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Trading Plan

This document provides a trading plan for forex trading pairs between 07:00-15:00 UK time. It recommends trading GBPUSD, EURUSD, XAUUSD, EURJPY, GBPJPY, GBPCHF, and AUDUSD pairs using 1% risk per trade on 15m and 5m charts. The strategy looks for breaks in structure on the 15m chart followed by retests to enter trades, using specific entry trigger candles and setting stops 3-4 pips past entry for GBP/gold pairs and 2-3 pips for others. Take profits are set at 1R, 1.5R or 2R based on targeting rules, and trades are managed by letting

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92 views6 pages

Trading Plan

This document provides a trading plan for forex trading pairs between 07:00-15:00 UK time. It recommends trading GBPUSD, EURUSD, XAUUSD, EURJPY, GBPJPY, GBPCHF, and AUDUSD pairs using 1% risk per trade on 15m and 5m charts. The strategy looks for breaks in structure on the 15m chart followed by retests to enter trades, using specific entry trigger candles and setting stops 3-4 pips past entry for GBP/gold pairs and 2-3 pips for others. Take profits are set at 1R, 1.5R or 2R based on targeting rules, and trades are managed by letting

Uploaded by

entreprises2022
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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LIMITLESS FOREX ACADEMY

TRADING
PLAN

BY JAMES EASTER
© Limitless Forex Academy

Updated trading plan as per June 2023.


HOW TO APPROACH THIS PROCESS
Be disciplined to the rules and DO NOT add in any extra
rules or change anything. The stats section shows exactly
what is possible when the rules are followed, so nothing
needs to be changed. The only way any changes are
acceptable, and not gambling, is if you have substantially
tested the e ects of these changes.
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THE TRADING PLAN
Recommended times to trade: This is dependent on what
is available to you, but you’ll see in the stats section that I
have tested the below pairs between 07:00 and 15:00 UK
time.

Pairs: GBPUSD, EURUSD, XAUUSD, EURJPY, GBPJPY,


GBPCHF, AUDUSD. (All these pairs are backtested thoroughly
and proven to be pro table. However some are more
pro table than others, so make sure to watch the Stats
content too).

Risk management: You must always have a clearly


de ned risk management plan for your trading. This plan may
vary depending on the type of account you trade (funded or
personal), but risk should always be kept low regardless. On
the whole, I recommend 1% risk per trade.

Time frames used: 15m and 5m charts only.

The strategy process:

- Open the 15m chart on your pair, and put 2-3 days of
data on to your screen. For example, if it is Wednesday
25th, you’ll have the current day, plus all the data to the
start of Monday 23rd on your screen.
- Use these 2-3 days to discover the overall trend
(uptrend, downtrend, sideways).
- What you do next depends on your overall trend. If
price is strongly trending up or down, you need 1 break of
structure in line with that trend, to have a set up. OR, if you
have 2 or more consecutive breaks of structure in the
same direction, you’ll have a set up too.
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- Once a set up has formed, draw your 15m structure line
to the candle close of the broken structure.
-- Also, draw your 5m deep test zone (DTZ).
Wait for price to pull back to your broken structure level
on the 15m - now you can start looking for an entry here, or
at a DTZ if it pulls back that far.
- With a minor retest, you can enter a trade on the rst
entry trigger candle you see on the retest. Set your SL 3-4
pips past the entry structure for GBP or Gold pairs, and 2-3
pips past the entry structure for everything else.
- With a major retest, you must wait for a 5m reversal
pattern, unless on a GBP pair, or unless price is at the
SOSP DTZ (See the reversal patterns video and the cheat
sheets). On GBP pairs you can enter on the rst entry
trigger even on major retests. The rules for setting your SL
are the same here as on a minor retest.
- The entry triggers are either an engul ng candle
pattern or a pin bar. The entry triggers must have the same
close as the direction of your trade (i.e. for sells the entry
candle must be a bearish candle, or for buys then entry
candle must be a bullish candle).
- Set your Take pro t at 1R, 1.5R or 2R depending on the
targeting rules you follow.
- Watch the Taking Pro t video for speci c rules.

Trade management:

- We will never close a trade early unless there is a


relevant major news release coming imminently. In all
other situations we will allow price to hit our TP or SL.
- Let the probabilities play out - do not mess with them!

Allow for spread: When you have taken your entry and set
your stop loss to the correct values (you can see the exact
values your SL and TP should be at by looking at the trade on
TradingView) add the spread on to your SL on your
metatrader. This is to make sure your trade follows the pure
technicals as closely as possible. For example, if you take a
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sell and your SL should be at 1.10000 on TradingView and
your spread is 0.5 pips, adjust your SL on meta trader to
1.10005.

ADDITIONAL NOTES

We trade an entirely rule based strategy, so if the rules are


not met, we do not take a trade. If you are unsure if the rules
are met, we don’t take a trade. The point of rule based/
mechanical trading is we always know if we are utilising our
edge over the market, because the rules guide us. Don’t
allow any discretion to in uence your decision making.
Follow the rules at all time and allow the probabilities to play
out.
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