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You are here: Home / Forex Trade Plan

Forex Trade Plan

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

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Julie Cheung / Finance Girl

Manchester blogger with an interest in personal finance, investing and local businesses.

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