Bob8662 6-360 Breakout Trading Plan

I have a passion for trading the markets and for helping others experience success in their trading. Whether you are a young adult, preparing for retirement or are retired; learning to trade can provide you with a skill that allows you and your family to live a debt free lifestyle, and live into the value of being generous towards others. My trading plan is based primarily on price action and breaks of support and resistance, but also makes use of exponential moving averages and stochastics.

http://BobHarrisTrading.com

Bob Harris Forex and Stock Trading System Explained

I currently paper trade both the Forex Market and the Stock Market, but have twelve years of experience trading large live accounts. I had been out of trading for some time due to “changes in life.” But, my passion for trading never went away. As I found myself approaching retirement, I knew that trading was going to be a key ingredient to living a debt free lifestyle during retirement. So, this past year I began a diligent re-study of all that I had learned from several paid and free mentorships from years gone by. I spent countless hours over several months rebuilding the mindset and plan necessary to trade successfully. After finalizing my trading rules, I began to test and tweak the plan over several months. I count myself fortunate to have been mentored by expert traders who found great joy in helping others. My prior trading experience and education allowed me to quickly experience success once again in my trading. For the past nine months I have averaged over 150 pips per week in the Forex Market and $2.25 per share each week for the Stock Market. That success has not only fueled my passion for trading, but has also fueled a passion for sharing with others how they can trade successfully. This desire to help others is for all those interested in trading but is especially true for those who find themselves approaching retirement or who are already in retirement.

Living in the New York time zone does not lend itself very well to trading the Forex market at London Open but many people who follow my trading live all over the world and can easily trade at that time. It’s not that you can’t trade at other times; it’s just that liquidity is very high and the market moves the most during this timeframe. My website posts for forex trades are always in “total pips” and my stock trades are always in “cents per share.” The nice thing about Forex is that it requires a lower margin account since the leverage is 25:1. This is why a person can successfully trade Forex for a living with about $7600 USD in their margin account and profit $10 per pip. Double your margin account to $15,200 and your profit becomes $20 per pip. Since my Forex trading system averages 600-700 pips per month, you can see how trading Forex is attractive despite having to put up with trading the London Open while living in a New York time zone. On the other hand the stock trades do not involve leverage and therefore they require a larger margin account. A good example of trading my system for a living with stock would be buy/sell 2000 shares of a $25 stock for 20-25 cents per share profit. This 20-25 cent profit per share could earn between $400 and $500 a day. But, this kind of trading would require about $50,000 USD in your account. Of course if you only looking to profit $500 a week or even a $500 a month, you would need much smaller margin account. The basic idea is that my trade plan produces about a 1% return each day so you can quickly build an account to a size that meets your needs for trading. I use these trading amounts only as an example of what is possible should a person want to trade for a full time “type” of income. If you need less income then your margin accounts would be smaller in proportion to what type of trading income you would like to receive.

Pips Earned with my Trade Plan:

Trading 1 Standard Lot
$10 profit for each pip gained
Margin required: About $6600
Keep $1,000 above margin required so have about $7600 in account at minimum

Average number of pips per week: 150 pips
Average number of pips in profit per month: 600 pips
Average profit per month: $6,000

Maximum Capable Draw-down per day is -30 pips
Average draw down per negative trade is 5-10 pips
Average number of trades per day is 3 to 5 trades
Average number of losing trades each day: 2 trades
Average number of Negative Days per Month: 1 Day

Goal for the day when price is trending is 40 pips or more
Goal for the day when price is choppy is 20 pips or more


Chart Setup for Trading:

After Tokyo open the night before, mark lines for the next day of trading. Then adjust Tokyo channel and most recent S/R a half hour before trading begins at Frankfurt open that next day. Lines to mark include:
Day H/L Thick Green/Red line
Tokyo Channel H/L Thick Purple Line
Recent H/L right before Euro Open Thick Pink Line
Close to 360EMA as possible Thick Aqua Moving Line
Stochastic extreme H/L Extremes and extreme sharp turns
After first 25 pips use maroon line at S/R and 60EMA Maroon Thin Line (For Next 10 / 5 or more pips)

