Forex trading strategy #11 (GBP/USD breakouts)
Submitted by User on December 24, 2007 - 04:42.
Credits to James Ayetemimowa - our valued contributor!
GBP/USD
when it is 1 hour to london open, draw lines on the highest high since midnite and lowest low since midnite, just trade the breakout and let ur stop loss be at the high of the candle that broke the low line for short trade and the low of the candle that broke the upper line for long trade
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Great job, Robby!
Thanks a lot, I highly appreciate your help.
Regards,
Edward
great strategy,but i think it needs to be refreshed!
i will check it and come back
caspianous
IRI
I would like to improve this by taking the range from the 1st hourly candle of the new day and the last candle at 6am GMT (which is 2 hours before the 8am open - i am aware MT has GMT+1hr at the moment in DST). So basically two hours before the 8am GMT open.
Then also, I have noticed that on the high/low 1hr candle in the channel that the market broke, if you place your stop above/below that candle it results in fairly small risk & not being stopped out too early.
Looking forward to trading this strategy, best strategies are always the simple ones.
Thanks, EH
Thank you, EH!
rich
Hi all, i have tried to understand your tips by reading it more than 10 times!
i dont know why i cant get your point , can you explain more ? :)
Hi,
could you please quote the lines that caught your attention, but "denied" to reveal their meaning :). We'll cover it together. Thank you!
Regards,
Edward
Hi all,
Just wonder is there any indicators to improve the trades? Anyone?
Thanks
Roberto
Hi all,
Did you all set the pending order +5 pips on high/low? Any indicators used to filter the bad trades? Please advise.
Thanks a lot
Roberto
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