The Main Part of a Forex Plan is Your Forex Trading Program

One of the main forex trading part of a forex trading plan is your forex trading program. A forex trading plan is the forex trading tool which a trader will use to ascertain & plan all aspects of their trading. A forex Trading plan will have a written forex trading system that a trader follows and the forex trading journal rules trading rules among others.

Within this forex trading plan a forex trading plan will also write down the forex trading program that a trader will follow while trading the forex currency markets.

Here is the forex trading program that you can follow form this forex trading plan

TIMEFRAMES

• Main timeframe for trading is the 1Hour.
• Forex Trading Signals are generated on 1Hour time-frame.
• Forex Trade Signals generated should be supported by 4Hour time frame.

4H

• Forex Trend-Lines (Support & Resistance)
• 5 & 7 Simple Moving Averages
• MACD (12, 26, 9)
• RSI (14) +Support & Resistance
• Parabolic SAR

1H

• Forex Trend-Lines (Support & Resistance)
• 5 & 7 Simple Moving Averages
• Stochastic Oscillator (14, 4, 7)
• RSI (14) +Support & Resistance
• Bollinger Bands (20, 2)
• Parabolic SAR

RULES

LONG ENTRY

1H

1. Both MAs are heading Upward
2. Both Stochastics are heading Upward
3. RSI above 50
4. Parabolic SAR is below the price (Support)

4H

1. Both MAs are heading Upward
2. Both Stochastics are heading Upward
3. RSI >->50

LONG EXIT

1. RSI gives opposite signal
2. Price breaks Support Trend Line
3. Parabolic SAR is hit (Trailing Stop)

RULES

SHORT ENTRY

1H

1. Both MAs are heading Downward
2. Both Stochastics are moving Downwards
3. RSI below 50
4. Parabolic SAR is above the price (Support)

4H

1. Both MAs are moving DOWN
2. Both Stochastics are moving DOWN
3. RSI below 50

SHORT EXIT

1. RSI gives opposite signal
2. Price action breaks Support Trend Line
3. Parabolic SAR is hit (Trailing Stop)

TRADE ROUTINE

1. Forex Trading Signals are generated using 1 Hour time-frame.
2. Forex Trading Signal to be executed immediately rules are met.
3. Entry forex trading alerts signals should be executed during daytime.

TIME OF DAY TO WATCH MARKET - FOREX TRADING HOURS

Watch market during daytime when most forex trading companies and online forex brokers are open for transactions. Use this to come up wit a suitable Forex Trading program.

The best forex Trading hours when markets overlap that will form the best forex trading times are between 8:00 GMT and 18:00 GMT when most of the major forex trading sessions overlap. Forex Market Trading Hours and Best Forex Hours

Forex trading program - best Forex hours