Advanced system #1 (Midnight setup)
Submitted by Edward Revy on April 29, 2007 - 08:11.
Ready to dedicate your midnight hour to Forex trading? This strategy can be your winner.
Trading strategy setup:
Currency pair: GBP/USD or any other.
Time frame: 1 day.
Indicators: None.
Trading Rules:
This system is based on the fact that most of the time you won't find same size candles for 2 consecutive days on a daily chart. What does this mean for us – only one thing: the price is moving steady either up or down with almost no price "noise" which is always present on smaller time frames.
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Hi Peter,
If price bar including shadows is less than 90 pips for GBPUSD, it means that we have a small price range to work with the next day. Unless you know the trend and choose to trade in one direction only, I suggest you avoid trading. Why?
Because, according to the strategy rules we need to set both order Buy and Sell above and below the previous candle. Chances are high that we'll have both orders triggered as well as both stops triggered, since the price range of 90 pips is a very tight one.
Regards,
Edward
Hi Edward,
I have been using this strategy since Nov. 2008 with great success.
The only thing I changed was the S/L if daily candle over 180-200pips I set S/L at half of daily candle :example if daily candle 300pips S/L is 150pips this has worked great for me and has not come back to bite me yet.
This site is awesome and has made me some nice profits, thank-you edward and to all the others here.
Thank you for the feedback indeed, I'm very glad you were able to make your own set of rules and get results!
Happy trading!
Edward
Hi, my name is Esther, am new in the forex world have gone thru all the strategies but prefared to go by the midnight setup but need u to clearify some issues here.
Do u mean at 00:00 place a pending order that will execute itself thus:- place BUY @ the high of the previous trade+5pips & sell @ the low of the previous trade -5pips.
* Put your stop loss order for a BUY entry at the lowest price for the day -3 pips.
Put your stop for Short order at the top of the highest price for the day +3 pips.
**** I tried this nd was d diffrence btwn d loss & d gain was not upto $4. or may be i didn't place the trade aright.
pls help clarify issue.
thanks sir 4 ur wndrful strategy, i feel in love wt it but need u to clarify issues here-in this system, wld there be any case of thus:- aftr settn buy/sell 4 instance sell was running nd eventually reverse to buy and pick loss on sell order, started buyn nd reverse back to sell and pick loss on buy order. can this case ever ocure?
CHICHI
Hi Chichi, yes, this can happen. But we have a filter to lower the chances to the minimum - we use 90 pips rule, you can review in the strategy rules.
Regards,
Edward
Hi Esther,
This is the orders for a Long trade:
Opposite will be for a short trade.
Please let me know should any questions remain.
Regards,
Edward
Great Strategy big drawdown but impressive winning ratio.. in whole very nice strategy...Welldone Keep it up... and thanx for sharing such a beautiful strategy.This site is gr8 Good Work Edword