The Main Part of a Plan is Your Program

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

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

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

TIMEFRAMES

• Main timeframe for trading is the H1.
• Forex Signals are generated on 1Hour timeframe.
• Forex Trade Signals generated should be supported by 4Hour time frame.

4H

• Forex Trend Lines (Support and Resistance)
• 5 and 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 (14, 4, 7)
• RSI (14) +Support and Resistance
• Bollinger Band (20, 2)
• Parabolic SAR

RULES

LONG ENTRY

1H

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

4H

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

LONG EXIT

1. RSI gives a 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 Moving Averages are moving DOWN
2. Both Stochastics are moving DOWN
3. RSI below 50

SHORT EXIT

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

TRADE ROUTINE

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

TIME OF DAY TO WATCH MARKET - FOREX TRADING HOURS

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

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

Forex trading program - best hours