Strategy?
I would like some feedback on my strategy, anything you think of that could be useful for me to know would be greatly appreciated.
Strategy—>I look for stocks going up making HH and HL, mainly using the 3 month gainer. Above 200 and 50 SMA, I then wait for a consolidation zone where the volume is dying out and I’m getting lower highs or at least similar highs and higher lows. The candles then get quite thin and I wait for a breakout.
On the day of the breakout I look for high volume using 5 min timeframe, then enter the moment the second 5 minute candle breaks the first candle high, stop loss usually goes at the bottom of the day but depending on how much of my account is in the trade it might be lower than that or higher.
I only exit the moment a candle closes under the 10SMA, I might trim halfway through but that’s dependent on how strong the stock is and if I were to do that I’d do so when I’m 3-5 times my risk.
This strategy is something I’ve found online from some guy on YouTube and it’s been working decently well for me, I have adjusted it slightly because my account isn’t as big as his but the base strategy is mostly the same.
I look to hold stocks for day to maybe at most a couple weeks, as long as the stock is above the 10SMA I’ll probably hold it.
Any advice or anything you think I should change? Please be honest as I want to improve and am still new to trading so I definitely don’t know everything it what’s a good strategy or not.
I have backtested this strategy and it seems to work quite well.