Trade Entry and Trade Management:

{C}· Trades are taken and managed on the 1 minute timeframe
{C}· Check Financial News for Major Announcements – Don’t take new trades 30 minutes before major news and close any trades about the same time and wait for re-entry after announcement.
{C}· Remember, the market often has a false 10-20 pip breakout and then reverses and goes the opposite way. This is especially true when there is no “major” news announcements
{C}· 360EMA cross by 6EMA determines market direction. Once market direction is established I ONLY take trades and re-entry trade in the direction of the trend unless there is big news or obvious consolidation. Then we use stochastic extremes and fibs to help determine trade entries
{C}· If price at Frankfurt open is close to day open and there is a major announcement, then it is likely to be a choppy channel until the major news announcement
{C}· Do not take trades before fifteen minutes before the open unless there is an obvious large bar movement, break away from 360EMA
{C}· Before London Open, watch for false break of 10-25 pips and then turn the other way to the major move of the day (80-100pips)
{C}· I sometimes use 61Fib retracement as additional confluence for clear change in direction of trend
{C}· If there is no major move 1 ½ hours after London open, then use stochastics, Fib Retracement and get out of any trade I am in and only trade a cross of a major EMA hopefully both 150/360 together for an additional 10 pips and end trades one hour before NY open.
{C}· One hour before NY open is when we stop trading. Do not take new trades right before that time.

NEW Additional Strategy 12-13-17: Use 6EMA line and a yellow horizontal line and put that yellow line as stop loss and reversal signal by putting that yellow line on any opposite bar of the direction of the trade, if red 6EMA line crosses that yellow horizontal line then exit trade and re-enter opposite direction, this looks very promising and can work with big news days and non-big news days

Strategy for Big News Days:
{C}· Trade 1 minute TF, use recent S/R and Tokyo channel until session channel is established for news
{C}· Often, price will just move up and down within the Tokyo channel or most recent S/R high/low (about 15-20 pips) until news is announced
{C}· Stochastics becomes a big part of trade entry combined with S/R or Tokyo channel H/L on big news days and can play a bigger role than even my 6-360 EMA cross
{C}· Look for profits at established Tokoyo or Before Session Channels or at major EMA’s. Definitely take profit if one of those is reached, especially if stochastics is at an extreme high or low until the obvious direction and breakout of price is happening
{C}· If trade is closed for profit at one of the above levels, I can re-enter IF it is in the direction of the 360EMA trend and if the re-entry is at a major EMA with stochastic agreement and price action agreement
{C}· Key: If there is big news in both London and NY session then market will probably not reach daily trend pip amounts until NY session
{C}· IF there are multiple tight crosses of 6 with 360EMA then identify that channel and wait for entry outside of that channel with trend and stochastic agreement, preferable extreme high or low of stochastic

Strategy for Non-News Days:
{C}· Use 1 Minute TF
{C}· Key: Use Day Open to European open (Tokyo Channel - purple lines) and most recent channel (pink lines) before European open along with 6-360EMA cross to determine a “break out of the channel.” This often occurs with a large bull or bear bar.
{C}· Remember, the market will move from the day open price and move towards the market reaching its 80-120 pip target. It often happens during London open but can make its final range during New York open.
{C}· Key: Enter trades as close to the 360EMA as possible, wait for it if you have to unless clear breakout bar of channels happens… Get stochastic confirmation, if possible.
{C}· Key: In addition to entering at the 360EMA, we will also take a strong bull or bear bar breakout of the most recent S/R or a breakout from the Tokyo channel when market is opening for start of trading.
{C}· Movement of market to a total of 80-120 pips determines trend direction. I ask myself, how far in pips are we from Day open (which for me occurred the previous evening) to when I start trading. If we have already moved quite a bit then that is likely the trend, especially if there has already been a 360EMA cross.
{C}· Day open line (light blue) is a stronger S/R area than the 360/150EMA
{C}· Also check recent S/R, Tokyo channel, and determine how many pips are yet to be covered for range of the day which is 80-120 pips. If the day is a “consolidation day” and is choppy then the total range for the day might be 40-60 pips.
{C}· For strong trend in a trade, draw 2 Recent S/R lines as trade progresses on 1 minute. If there is a break of S/R and stochastics agree then I must consider closing and taking trade in other direction.

