Trading Goal
To be a consistent and successful trader, risking no more than 2% of balance per trade. Commit this to memory.
Markets / Timeframe
Trading pairs:
EUR/USD
GPB/USD
GBP/JPY
EUR/JPY
on the M15 charts (additionally using H1 and H4 charts for reference)
Risk Management
I will maintain a risk/reward ratio of at least 2:1, using a stop loss of 20 pips and take profit of 40 upwards (maybe 45 to take into account spread)
Risk no more than 2% of total balance per trade
Protect trade/s by moving to BE at the start of NY session if there are trades still open from London session
Moving to BE as an option
5 trades MAX per week
Trading Times
London Open - 8am - 1pm (GMT)
NY Open - 1pm - 5pm (GMT)
*Trading days Tues, Wed and Thur only - no trading on Monday or Friday
Entering Trades
Ensuring I am aware which cycle we are currently in and trade in that directional bias (or if in L3, trading both sides)
Candle pattern creating a stoprun at a high probability manipulation point
Stoprun MUST break manipulation level by at least 3 pips
Ensuring there is a confirmation candle which closes below the stop run candle and in its upper/lower 3rd area
Unless the candle is within 15-20 pips of the stop run high, wait for a pullback to ensure a good position, allowing a 20 pip stop loss
Exiting Trades
When TP has been reached
Trade setup against the direction of active trade
Coming to the end of a session - London 2pm GMT, NY 11pm GMT
High impact news which may cause volatility