Trading Plan
Trading Style Daytrade
Session New York
Risk Exposure 1% per trade
Risk to Reward 1:1.5
Strategy Support and Resistance Break and Retest
Pairs EUR/USD, USD/CAD, USD/JPY
Strategy Criteria
Before entry Set alerts to all the zones and look for breaks of them
Entry
Look for a retest on the area after the break followed by na
engulfing candle
Trend 50 period EMA for the 5m and 15m timeframes aligning
Exits Stop loss discretionally outside of the zone. Fixed take profit
Types of enfulfing candles
Type 1
Candle isn't necessarily big but it engulfs the previous breakcandle or the previous 2-3 candles (depending on their size)
Type 2
Candle doesn't necessarily engulf the previous but it is big by
nature
Exception Rules
Do not manage trades
Do not chase setups
Clean breaks out of the area ONLY
A pullback should not close the opposite way outside of the zone
Do not enter if the entry candle is at or over half way between areas
Do not entry in a morning/evening star candlestick pattern
The entry candle must not be the same as the pullback candle
Exit Rules
Exit the trade 10 minutes before news drop
Exit the trade 10 minutes before session close
Exit the trade 30 minutes before weekend close
Only trade in between news if the setup is given 40 minutes before news or more