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 chart | Weekly chart | ||||||||
Date | Currency pair | ADX | RSI | range | trend | ADX | RSI | range | trend |
9/5/17 | EURUSD | 26.51 | 58.8 | NO | uptrend | 60.45 | 73.88 | NO | uptrend |
9/5/17 | USDJPY | 19.98 | 43.8 | YES | NO | 20.07 | 43.62 | YES | NO |
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
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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