Trading plan -2024

1.What type of trader are you?

I am a scalper and an intraday trader.
- I trade trending markets trader.
- Breakouts and pullbacks.
- Support and resistance.
- 1,2,3 reversal trading
I do not trend ranging markets.

2. Why do you want to trade the forex market?

I trade the market because I am tired of just making ends meet.
I trade the market because I see it as an opportunity to make
money/financial freedom.
I trade the market because I don’t see myself working a 7am-4pm job
for the rest of my life.
I trade the forex market to make money and one day retire my family
from their jobs.
I trade because I see it as a great tool to utilize.

3.What currency pairs are you going to trade and what time are you
going to trade them?
EUR/USD-3PM-10 PM
GBPJPY-11 AM-4PM

TIMEFRAME ANALYSIS:
1. 4Hr /daily: check if the market is in an uptrend or downtrend.
- Check for major key levels.
2. 1hr/ 30 min check for my trading setup conditions.
3. 15mn/5m take my entry and make sure all timeframes align.

TRADING STRATEGY:
4. Trading strategy for bullish entries conditions:
- 1.PRICE MAKES AN INITIAL MOVE ABOVE THE 50 EMA
-2. PRICE CREATES AN INITIAL MAJOR RESISTANCE LEVEL
-3. PRICE BREAKS THE MAJOR RESISTANCE LEVEL
-4. PRICE PULLS BACK TO THAT MAJOR RESISTANCE LEVEL
-5. MAKE SURE THAT PRICE HAS TESTED THAT SAME RESISTANCE
LEVEL MULTIPLE TIMES OR ATLEAST 3/4 TIMES IN THE PAST

ENTRY:
Buying pressure from a candlestick pattern ( Bullish engulfing candle,
a bullish hammer, a close above candle,

STOPLOSS:

- Below the swing low of the pullback, before the buying

pressure candle
- 30/35 pips

TARGET:

- Next level of structure resistance price will hit if it continues

higher.
- Close trade before end of day.

RISK MANAGEMENT PLAN:

- Risk per trade = 1% - 2% of my account
- Overall exposure= 5% of my account
BEARISH SETUP CONDITIONS:

1. PRICE MAKES AN INITIAL MOVE BELOWE THE 50 EMA

2. PRICE CREATE AN INITIAL MAJOR SUPPORT LEVEL
3. PRICE BREAKS THAT MAJOR SUPPORT LEVEL
4. PRICE PULLS BACK TO THAT MAJOR SUPPORT LEVEL
5. MAKE SURE THAT PRICE HAS TESTED THAT SAME SUPPORT
LEVEL MULTIPLE TIMES OR ATLEAST 3/4 TIMES IN THE PAST

ENTRY:
1. Selling pressure from a candlestick pattern (Bearish engulfing
candle, hammer, close above candlestick

STOPLOSS:

- Below the swing low of the pullback, before the buying

pressure candle
- 30/35 pips

TARGET:

- Next level of structure resistance price will hit if it continues

higher.
- Close trade before end of day.

RISK MANAGEMENT PLAN:

- Risk per trade = 1% - 2% of my account
- Overall exposure= 5% of my account
DURING THE TRADE PROCESS:

1. CHECK ON FOREX FACTORY IF THERE IS NOT ANY MAJOR NEWS

EVENTS.
2. MAKE SURE TO CALCULATE THE LOTSIZE
3. MAKE SURE TO JOURNAL ALL YOU TRADES WHEN OPENING
AND CLOSING THE TRADE
4. TAKE A SCREENSHOT OF THE BEFORE AND AFTER TRADE
5. DO NOT TRADE WHEN YOUR ARE DISTRACTED
6. DO NOT MOVE YOU STOPLOSS LET THE TRADE PLAY OUT

NB: A TRADING STRATEGY IS JUST A STATIC EDGE MADE OF RULES

NOTHING MORE.