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The trading plan focuses on identifying high probability trades at key support and resistance levels in the Forex market, targeting a 2% return per week while managing risk at 1-2% per trade. It outlines specific entry and exit rules based on breakout and retest strategies, along with a structured approach to risk management and psychological preparedness. The plan includes monitoring and reviewing trades, using various tools and indicators, and specifies trading during the New York P.M. session.

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81 views3 pages

Document 46

The trading plan focuses on identifying high probability trades at key support and resistance levels in the Forex market, targeting a 2% return per week while managing risk at 1-2% per trade. It outlines specific entry and exit rules based on breakout and retest strategies, along with a structured approach to risk management and psychological preparedness. The plan includes monitoring and reviewing trades, using various tools and indicators, and specifies trading during the New York P.M. session.

Uploaded by

anyangwagilpeter
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

MY TRADING PLAN

(Support and Resistance, Break-and-retest Strategy)

1. Trading Goals

● Objective: Identifying high probability trades at key support and resistance levels, and capitalize
on breakout and retest setups.

● Target: 2% Percentage Return per week


● Risk Management: Risk Maximum 1-2% of total capital per trade

2. Market Instrument
● Market: Forex

● Timeframe: 5 min and 15 min as primary entry time frame

● Trading hours: New York P.M. Session (4pm-8pm)

3. Strategy Criteria
● Support and resistance Levels: Top-down analysis from higher timeframe, to entry time frame, finding
key levels where price reacted to
● Breakout Criteria: A breakout is confirmed when closes above or below a key level, and only taking a
trading after multiple confirmations

4. Entry and Exit Rules


● For support and resistance: Enter a trade when price action shows clear rejection at a key level multiple
times
● For Break-and-retest: Enter after a confirmed breakout and a successful retest of the breakout level with a
confirmation signal (such as a bullish/bearish engulfing candle)
● Stop Loss: Place stop Loss slightly below the support (for buys) or above the resistance (for sells)

● Take Profit: Set TP at the next key support or resistance level. Using at least 1:2 RR or higher

● Trailing Stop: Use trailing stop to lock in profits once price has moved favorably by a certain amount

5. Risk Management
● Position Sliding: Calculate position size based on the risk percentage per trade (distance between entry
and stop loss)
● Maximum drawdown: Maximum drawdown is 3% of my total capital a day

6. Monitor and Review Trades


● Daily/weekly Review: Analyze each trade, noting why it was taken, the result, and any lesson learned.

● Performance Tracking: Maintaining a trading journal, logging entries, exits, reasons for the trade,
and emotions felt during the trade. Evaluate strategy monthly for any necessary adjustments.
7. Psychological Preparedness
● Discipline: Follow the trading plan strictly without deviating due to emotions

● Emotional Management: Take breaks after a streak of wins or losses to maintain neutral mindset.
Practice mindfulness or meditation techniques to stay calm and focused.

8. Tools and indicators


● Use candlestick and chart patterns for entry confirmations

● Set alerts to avoid missing trades

● Use sessions and kill zones indicator and Supertrend for directional bais

9. Currency Pairs
● GBP/USD

● EUR/USD

● XAU/USD

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