You can use the trading plan below to help formulate your trading plan. Remember, your trading plan is a personal roadmap you should therefore consider your own, unique circumstances when creating one!
Example My Trading Plan.
Time of Trade : 08:30 – 12:00 | 15:00 – 18:00
Trades per Day : 3 Maximum
Break after each trade : 15-30 mins
Pairs : EUR/USD, GBP/JPY, USDJPY
Goal : 100 Pips per day | 15-25 %
News Check : CNN Money / Bloomberg /Forexfactory
Pre-Market : Check before 15:30
Chart Setup :
- Determine levels in H1-H4 and High&Low Of daily candle
- Determine major trend in HTF
- Determine near Res/Sup in H4-H1
- Trade in H1
Trade Setup :
- SL = 5-10 pips ( depends on trend )
- Tp = 5-20 pips ( Close If see Reversal pattern in L TF )
- Lot = each 200 $ : 0.02 Lot
- 1-10 Positions per situation
- Trend Line :
IF Price has “2” Touches I will ENTER at Third touch with Lower TF Confirmation ( Reversal Pattern )
IF have “FAKE OUT” Use that TRENDLINE in future
IF have “REJECTION” from Trendline ENTER at Second Candle ( Wait for close of reject candle )
In TL break , should check another TL in Lower TF
In TL break , should Check Levels ( Maybe it will be a Lastkiss )
In Up or Down trend should WAIT for breaking small Down or Up trend.
IF a level breaks with a STRONG Candle I will wait for retest ( at least 4-5 Candles ) Enter with LTF
IF price Break TL ( Check Upper TF to sure about ) Wait for retest , ENTER at lower TF
Wicks should be middle of trend
Wicks should not be to many long ( kangaroo tail )
Enter After candle close and in LTF
Wait for Big Jump and Fall.
- Momentum Candle:
Determine momentum candle and check R/S Enter after Close
momentum candle , Enter after price goes up or down of candle.
Make your own trading plan.