This is my trading plan. You can look through my published ideas to look at other examples.
I need 3 reasons to enter a trade.
1. A clear direction. I use 3 emas 50, 100, and 200 as shown in the chart.(Required)
2. A horizontal support/resistance area. (Required)
3. Price retrace to one of the emas to act as resistance. (preferably than fib)
4. Fib continuation 0.382, 0.5, or 0.618 level.
Placing a stop loss.
My target for stop loss is between 10-25 pips.
I place my stop loss behind the horizontal and/or the next ema.
My target price is always 2 times more pips than I risk.
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I trade between 15 pairs, and on 30 minute time frame.
One reason is to counter F.o.m.o trading(Fear of missing out).
Counters Revenge trading because my trade size is smaller, and the opportunities are endless.
Counters Gambler's Fallacy because I require 3 reasons to enter a trade,
I don't enter a trade and expect to win after losing 3 times in a row, I place a trade based on my strategy.
I'm still trying to evolve as a trader, as you can see that throughout my published ideas.
I need 3 reasons to enter a trade.
1. A clear direction. I use 3 emas 50, 100, and 200 as shown in the chart.(Required)
2. A horizontal support/resistance area. (Required)
3. Price retrace to one of the emas to act as resistance. (preferably than fib)
4. Fib continuation 0.382, 0.5, or 0.618 level.
Placing a stop loss.
My target for stop loss is between 10-25 pips.
I place my stop loss behind the horizontal and/or the next ema.
My target price is always 2 times more pips than I risk.
----------------------------
I trade between 15 pairs, and on 30 minute time frame.
One reason is to counter F.o.m.o trading(Fear of missing out).
Counters Revenge trading because my trade size is smaller, and the opportunities are endless.
Counters Gambler's Fallacy because I require 3 reasons to enter a trade,
I don't enter a trade and expect to win after losing 3 times in a row, I place a trade based on my strategy.
I'm still trying to evolve as a trader, as you can see that throughout my published ideas.