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Trading Plan for 2021TRADING:Currency pairs I will trade:I will look at all pairs that my broker offers on the monthly, weekly and daily charts. I will also look at the H12, H8, H6 and H4 charts and the H1 charts during the European session.The days of the week I will trade: Monday to Friday. I expect that Monday will have the least trades and if I plan events/occasions when I will not trade it will be on a Monday. The hours I will trade: I will look at the MN1 charts at the start of each monthI will look at the W1 charts at the start of each weekI will look at the D1 charts every day of the trading week at 5pm ESTI will look at the H12 charts at 5pm and 5am ESTI will look at the H8 charts at 5pm and 1am ESTI will look at the H6 charts at 5pm, 11pm and 5am ESTI will look at the H4 charts at 5pm, 9pm, 1am and 5am ESTI will look at the H1 charts when I can but especially on Tuesday, Wednesday and Thursdays during European session.On Mondays I will not look at the shorter time frame charts until the European session. On a Friday I will not take any trades after 5am EST.TRADING:The timeframes I will trade: Monthly, Weekly Daily, H12, H8, H6 H4 and H1 chartsI’ll only look at the lower time frame charts during the fortnightly webinarsTimes that I won’t trade:I won’t trade before the NFP news announcement and I will close all trades before that announcement.I won’t trade on a currency pair before a news announcement that will likely affect that pair. Eg. I won’t take a H1 chart trade on the GBP/USD at 7:00am if there is a high impact GBP news release at 8:00amI won’t trade 1-2 days before and 1-2 days after the major holidays such as Easter, Christmas and New Year’s. I will start trading in the New Year on 13th January.The setups I will trade:I am firstly looking for a suitable candle pattern.Ideally that candle forms a swing high/low.There should ideally be previous indecision.A bounce at a Round Number is preferred, or having the stop loss protected by a round number is preferred.I will not buy or sell directly into a Round Number.I am looking for the setup candle to form a Trend Line Break.Trade in the direction of the Daily strength or Weakness of the day.I am looking for a bounce off or near the upper/lower Bollinger band for a Reversal trade.I am looking for a bounce off or near the middle Bollinger band for a Continuation trade.I will not take a new trade if the S3 or R3 has already been hit for the day.Ideally I would prefer to take Sell trades on the shorter time frame charts when the price is below the Pivot Point and take Buy trades when the price is above the Pivot Point.ENTRY & EXITS:My entry will be at:Monthly and Weekly Charts: I will take the retracement order at the 61.8% Fib level of the setup candle.Daily Charts: I will take a market order and a retracement order at the 61.8% Fib level and/or Pivot Point – whichever is the nearer the current price.H12, H8, H6 and H4 Charts: I will take the retracement order at the 61.8% Fib level of the setup candle.H1 Charts or lower: I will take a market order.My stop loss will be placed at:Monthly and Weekly Charts: I will place the stop loss above/below the 38.2% level. On both always allowing for a Round Number.Daily Charts: I will place the stop loss from the retracement order above/below the 38.2% level. The stop loss on the market order will be above/below the 61.8% Fib level and/or Pivot Point – whichever is furthest away from the current price. On both always allowing for a Round Number.H12, H8, H6 and H4 Charts: I will place the stop loss above/below the candle high/low or nearer to the 38.2% level if there is a previous strong level or a Round Number for protection.H1 Charts or lower: I will place the stop loss at the opposite end of the setup candle, allowing for the Round Number.My profit target will be at: Monthly and Weekly Charts: I will place the profit target at the 161.8% Fib extension and will allow for Round Numbers and any obvious previous swing high/low areas. Daily Charts: I will place the profit target for both positions at the 161.8% Fib extension and/or the R3/S3 level – whichever is nearest. I will always consider Round Numbers and any obvious previous swing high/low areasH12, H8, H6 and H4 Charts: I will place the profit target at the 161.8% Fib extension. I will always consider Round Numbers and any obvious previous swing high/low areas. H1 Charts and lower: I will place my profit target at the last major swing high/low area. I will always consider any nearby Round Numbers.My trade management will be:I will aim to leave my trades alone as much as possible and let the market do its thing. However, if I see an obvious reversal signal or a reason to suggest the trade is going to turn around on me, then I will look to close part or all of the trade. I will make this judgement based on the close of each candle on the time frame chart that I am trading.I will close out of all trades on the Daily charts and lower before the market closes at the end of a week.RISK:My maximum risk per trade is:Monthly and Weekly: I will take a 0.5% risk per trade.Daily Charts: I will take a 0.5% risk per trade, split between 0.25% at the market and 0.25% at the retracement.H12, H8, H6 and H4 Charts: I will take a 0.5% risk per trade.H1 Charts and lower: I will take a 0.25% risk per trade taken at the marketMy maximum risk exposed at any one time is:I will risk a maximum of 5% of my account at any one timeWhat I will do after x number of losses in a row: I am happy to continue to look for good quality setups as and when they occur.GOALS:How many trades will I take per day? I won’t have a limit but I will take trades as and when they show during the day.What percentage profit will I look to make per week?I will look to make a 1-2% gain per week on my account as an average.What happens if I reach that target early in the week?I will continue to trade as per usual.TRADE REPORTING:My plan for writing a brief description of the day’s trading: I personally don’t do this but I do have all trade setups recorded using the Place Fibo Order screen shot facilityMy plan to keep statistics of my trades: I will use the MT4 Trade History facility to record the performance of my trades.How I will keep a record of my trade setups: I will use the screenshots from using the Place Fibo Order software to keep a record of my trade setups as they looked when I entered the trade.CONTINGENCIES:My brokers email address and phone number: AxiTrader - service@.au - 0800 294 763 Blueberry - dean.hyde@ +61 28039 7481Go Markets - trading@ - 0800 45 11 50My MT4 login number(s), passwords and server details: Who can I contact to troubleshoot or repair my computer? Who do I call to get my Internet connection checked and fixed if needed? ................
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