Profit Management:

Key Strategy Ideas for Profit Management:
{C}· Goal is to trade the cross until we get that first 25 pip profit move
{C}· One we get 25 pip profit then we trade the cross for a 10 pip profit
{C}· Once we get a 10 pip profit we trade each of the crosses for only 5 pips profit each
{C}· Exception to the above is if there is a clear trend movement established after other minor moves or even before start of German session. If this is the case manage trade for 50-60 pip profit on the major move
{C}· For major trend trade that goes long and hard for 40-80 pips use the Fib retrace to take profit and / or re-enter a trade with the trend at bounce of EMA with price action AND stochastics agreement with extreme high or low cross depending on direction of trend.
{C}· If there is BIG NEWS then trade extreme high and low of Stochastics for 10 pips at a time until news is announced
{C}· Before major move is established, respect the day high/low pivot and before session recent high/low
{C}· Goal is 40 pips a day but 20 pips is just fine – Once 40-50 pips is reached stop trading, unless major daily trend to 100 pips has not been established
{C}· One hour before NY open is when we stop trading. Do not take new trades right before that time.
{C}· Exception to above is if we have caught the major move and feel confident it is finishing the move to 100 pips
{C}· If there is no major move 1 ½ hours after London open, then use stochastics, Fib Retracement and get out of any trade I am in and only trade a cross of a major EMA hopefully both 150/360 together for an additional 10 pips and end trades one hour before NY open.

Forex Trade MAR19 GBPUSD One Trade Nets +98 Pips
Monday, March 19, 2018
98 Pips x $10 = $980.00 or 98 Pips x $20 = $1960.00
Trade One: +98
(Click HERE to see the post and then click on READ MORE to see the pictures and trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)

Stock Trade MAR19 TWTR Twitter Two Trades Net 42 Cents Per Share
Monday, March 19, 2018
2000 Shares x 55 Cents = $1100.00
Trade One: -12
Trade Two: +55
(Click on the Link below to go to my website and then click on READ MORE to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018...itter-two.html

Forex Trade MAR20 GBPUSD Five Trades Net +44 Pips
Tuesday, March 20, 2018
44 Pips x $10 = $440.00 or 44 Pips x $20 = $880.00
Trade One: +6
Trade Two: +7
Trade Three: +22
Trade Four: +3
Trade Five: +6
(Click on the Link Below then READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/forex-trade-mar20-gbpusd-five-trades.html

Stock Trade MAR20 TWTR Twitter One Trade Net +65 Cents Per Share
Tuesday, March 20, 2018
2000 Shares x 65 Cents = $1300.00
Trade One: +65
(Click the LINK BELOW Go to READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/stock-trade-mar20-twtr-twitter-one.html

Forex Trade MAR21 GBPUSD One Trade Nets +25 Pips
Wednesday, March 21, 2018
25 Pips x $10 = $250.00 or 25 Pips x $20 = $500.00
Trade One: +25
(Click on the LINK BELOW then on READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/forex-trade-mar21-gbpusd-one-trade-nets.html

Stock Trade MAR21 TWTR Twitter Three Trades Net +79 Cents Per Share
Wednesday, March 21, 2018
2000 Shares x 65 Cents = $1580.00
Trade One: +8
Trade Two: +6
Trade Three: +65
(Click on the LINK BELOW then on READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/stock-trade-mar21-twtr-twitter-three.html

Let me guess you want people to either buy something or for you to manage their money am I right?

