Tuesday, September 5, 2017

Forex trading plan excel

Many beginners have created a Forex trading plan. But that's far from good enough. Now I am developing a Forex trading plan excel. 

First, I believe that the majors are the best currency pairs to trade. But I focus only on trading EURUSD and USDJPY

Second, I will use the time frame analysis to find the entry and exit points. So I first have to determine the dominant trend on the weekly chart.

Third, If there is a trend, I will trade with the moving average strategy on the daily chart.

Fourth, once I have identified a ranging market, I will trade with the support and resistance levels on the daily chart.

Fifth, I mostly use the Average Direction Index, moving averages and relative strength index indicators.

Finally, I'd like to use 0.01 to 0.02 lots for a $3000 account.

Here is a Forex trading plan excel:

Forex trading plan excel
Equity$3,000 USA 9:30 
Opening balance$3,000 
2%$60 
5%$150 
Daily chartWeekly chart
DateCurrency pairADXRSIrangetrendADXRSIrangetrend
9/5/17EURUSD26.5158.8NOuptrend60.4573.88NOuptrend
9/5/17USDJPY19.9843.8YESNO20.0743.62YESNO

Identify the dominant trend on the weekly chart

  • I want to buy EURUSD at the market price and trade with the moving average strategy
  • I want to add a limit order to sell USDJPY at the limit at 109.48, use the buy low and sell high strategy. 
  • It can help me check several different currency pairs to find the trade
  • I will update the Forex trading plan excel every day
  • I can list more currency pairs I loved most
Further reading: How to Use RSI (Relative Strength Index)

1 comment:

  1. You have given very good example on how to prepare a Forex trading plan on excel.This is a good form to prepare a plan on a sheet. Investors should use this to make their trading plan more successful.
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