Developing a system #17 (19 PIP Breakout)
Submitted by User on July 16, 2009 - 20:12.
Submitted by Daniel
This strategy is very similar/based on the numerous breakout strategies already on here. I target two trade times 08.00GMT and 13.00GMT. I look at the previous four hours of trading and find the low/high.
I then create one buy order 3 pips above the hight and one sell order 3 pips below the low. The order is an OCO order so only one trade can take place.
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Edward,
As well as your 0.2 SAR bull/bear direction, we should NEVER open a trade that day if price is less than 25 pips away from 100 SMA--the market is usually too rangy in these conditions, and our pips are more difficult to claim.
Keep up your excellent work on the site. Kind regards. Shane
Hi Shane,
it's another good point, thank you!
Regards,
Edward
Hi Denis,
Pivot point level is an option indeed. As for me, whenever possible, I prefer to make decision and get biased toward either direction before I trade instead of allowing the market to decide for me.
I think you can try the method for trading Gold.
Regards,
Edward
Even though your win percentage is below 50%, it does not mean you can't be profitable. Some traders only win 20% of the time, still profit because of money management. So good luck!
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