Trade Forex Trading

The Main Part of a Plan is Your Program

One of the main section of a plan is your schedule. 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 journal rules trading rules among others.

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

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

TIMEFRAMES

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

4H

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

1H

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

RULES

LONG ENTRY

1H

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

4H

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

LONG EXIT

  1. RSI gives and provides a in the opposite market trend signal
  2. Price breaks Support Trend Line
  3. Parabolic SAR is hit (Trailing Stop)

RULES

SHORT ENTRY

1H

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

4H

  1. Both MAs Moving Averages are heading DOWN
  2. Both Stochastics are heading DOWN
  3. RSI below 50

SHORT EXIT

  1. RSI gives and provides a in the opposite trend 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 day-time.

TIME OF DAY TO WATCH MARKET - FOREX TRADING HOURS

Watch market during the day time 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 market sessions overlap. FX Market Trading Hours and Best Hours

Forex trading program - best hours

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