Strategy 1 : LINE Strategy
– H1 Line chart on EURUSD.
– Join a low (Point 1) and a higher low (Point 2) as a support line for Long. Join a high (Point 1) and a lower high (Point 2) as a resistance line for Short.
– Put a horizontal line at the highest point in between Point 1 and Point 2 for Long. Put a horizontal line at the lowest point in between Point 1 and Point 2 for Short. We call this the Entry Line, indicating the Entry Price.
– The distance between the Entry Line and Point 2 must be at least 30 pips. Point 2 indicates the Stop-Loss.
– TP1 is 1:1 and TP2 is 1:2 risk-to-reward ratio.
– Apply in a trending market.
Strategy 2 : * Name of Strategy *
* Strategy Rules *
* When to Apply *
Risk per trade: 2%
Risk management methodology: Constant * If using increment or decrement risk management, indicate the details here. *
Maximum drawdown per month: 12%
* Indicate trading actions upon hitting draw-down of the month. *
Monthly target: 8%
* Indicate trading actions upon hitting a target before the end of the month, whether to stop trading or continue trading. If continue trading, list down any additional risk management rules to follow. *
State of Mind
- Do not enter a trade on impulse.
- Always put a stop-loss and never loosen it.
- Follow trading plan consistently and diligently.
- Trade with a calm and clear mind.
- Are there any major news releases (forexfactory.com) coming up? What currencies will they affect?
- What is your trading time-frame?
- What is the current Market Structure?
- What strategy should I apply?
- Is there an entry for the strategy?
- What are the exit prices (Stop-Loss and Profit Target)?
- What is the trading lot size for the trade?
- Execute trade.
- Monitor the trade periodically and take necessary actions (e.g. shifting Stop-Loss).