You can use the trading plan below to assist you in creating your own trading strategy. Remember that your trading strategy is a personal road map, therefore take into account your own unique circumstances while putting one together!
Example of my Trading Strategy.
Hours of Trade: 8:30 a.m. – 12:00 p.m. | 15:00 a.m. – 18:00 p.m.
Trades: 3 trades per day Maximum
After each trade, take a 15-30 minute break.
Pairs: EUR/USD, GBP/JPY, and USDJPY are some of the most popular currency pairs.
Objective: 100 pips each day is the target | 15 to 25 percent
News-Check: CNN Money / Bloomberg / Forex factory / Pre – Market / CNN
Check before 15:30 whether it’s a pre-market.
Setup of the Chart:
Setup for Trade
If the prices displayed have two “2” touches, I will ENTER at the third touch with the confirmation of the lower tf ( reversal pattern )
If there is a “fake out”, make use of the TRENDLINE in the nearest future.
If there is a “REJECTION” from TRENDLINE in the future. Get in at the second candle ( wait for the close of the reject candle )
You should check another TL in Lower TF during TL break.
You should Check Levels During TL Break ( Maybe it will be a Last-kiss )
If you’re in a UP or DOWN trend, you should WAIT for a tiny down or uptrend to break.
I will wait for a retest if a level breaks with a STRONG Candle ( at least 4-5 Candles ) LTF is the way to go.
IF the price is Break the TL ( Check Upper TF to be sure about it ) Wait for the retest, then ENTER with a lower TF.
Check that the H1-H4 Wicks should be in the center of the trend.
There should not be too many wicks ( kangaroo tail )
When the candle closes in LTF is the entry point
Enter Wait for a big jump and fall
Candle of Momentum:
Determine the candle of momentum and verify the R/S. Enter at the close of a momentum candle, or after the price of the candle has gone up or down.
Make your own trading strategy as a homework project.