Greetings From Sunny South Africa.
The indicator attached is based on the strategy on this link http://forex-strategies-revealed.com/simple/simple-trading-with-daily-range
my request: make the indicator flexible so YOU can chose your own 24hour period and be able to set the % of daily range, currently fixed on 25%.
summary of strategy rules:
You choose your own 24 hour period move - here as an example I will be using 21:00 to 21:00 GMT+1 (my local time).
Mark the High, Low and Close for Selected 24 Hours
For example, the GBPJPY for the last 24 hours was: H138.67 L136.00 and C138.13
Now total movement was (high-low) 267 pips.
You set your Buy and Sell orders 25% of the 267 total move away from the Close price. Therefore, 25% of 267 pips is 67 pips, thus your orders would be:
BUY at 138.80 (Close + 67 pips)
SELL at 137.46 (Close - 67 pips)
Set your TP also only to 25% of the previous days move - in this case also 67 pips. In theory, if the chosen pair then move only 50% of the previous days total move, you profit ...
Set your SL levels 10 pips away from the opposite order.
I have attached a spreadsheet from the original post.
thank you (ngiyabonga)
The indicator attached is based on the strategy on this link http://forex-strategies-revealed.com/simple/simple-trading-with-daily-range
my request: make the indicator flexible so YOU can chose your own 24hour period and be able to set the % of daily range, currently fixed on 25%.
summary of strategy rules:
You choose your own 24 hour period move - here as an example I will be using 21:00 to 21:00 GMT+1 (my local time).
Mark the High, Low and Close for Selected 24 Hours
For example, the GBPJPY for the last 24 hours was: H138.67 L136.00 and C138.13
Now total movement was (high-low) 267 pips.
You set your Buy and Sell orders 25% of the 267 total move away from the Close price. Therefore, 25% of 267 pips is 67 pips, thus your orders would be:
BUY at 138.80 (Close + 67 pips)
SELL at 137.46 (Close - 67 pips)
Set your TP also only to 25% of the previous days move - in this case also 67 pips. In theory, if the chosen pair then move only 50% of the previous days total move, you profit ...
Set your SL levels 10 pips away from the opposite order.
I have attached a spreadsheet from the original post.
thank you (ngiyabonga)
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