This is were I will develop my trading plan.
Hello my name is Dean and I have been studying the currency market for 4 years whilst I was an IT student.
I have now finished my degree and are looking for a IT job.
I plan to trade part time from work and have a strategy were I will look for entries at 0800, 1200, 1600 and 2000 hours.
Because I intend to pay for my living expenses from my day job while I compound my profits from my trading activities for at least a year, I need to make quick decisions based on pre determined rules and enter trades based on them. And any position I enter should not be altered in anyway other than being stopped out by hitting a stop loss level.
My trades will be done between 8 am and 8pm GMT(bst)
I will begin by only trading GBP/USD until I am successful and confident in myself to trade other pairs.
I shall be trading Cable because it is very volatile and my back testing shows that my strategy has been profitable in the past.
I shall have a four hour chart of GBP/USD open with
Check Chart 5 -10 mins before 0800, 1200, 1600 and 2000 and be ready to enter a position.
Basic entries for this system is when the previous 3 MACD signals has a difference of + 50 (long) or -50 (Short)
Explanation of 3 previous Macd Signals.
Example: time is 08:00 a new macd signal has formed Now take the macd number from 20:00 and if there is difference of +/-50 from the 04:00 signal go long/short at 08:00
Posistion 1 Set TP at 30 sl at 30
Posistion 2 set TP at 45 sl at 30 (move stop to break even at +30)