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Document

My Favorite

Uploaded by

evaristusnnoje
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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TRADING PLAN

1. GET UP EARLY. Around 6:00am. Pray and Go to my morning routine

2. Meditate and concentrate. If I don’t feel well don’t trade!

3. Read my TRADING CHECKLIST and make sure I know every point of it.

4. Check out NEWS CALENDAR and mark out if there is any HIGH IMPACT NEWS.

5. Start analyzing. Delete any analyze pair and do it again so that a story for the day will be
built. Be very focus and adhere to all the criterial

6. Select on 1 to 3 SETUPS which I completely understand! Write it down how I would like
to trade them in my Journal and note every move from them. Forecast the moves and what
I want to see, if it develops PERFECT If not LET IT GO.

TRADING SYSTEM

1. W1 TIMEFRAME. Go to the weekly timeframe to see the candlestick formation that


formed at the end of the week. Follow the weekly candle to know what is about to
potentially happen.

2. D1 TIMEFRAME. Go to D1 to determine the overall bias. What do I expect now?


Always keep in mind the D1 trend!

3. 4H TIMEFRAME. Step down to the 4H and mark out my KEY LEVELS plot S&R and
TRENDLINE (from wick to wick). After every touch I must see a rally in order for the
trendline to be correct. ABC formation confirms the trendline. The best setup is the
3 drive into the trendline.

4. 1H TIMEFRAME. Go to 1H to see my immediate trend and trading opportunities.


Also make use of my key levels & trendline.

5. 30 MINS & 15 MINS TIMEFRAME. They are my possible entries, I look for candlestick
rejection (last wick making HL/LH) candlestick formation like (evening/morning
star, Doji, spinning top chart and Chart patterns that forms at the zones and the
trendline have the probability! that they can mark the end of a HL/LH of a trend.
6. FIBONACCI. If there is a clear swing, Plot fibs. The more they align with levels the
better. While I wait for the retrace, I can seize the pullback on the 1H/4H on 0.618
(golden pocket is the best entries) or 0.5.

IMPORTANT NOTES
NO TRADE on Mondays unless there is a clear direction on the market
When feeling impatient and pumped DO NOT TRADE!
When I feel a rush to trade, I will just close laptop!

BECAUSE TRADE MUST BE PLANNED , expected and with a nice ET, SL and
TP.

I’m not obliged to enter a trade every day, I Enter when it’s a YES’’ TRADE!
STAY OUT on the major news day or execute after the formation of the news

NEVER close a trade when the price is still at the SL range or haven’t reach a
breakeven level. TRUST THE ANALYSIS.
LESS IS MORE! Do not rush to find an entry every single morning. Know when
to stay away. Market tends to enter indecisive way learn when to recognize
them.

MONEY MANAGEMENT PLAN

I will be risking 10% or 5% of my account per trade


My maximum losses for the day will be 20% - 2 loosing trades.

My maximum profit for the day is 1 ratio 3

• There is no need to rush things- I need 2 trades to hit my TP if I achieve


the target look to step away and minimize risk. If opportunities arise –
act on it but lower the risk.
Always think term. IT IS NOT ABOUT HOW MUCH YOU MAKE BUT
HOW MUCH YOU LOSE.

CANDLESTICK FORMATIONS AND RULES--- WAYS OF ENTRIES

• Bullish/Bearish Engulf: A nice way to enter is with stop orders a few pips
below/above the low/high of the engulfing candle. This way I will avoid
losing after retracing and the trade will be sure if the price goes in my
direction.
• A break of Trendline with an engulfing candle is a strong signal.
• It's best traded with the trend as continuation.
• The closer the closing price is to the high for the bullish engulf
candlestick, the better the trade signal. Therefore, the price must
close fill without leaving a wick.
• Always look to the left if about to take a reversal trade. The more
space and emptiness, the better. Price may be about to fold over.

• Hammer(bullish) /Shooting star(bearish) - Pin bars


• The pin bar should print in the range of the previous candle.
• The body of the pin bar should be in the range.
• The longer the tail the better to trade. Don’t trade small tail.
• If before the pin bar there is a big candle indicating momentum,
then the setup may fail.
• Look to the left for big candles. :
• Stop loss a few pips below or above the tail.
• Pin bars that triggered the buy stop or sell stop entry on the first
candlestick after the kangaroo tail are the best.
• Wicks that are 4x bigger than body will most often be continuation!

• Morning/Evening Stars
• The first candlestick is bearish/bullish which indicates that
sellers/buyers are still in charge of the market.
• The second candle is a small one which represents that
sellers/buyers are in control, but they don't push the market much
lower and this candle can be bullish or bearish.
• The third candle is a bullish/bearish candlestick closed above the
midpoint of the body. Entry on 4th candle.

• Tweezer tops and bottoms

• TT should have the same highs, while TB - same lows. Occurs after
extended move, which will indicate that a reversal/retrace is possible.
• Best traded when price lands on S&R level.

M HJJKLLIIIII

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