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My Daily Trading Plan

  • #1
  • First Post: Edited 10:43am Jan 24, 2016 7:11am | Edited 10:43am
Hi Traders,
I have very little knowledge and experience about forex.The purpose of starting this thread is to create my own daily trading plan in order to trade that plan on daily or weekly basis.I also felt the necessity of having the trading journal because I often spot an opportunity and later I forget about that.Also I want to keep record of everything for instance how I spotted that opportunity and How I availed it,If I was been successful then How? If not ,then where I made blunder and why and How can I overcome my errors and enhance my experience.

I intend to post my trading plan on daily basis containing some charts with some patterns or whatever I see the opportunity.

As a newbie ,I will make mistakes so please pardon me and correct and guide me with your valuable suggestions and experience.

I would appreciate that if any of the senior trader observes my daily trading plan and feels that I am not going in the right direction ,So they are more welcome to correct me otherwise I will like to keep doing my stuff with my own way.

Regards
  • #2
  • Jan 24, 2016 7:40am Jan 24, 2016 7:40am
Monday 25/01/2016

USDCAD trading plan for Monday 25/01/2016.

Comments: As there is Bearish engulfing candle on weekly chart indicating that bears had took control and will hold this trend at least this week.
Daily time frames is showing shooting star and last day (Friday) candle is strong and long with low wick which also indicates that Bears will be in on Monday for sure.
Support area: 1.4400-02 and 1.3810
Resistance Area: 1.4250 and 1.4680
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 78 KB
  • #3
  • Jan 24, 2016 7:48am Jan 24, 2016 7:48am
Quoting anwaarkhan
Monday 25/01/2016 USDCAD trading plan for Monday 25/01/2016. Comments: As there is Bearish engulfing candle on weekly chart indicating that bears had took control and will hold this trend at least this week. Daily time frames is showing shooting star and last day (Friday) candle is strong and long with low wick which also indicates that Bears will be in on Monday for sure. Support area: 1.4400-02 and 1.3810 Resistance Area: 1.4250 and 1.4680 {image}
USDCAD trading plan for Monday 25/01/2016.


Fibonacci Levels on H4
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 86 KB
  • #4
  • Jan 24, 2016 8:12am Jan 24, 2016 8:12am
Monday 25/01/2016

GBPAUD trading plan for Monday 25/01/2016.

Comments: A very nice and clear as water downtrend on Daily chart heading down and formed a bullish high wave candle on last Friday which sometimes confuses me that this pair did not touch it's support area and may start a consolidation after weekend candle But when I look on H4 then It diverts my thinking because price started to go up and after that downtrend has resumed which can reach to its' support area but I will prefer to wait for 4H candle and H1 candle to confirm it's final direction and will look the price opening after Aus session.

Support area: 2.0175
Resistance Area: 2.0819

I will enter into this trade when the Australian session opens.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPAUDmicroDaily.png Size: 79 KB
Click to Enlarge Name: GBPAUDmicroH4.png Size: 91 KB
  • #5
  • Jan 24, 2016 8:23am Jan 24, 2016 8:23am
good fortune and enjoy your new journal,look forward to participating .

regards
  • #6
  • Jan 24, 2016 8:47am Jan 24, 2016 8:47am
Quoting diceman555
good fortune and enjoy your new journal,look forward to participating . regards
Thanks Diceman and will be looking forward to your valuable suggestions and guidlines.
  • #7
  • Jan 24, 2016 9:16am Jan 24, 2016 9:16am
Monday 25/01/2016

EURUSD trading plan for Monday 25/01/2016.

Comments: H4 trendline is crucial point for me I will go long if price holds it which is rare near me.If it breaks then I will go short.
Support area: 1.0708
Resistance Area: 1.0930-75 area
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDmicroH4.png Size: 104 KB
  • #8
  • Edited 10:45am Jan 24, 2016 9:28am | Edited 10:45am
Monday 25/01/2016

GBPUSD trading plan for Monday 25/01/2016.

Comments: A very long Doji on weekly chart
Daily chart: few bullish candles with long wicks and thin bodies ( represents weakness bull's force)
H4: Price started to retace and then it stated to go down which can go further on monday at 1.4250 level.It price breaks this level then it might have to face downtrend trend line on H4 where price can hold or break it for further direction.
But H1 and 15M are showing me that price should resume it's upward direction.I will see the opening price at au session first.


