I've currently been trading a simple daily system that nets me anywhere from 20-40 pips a night and am quite happy with it. What im looking for now is to try a simply hourly system to help kill time waiting for that new daily candle to start, and wanted to see what the more experienced traders here thought of it.
When a new hourly candle starts wait for it to move 5-10 pips in one direction, whether its bearish or bullish I would enter the way it was heading. Stop loss would be for -15(only this high because i've noticed with the Oanda demo account im using I usually end up starting at -4 to -8 pips) and the TP would be around +5 or +6 pips. The pairs that I've been trading on are GBP/JPY, USD/JPY, USD/CHF, GBP/USD and EUR/USD usually I take a couple trades at the end of the New York session, then will take a few at the start of the Tokyo session, take a break and come back for the close of Tokyo/open of London session.
So do you guys think this is a viable hourly system? I think that the lower TPs are usually pretty easy to hit and the SL is just far enough back that a little retracement wont instantly stop me out, but not far enough back that if I hit 10 or 15 losers in a row it wont wipe my account out. Any thoughts or advice you have on this would be greatly appreciated as I am still testing this and would like to get it running as smooth as possible within the next month or so, then do a good month or two after that before going live with it on anything other than just a mini lot.
D
PS. I was attempting to put this into the trading systems forum, but unfortunately as I'm still a junior member this is the only one I could place it in for the moment.
When a new hourly candle starts wait for it to move 5-10 pips in one direction, whether its bearish or bullish I would enter the way it was heading. Stop loss would be for -15(only this high because i've noticed with the Oanda demo account im using I usually end up starting at -4 to -8 pips) and the TP would be around +5 or +6 pips. The pairs that I've been trading on are GBP/JPY, USD/JPY, USD/CHF, GBP/USD and EUR/USD usually I take a couple trades at the end of the New York session, then will take a few at the start of the Tokyo session, take a break and come back for the close of Tokyo/open of London session.
So do you guys think this is a viable hourly system? I think that the lower TPs are usually pretty easy to hit and the SL is just far enough back that a little retracement wont instantly stop me out, but not far enough back that if I hit 10 or 15 losers in a row it wont wipe my account out. Any thoughts or advice you have on this would be greatly appreciated as I am still testing this and would like to get it running as smooth as possible within the next month or so, then do a good month or two after that before going live with it on anything other than just a mini lot.
D
PS. I was attempting to put this into the trading systems forum, but unfortunately as I'm still a junior member this is the only one I could place it in for the moment.