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Day Trading Grain Futures: A practical guide to trading for a living by David Bennett

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10: Entry Rules

Bias

During the trading session, I have a bias of either up, down or neutral. Initially, I am neutral, but I aim to adopt a bias when the first bar is completed:

  • If the body of the candlestick is blue, which on my charts represents upward movement during the two-minute time period, my bias is up (long).
  • If the body of the candlestick is red, my bias is down (short).
  • If the candlestick is a doji, I stay neutral and let the second bar dictate my initial bias.

Pullbacks

I enter breakout trades in the direction of a trend after a pullback has occurred.

A pullback is just that: a retracement from a previous high in an up trend (when my bias is up), or from a previous low in a down trend (when my bias is down). ...

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