Session Breakouts Version 1 Beta
Pair: GBPUSD
Platform: MT4 for charting, your own platform for execution.
My TP: 15 pips for shorts, 15 pips + spread for longs
My SL: 30 pips
How it works: At the end of each session I determine the high and low for the session. I place a limit buy order at the high, and a limit sell order at the low.
Then during the next session either price action activates my order(s) or it does not. At the end of that next session I repeat the process by setting up pending buy and sell orders at the high and low of the last session.
I am in the Central time zone, so that means I set up my trades at 11AM, 4PM, and 3AM every trading day.
See attached pictures for more examples.
See attached indicators / template if you want the same ones I use.
See attached spreadsheet for results.
I've been lurking on FF for months and although this method is far from original I hope I can help make some of you more profitable!
FAQ:
Q: The time thing confuses me... How do I set up the iSessions indicator to work correctly in MT4 for my broker?
A: Each broker is different so you need to determine what time zone they use. After you have determined this you have to edit the properties of the iSessions indicator to reflect when each session begins and ends. Use http://www.forexmarkethours.com/ as a reference. After you think you have it right, visually inspect the chart to determine if the boxes are drawn around the right candles. It should be noted that MT4 is totally optional for this method.
Q: What if I don't want to use MT4 for this?
A: Then dont. Open the hourly chart on your trading platform and just examine the last 9 candles at the end of each session. Place your trades at the highs and lows and you're set.
Pair: GBPUSD
Platform: MT4 for charting, your own platform for execution.
My TP: 15 pips for shorts, 15 pips + spread for longs
My SL: 30 pips
How it works: At the end of each session I determine the high and low for the session. I place a limit buy order at the high, and a limit sell order at the low.
Then during the next session either price action activates my order(s) or it does not. At the end of that next session I repeat the process by setting up pending buy and sell orders at the high and low of the last session.
I am in the Central time zone, so that means I set up my trades at 11AM, 4PM, and 3AM every trading day.
See attached pictures for more examples.
See attached indicators / template if you want the same ones I use.
See attached spreadsheet for results.
I've been lurking on FF for months and although this method is far from original I hope I can help make some of you more profitable!
FAQ:
Q: The time thing confuses me... How do I set up the iSessions indicator to work correctly in MT4 for my broker?
A: Each broker is different so you need to determine what time zone they use. After you have determined this you have to edit the properties of the iSessions indicator to reflect when each session begins and ends. Use http://www.forexmarkethours.com/ as a reference. After you think you have it right, visually inspect the chart to determine if the boxes are drawn around the right candles. It should be noted that MT4 is totally optional for this method.
Q: What if I don't want to use MT4 for this?
A: Then dont. Open the hourly chart on your trading platform and just examine the last 9 candles at the end of each session. Place your trades at the highs and lows and you're set.
Attached File(s)
i-Sessions.mq4
6 KB
|
1,781 downloads
i-Sessions.ex4
6 KB
|
1,265 downloads
session breakoutsv1.tpl
65 KB
|
1,297 downloads
Session Breakout Results.xls
8 KB
|
1,591 downloads