Hi guys.
At the start of every week (Sunday 9GMT here) wait for the first 4h candle to complete (candle 1). After that look for a 4h candle to close above or below candle 1. The candle that closes above or below candle 1 high/low we call it Candle 2.
Buy rules: Place a buy stop order 2 pips above candle 2 high.
Sell tules: Place a sell stop order 2 pips below candle 2 low.
Risk: 2-5% risk per trade
Stop loss: 1.5 times the 4h ATR (14 period)
Pair: Eurusd
Possible exits:
1) For buy trades, exit after 2 green candles close above entry point. They donīt neccesarily have to be 2 consecutive candles. There can be red candles in between, but once we have 2 green candles closing above, we exit. (The opposite for sell trades).
2) Another option could be last week high or last week low, which are very important support and resistance levels.
Have been backtesting ramdomly and looks promising. If there is a programmer around send me a PM to discuss making a simple EA with some easy options and share it here, so we can find the best settings together!
Cheers!
Example of entry
At the start of every week (Sunday 9GMT here) wait for the first 4h candle to complete (candle 1). After that look for a 4h candle to close above or below candle 1. The candle that closes above or below candle 1 high/low we call it Candle 2.
Buy rules: Place a buy stop order 2 pips above candle 2 high.
Sell tules: Place a sell stop order 2 pips below candle 2 low.
Risk: 2-5% risk per trade
Stop loss: 1.5 times the 4h ATR (14 period)
Pair: Eurusd
Possible exits:
1) For buy trades, exit after 2 green candles close above entry point. They donīt neccesarily have to be 2 consecutive candles. There can be red candles in between, but once we have 2 green candles closing above, we exit. (The opposite for sell trades).
2) Another option could be last week high or last week low, which are very important support and resistance levels.
Have been backtesting ramdomly and looks promising. If there is a programmer around send me a PM to discuss making a simple EA with some easy options and share it here, so we can find the best settings together!
Cheers!
Example of entry