Mukhriz's Trading Plan
Fx Trend Following System [FxTFS]
Which timeframe do you use most often?
Multiple
Trade will be based on Daily chart and execution will be based on the 1-hour chart. 4-hour chart will be use to determine target levels.
Which analysis methods or trading systems will you use to determine the direction bias and entry/exit levels?
Support Resistance Chart Patterns Indicators
I mostly trade with the trend and seldom trade during range bound. I loves breakout trades and on reversal.
What is your potential entry setup?
I either enter a trade on breakouts of the fibo level i.e. 0% or on the 38.2% retracement levels. During market reversal, I may enter trade on the close of a Daily candlestick.
Describe how you will determine your stop loss points.
Stop loss will be placed normally just above the 61.8% levels and for GBPUSD or high volatility currency pair, stop will be placed around the 76.4% level. During reversal trade, the stop may be higher.
Describe your profit taking strategy.
Profit will be based on fibo extension level, up to 161.8 level
What conditions will signal your entry trigger?
I either enter a trade on breakouts of the fibo level i.e. 0% or on the 38.2% retracement levels. During market reversal, I may enter trade on the close of a Daily candlestick.
What conditions will cause you to exit early (i.e. time stop, surprise news, shifts in sentiment or fundamentals, etc)?
Any Divergence will cause me to exit early and when the days approaching weekends.
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