seems obvious to take the wider stop, but in the moment it looked ok.
I was then looking at the 15 min 3BP on QCOM, but the reason I used a tighter stop in the first place was because of the range. The 15 min 3BP would have needed to have gone even further than the wider stop on the 2 min BD, so I didn't take it.
