I am a beginner. I am trying to learn as much as possible. If you know of a website I could learn a lot from, as a beginner please let me know.
Below I found this. I have no idea how to do the time part can you explain this to me so a 6th grader could understand it, lol.
Thanks Jonathan
Simple Combined Breakout System for EUR/USD and GBP/USD
Below I found this. I have no idea how to do the time part can you explain this to me so a 6th grader could understand it, lol.
Thanks Jonathan
Simple Combined Breakout System for EUR/USD and GBP/USD
- Determine the 06.00 CET – 10.00 CET High Low on EUR/USD and GBP/USD
- Determine the 10.00 CET – 14.00 CET High Low on EUR/USD and GBP/USD
- Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies
- Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
- Set StopLoss at entry - 50 pips for EUR/USD and entry - 70 pips for GBP/USD. If the other side of the breakout is within 50 pips for EUR/USD or within 70 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)
- Move the SL to breakeven after a gain of 30 pips for EUR/USD and a gain of 40 pips for GBP/USD
- If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. There is only one turn per time frame possible. This rule is a result of all previous rules. You can skip this rule if you want.
- At 24.00 CET all orders expiring and close all trades at market. On Friday we do the same at 23.00 CET.
Thanks,
Jonathan