Pre-Trade Entry Checklist

Pre-Trade Entry Checklist

1. General Criteria (Before Analyzing a Setup)

• ☑ Am I trading during active market hours?
• ☑ Are there no major news events likely to cause erratic price movements?
• ☑ Is the trading pair liquid enough for clean price action and minimal slippage?
• ☑ Am I sticking to my set leverage (5x) and position size rules?

2. Retest Entry Criteria

Key Level Identification

• ☑ Have I identified a significant support, resistance, or trendline level?
• ☑ Has the level been tested multiple times before the breakout?

Breakout Confirmation

• ☑ Did a full candle (not just a wick) close beyond the key level?
• ☑ Am I avoiding entering immediately after the breakout to reduce false breakout risk?

Retest and Confirmation

• ☑ Has the price retested the broken level and shown clear rejection (e.g., a wick or small consolidation)?
• ☑ Did I get a confirmation signal (e.g., bullish engulfing for longs or bearish engulfing for shorts)?

Stop-Loss and Take-Profit

• ☑ Is my stop-loss placed just below (for longs) or above (for shorts) the retest level?
• ☑ Is my take-profit set at a 2:1 or 3:1 risk-reward ratio, or at key levels?

3. Buying Spikes (Scalping) Entry Criteria

Spike Identification

• ☑ Is there a clear price spike with increased volume in the direction of the trend?
• ☑ Did I confirm high volatility with tools like Bollinger Bands or news-related spikes?

Exhaustion Signal

• ☑ Am I entering only after the spike slows down or shows a reversal pattern (e.g., doji, hammer, or shooting star)?
• ☑ Did I avoid chasing the spike and wait for a slowdown?

Stop-Loss and Take-Profit

• ☑ Is my stop-loss placed tightly just below (for longs) or above (for shorts) the spike?
• ☑ Am I ready to take quick profits or use a trailing stop if the spike continues?

4. Final Confirmation (Before Entering Trade)

• ☑ Does the setup meet all my criteria without forcing the trade?
• ☑ Is my leverage set to 5x?
• ☑ Do I have my stop-loss and take-profit levels defined?
• ☑ Am I mentally prepared to follow my rules without deviating?

This checklist ensures you remain consistent and disciplined in your trading. Stick to these rules to avoid emotional decisions and improve your trade execution!