My Trading Plan
Be patient and don’t enter a trade prematurely
Read this trading plan every day before placing a trade
Remember HIGH PROBABILITY TRADES ONLY
Avoid trading when there is major news due out
Check the FF economic calendar.
Put 100 SMA and 200 SMA on chart (Remember these are also support and resistance lines).
MACD and RSI (MACD monitors the momentum and RSI shows the overbought and oversold)
Mark pivot points on the daily chart
Mark the previous day’s HIGH, LOW and CLOSE on the daily chart
Use the 4H for the direction of the trend. Use 1H to place trade. Wait for a good opportunity to place trade do not jump in without noting the direction of the trend.
When the price crosses the 100 SMA this is the trigger wait for the price to cross the 200 SMA.
Wait for the current candle to cross the trigger line, if the next candle continues in the same direction after 5 minutes of the opening of the candle place a trade in the direction of the trend. I wait for a long candle before placing a trade.
The times of day that are most prone to intraday trending movements are the early hours of the Frankfurt (Central European) and London (UK) sessions, which begin at 7am and 8am UK time, respectively) as well as the morning hours of the New York session (8am till noon, Eastern Time.)
Once I have taken a trade and the trade is going against me by €90 I will consider exiting the trade.