Support area: 1.4200
Resistance Area: 1.4430

I will enter into this trade when the Australian session opens.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 90 KB
  • #9
  • Jan 24, 2016 9:34am Jan 24, 2016 9:34am
Subscribed.
keep up the good work, AK.
As Above, So Below
  • #10
  • Jan 24, 2016 9:38am Jan 24, 2016 9:38am
Monday 25/01/2016

NZDUSD trading plan for Monday 25/01/2016.

Comments: showing that it will go up on Monday and also likely to keep going up this week. (this pair is looking similar with GBPUSD pattern and directionwise.)

H4 and H1 are telling me to go long.

Support area: 0.6380
Resistance Area: 0.6586

I will enter into this trade when the Australian session opens.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDUSDH4.png Size: 86 KB
Click to Enlarge Name: NZDUSDH1.png Size: 96 KB
  • #11
  • Jan 24, 2016 9:42am Jan 24, 2016 9:42am
Monday 25/01/2016

GOLD trading plan for Monday 25/01/2016.

Comments: as far as this pair respects it's uptrend trend line then I may go long as well but confirmation is first.
Attached Image (click to enlarge)
Click to Enlarge Name: GOLDmicroH1.png Size: 91 KB
  • #12
  • Jan 24, 2016 9:47am Jan 24, 2016 9:47am
Monday 25/01/2016

EURJPY trading plan for Monday 25/01/2016.

Comments: This pair is also about to break it's resistance and It seems that It will break it on Monday ,If it does so then I will go long but I will wait for it.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYmicroH4.png Size: 79 KB
  • #13
  • Edited 10:10am Jan 24, 2016 9:57am | Edited 10:10am
Monday 25/01/2016

USDJPY trading plan for Monday 25/01/2016.

Comments: This is a two way trade near me. The strong bullish engulfing candles on weekly and daily charts winking me to go long but on H1 and 30M charts are indicating me to wait as this pair can go into retracement and after the retracement, I should go long and target should be up to 120.00 level where it can also provide me short opportunity.
But I will decide to jump in this trade when EU session opens.

Support area: 118.04
Resistance Area: 120.00

I will enter into this trade when the European session opens.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYmicroH1.png Size: 97 KB
  • #14
  • Jan 24, 2016 10:09am Jan 24, 2016 10:09am
Monday 25/01/2016

GBPJPY trading plan for Monday 25/01/2016.

Comments: A strong Bullish engulfing candle both on weekly and daily charts are showing strong bullish momentum that may in action this week.
But candlestick pattern on H4 and H1 is restraining me to go long this time.This could be a retracement and I would like to catch a falling knife with strong protection from 1.6947 area to 1.6774 area and after that I will go long....



I will enter into this trade when the Australian session opens.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 83 KB
  • #15
  • Jan 24, 2016 10:13am Jan 24, 2016 10:13am
So these are the pairs which I want to trade on Monday.I think these are more than enough as per my account capacity.
Finger crossed.
  • #16
  • Jan 24, 2016 10:29am Jan 24, 2016 10:29am
Quoting tashkent
Subscribed. keep up the good work, AK.

Thanks Tash.

this is your platfrom mate and I am looking forward to your precious guidelines and suggestion.
  • #17
  • Jan 24, 2016 10:31am Jan 24, 2016 10:31am
Quoting anwaarkhan
Monday 25/01/2016 GBPUSD trading plan for Monday 25/01/2016. Comments: A very long Doji on weekly chart Daily chart: few bullisd candles with long wicks and thin bodies ( represents weakness bull's force) H4: Price started to retace and then it stated to go go down which can go further on monday at 1.4250 level.It price breaks this level then it might have to face downtrend trend line on H4 where price can hold or break it for further direction. But H1 and 15M are showing me that price should resume it's upward direction.I will see the opening price...

Monday 25/01/2016

GBPUSD trading plan for Monday 25/01/2016.


Fibonacci Levels
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDmicroH4.png Size: 83 KB
  • #18
  • Last Post: Feb 1, 2016 8:12am Feb 1, 2016 8:12am
GBPNZD is showing great set up to go long for position trade for couple of months...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZDmicroMonthly.png Size: 36 KB
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