Advanced system #1-a (Midnight setup addition: Trading Breakouts of the Breakouts)
Submitted by Edward Revy on February 22, 2008 - 10:47.
Current trading method was developed as an addition to original Midnight Setup strategy, but can also be traded alone or in combination with any other Forex strategy.
The idea is to filter out some big portion of false breakouts in our case above/below daily candles.
Setup: daily charts and 5 min charts, no indicators.
Entry rules:
Using rules from Midnight Setup strategy we get ready to enter on the break of the daily candle's high or low.
However, this time instead of placing Buy/Sell stop orders above/below daily candle, we aren't placing any, but rather waiting for actual breakout to occur.
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Hi Edward,
We know Price will move either one or both direction from the open price (GMT ) every day with minimum 30 pips, in my opinion I think here is the profit.
This is my ideea: open 2 trades: buystop + 10 pips from open price and sellstop -10 from open price, volume lot 0.01, TP and SL 20 pips.
NOW IF ONE ORDER GETS TRIGGERD WE SAY THE BUY ORDER.. WE immediately CHANGE THE OPPOSITE ORDER AT THE LOW FROM 0.01 to 0.02 )...... and we do that until theprofit is reached.
Can somebody code that?
Thanks,
Viorel
Hi Viorel,
it looks similar to grid trading. I believe it could work as long as you stick to the rules. Automating it would be the best option, unfortunately, I dont' have enough skills to write EAs.
Best regards,
Edward
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