@SwagatN : You have defined your time and targets; but not the strategy in detail to reach your target. Although, you have said "HTF trend following and price volume action". May I ask you the following:
1. Which Higher Time Frame - Hourly, Daily ?
I am trading 15m trend, my HTF are daily and hourly.
2. How you define the trend (any specific method like HH - LL etc)?
Yes, I am defining trend using price swings.
3. What will be your entry points i.e. after confirmation of higher time frame take entry on lower time frame (define your lower time frame as well) or something else?
I am looking for candle pattern which shows unwillingness to move against my desired trade direction. I use those candle as trigger candle. You can see example in today's AXISBANK SHORT trade
4. What will be your stop loss method e.g. fixed % or fixed absolute value or bar low /high on (which higher or lower) time frame?
SL is fixed at 1% now. i.e. 300 rs. This will be increased once profit is accumulated
5. What happens if your stop loss value is more than 50% of your day's target? or more than 2% of your trading capital?
SL is 1% now.
6. How many trades you will take per day?
The choice lies with market. But maximum 3 at a time, as it will be difficult to actively manage more than 3 open positions
7. How many trades open during the day (although this will depend on the account balance) at any given time?
Three
8. What will the trigger to increase/decrease the quantity e.g. account value increased/decrease by 25% then quantity increase/decrease by x%?
5 times profit accumulated of what is my trade risk size now
9. What is your criteria for selecting the scrips for day trade e.g. continuous auto scan at higher time frame interval that satisfy your pre-defined entry levels or manual / visual confirmation on few scrips at higher time frame?
I am studying around 30stocks manually at EOD and choose the best probable for next day. This might evolve with time and experience
10. What is your scrip universe?
NIFTY FO
I am sure you will have all of this written down in your trade plan but if you jot it down here it will help you to revisit and correct your own self at EOD or later. Hope this doesn't offend you. Thnx.