Setup checklist

[lasse]

Hi guys

inspired by the signal assisstant on this website I recreated a "Setup Checklist" for my own quick use.
As you know I am a newbie and I felt that writing down the rough conditions which have to be fulfilled to give a setup value
in a table / list is a good way to keep the things I read in the PA Protocol in mind when trading.
So to speak its a highly simplified and shortened abstract of what I read in the protocol.
It's second purpose is to give me a greater feel of objectivity and a clear routine when judging a setup.

I post it here because I would like to know what all of you guys (and Graham in particular^^) think of it.
Feel free to comment, correct, add something etc.
I hope it's of some use, or will be after revising.
As it is much more well-arranged in a table I'll attach a image too.

• Setup Checklist
  
  Market Condition: Trending
  #1: With Trend
  Checkpoints:
  Good shaped and sized signal in trend direction
  Signal formed near the mean value
  Signal formed on clear swing level
  Sorrounding of the signal is not choppy
  No weekly or monthly S/R line or mean value in the way
  (min RR 1:3)
  
  #2: Counter Trend
  / Mean Reversal
  Checkpoints:
  Good shaped and sized signal against trend direction
  Signal formed away from the mean value, there is a clear gap
  Signal formed on clear swing level
  Sorrounding of the signal is not choppy
  No weekly or monthly S/R line or mean value in the way
  (min RR 1:3)
  
  
  
  Market Condition: Ranging Market
  Checkpoints:
  Good shaped and sized Signal formed at top or bottom of the ranging area
  Sorrounding of the signal is not choppy
  No weekly or monthly S/R line or mean value in the way
  (min RR 1:3)

 

[TheForexGuy]

This looks good Lasse and ultimately this would be part of your trading plan. You should print the core rules out and pin them up somewhere around your trading desk so they are in your face everyday.

 

[lasse]

Thanks for your comment Graham.

Indeed I considered it a sub-plan of my trading plan and its already pinned next to it on the wall
I'm excited to use it next month and see what happens. If its not going to improve my setup choice
it will hopefully at least make me feel better by stopping the seesaw while making a decision.

Maybe I'm going to write a short conclusion / review how it affected my trading at the end of march.