Developing a system #20 (Daily high/low trading)
Submitted by User on October 20, 2009 - 06:31.
so now i will tell you my idea of a forex trading system.
this system is not proved or anything like this, because i do not have time for this.
i hope you guys can help me, to finish this system so that we all can use it.
i have to create a system that can be trade even if you do not have time for forex trading ;-)
So the System is based on trading a new high or a new low for the day.
so for example you have got EUR/USD.
just look at the high an low of the current day at evening.
set a market order to BUY if it reaches the HIGH of the day.
LIMIT should be : 25
the same for SELL order.
so if it reaches a HIGH or LOW i think most of the time the course will go on and make a new high order low for the new day.
if not, and it returns after 15 pips of a new high/low you just get a negative trade of 10 pips for example.
I hope you guys can help me developing this system.
Perhaps it is better to set up the LIMIT and TRAILING STOP to 20 or 15 or 10?
because often the system reaches the previous day high/low and falls back.
Please help and comment