Absolutely not. Nothing for sale and I don't manage money. I just know how hard it is to find someone who is willing to share their trading and teach how to trade successfully. I've paid 5K for mentors in the past and I've followed mentors who charged very little. Here's a quote from my website that will hopefully help you understand why I do what I do:
"The purpose of my Website and YouTube channel is to provide people with the opportunity to learn my trading plan for both the forex and equities markets. I have attempted to take my passion for chart pattern trading and turn it into something “of value” for others. My hope is that you become a successful trader, and in doing so you are able to accomplish financial freedom for you and your family. And, just as important, that you leverage your success as a way to become outrageously generous to those in need."

Forex Trade MAR22 GBPUSD Five Trades Net +66 Pips
Thursday, March 22, 2018
66 Pips x $10 = $660.00 or 66 Pips x $20 = $1320.00
Trade One: +18
Trade Two: +7
Trade Three: +9
Trade Four: +6
Trade Five: +26
(Click on the LINK BELOW and go to READ MORE and then click the pictures to see trade details. Also, check out my detailed
trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/forex-trade-mar22-gbpusd-five-trades.html

Sounds very good I also do the same thing no website just in thread plan the trade. I left forex 5 year's ago and only trade the emini Nasdaq

Stock Trade MAR22 TWTR Twitter Four Trades Net +33 Cents Per Share
Thursday, March 22, 2018
2000 Shares x 33 Cents = $660.00
Trade One: -19
Trade Two: +0
Trade Three: +18
Trade Four: +34
(Click READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/stock-trade-mar22-twtr-twitter-four.html

My 2 trades to day 20 ticks each with 3 contracts

Forex Trade MAR23 GBPUSD Two Trades Net +37 Pips
Friday, March 23, 2018
37 Pips x $10 = $370.00 or 37 Pips x $20 = $740.00
Trade One: +27
Trade Two: +10
(Click on the LINK BELOW and then READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/forex-trade-mar23-gbpusd-two-trades-net.html

Forex Trading VIDEO: March 23 Trades Explained in Detail and How I trade in Consolidation
This video turned out to be a little long BUT it really turned out well in that it really explains my thinking and things you can do to trade successful. I also explain how to successfully trade when price is in consolidation.

Click HERE for the Video

I actually can understand leaving forex. I've been trading forex on and off for 12 years and about 9 months ago I decided to apply my trade plan to stocks. After a lot of due diligence learning day trading stocks I decided to apply my trade plan to that market. I find it easier to trade stocks. I finally came up with a list of stocks that fit my trading style. Market Cap in billions, volume in millions, under $25, moves 40-80 cents an hour, and a nice even up and down movement with candles. Best wishes on your trading.
Bob

Stock Trade MAR23 TWTR Twitter Five Trades Net +94 Cents Per Share
Friday, March 23, 2018
2000 Shares x 94 Cents = $1880.00
Trade One: -14
Trade Two: +54
Trade Three: +37
Trade Four: -14
Trade Five: +31
(Click on the LINK BELOW and READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/stock-trade-mar23-twtr-twitter-five.html

Stock Trading VIDEO: Day Trade Nets 94 Cents Per Share Explained Step by Step March 23rd

This is a STOCK TRADING TUTORIAL VIDEO that shows a DAY TRADING EXAMPLE and explains step by step how the trade was entered and managed for profit. This video is a great Stock Trading Tutorial for both the beginning trader and the experienced trader looking for a successful trading strategy. Get a full FREE description of my trading plan and more trade examples at BobHarrisTrading.com or you can go to YouTube and type Bob Harris Trading in the search bar to see videos on my YouTube channel.

Click HERE for the VIDEO

Forex Trade MAR26 GBPUSD One Trade Nets +68 Pips
Monday, March 26, 2018
68 Pips x $10 = $680.00 or 68 Pips x $20 = $1360.00
Trade One: +68
(Click on the LINK BELOW and READ MORE and then click the pictures to see trade details. Also, check out my detailed trading plan on the left side of website page at BobHarrisTrading.com)
http://www.bobharristrading.com/2018/03/forex-trade-mar26-gbpusd-one-trade-nets.html