I've seen breakout strategies for daily and weekly. I've never seen one like the one i'm about to present.
DRAW a box connecting the high of the first 4hr candle(00:00) of the week with the low along with a buffer of 20 pips on each side.
The week starts at the open of the Australian session.
If I had a penny for every time someone has asked which candle it is..i wouldn't need to trade forex to make money. For the next person who is going to ask, follow these instructions.
Download an FXDD platform. Press Ctrl+y on a 4hr chart. Lines will magically pop up and at the start of every week the first 4hr candle should form on the line. This is the candle you use for the High and Low.
Box Forming Times:
GMT- 21:00 to 01:00
EDT - 17:00 to 21:00
FXDD time - 00:00 to 04:00
Use Time zone conversion to find out your specific time.
DO NOT ask when the bar forms and when it closes as its been answered MULTIPLE times. I post every week when the bar closes. If you're not willing to go through the thread or wait one week for my post on when the bar closes than this system isn't for you.
I'm sorry, but it's just gotten to a point where people ask every time.
Some brokers begin operating an hour earlier then FXDD or later. If you first 4Hr bar closes at 00:00 GMT, then that's not the right candle. The best thing to do is to download an FXDD demo platform and use that as reference.
Rules:
- Add a buffer of 10-20 pips on each end of candle
- Buy on upper break of weekly box (including buffer+spread)
- Sell on lower break of weekly box (including buffer)
SL - other side of Box
TP1 - 1x box size
TP2 - 2x box size
TP3 - 3x box size
TP4 - 4x box size
This system works on many JPY pairs.
GBP/JPY
EUR/JPY
AUD/JPY
CHF/JPY
CAD/JPY
**GBP/JPY is the best pair.
May work on other pairs, testing is required however.
I like to use 3x-4x box size as TP.
I take don't profits at 1x size of box because larger reward is key.
I move stop to BE after 1x has been hit.
Risk Management (to find out your position size)
(Account Balance * Risk percent)/Stoploss = mini lot size
Advantages
- 30 mins a week
- no worrying about charts filled with indicators
- higher reward than risk on EACH trade
- easy to back test
Important:
Probability
Q&A (thanks to fxann)
Indicators below, thanks to fx2248 for your help.
Feedback would be great from all you FX experts and GOOD LUCK!
DRAW a box connecting the high of the first 4hr candle(00:00) of the week with the low along with a buffer of 20 pips on each side.
The week starts at the open of the Australian session.
If I had a penny for every time someone has asked which candle it is..i wouldn't need to trade forex to make money. For the next person who is going to ask, follow these instructions.
Download an FXDD platform. Press Ctrl+y on a 4hr chart. Lines will magically pop up and at the start of every week the first 4hr candle should form on the line. This is the candle you use for the High and Low.
Box Forming Times:
GMT- 21:00 to 01:00
EDT - 17:00 to 21:00
FXDD time - 00:00 to 04:00
Use Time zone conversion to find out your specific time.
DO NOT ask when the bar forms and when it closes as its been answered MULTIPLE times. I post every week when the bar closes. If you're not willing to go through the thread or wait one week for my post on when the bar closes than this system isn't for you.
I'm sorry, but it's just gotten to a point where people ask every time.
Some brokers begin operating an hour earlier then FXDD or later. If you first 4Hr bar closes at 00:00 GMT, then that's not the right candle. The best thing to do is to download an FXDD demo platform and use that as reference.
Rules:
- Add a buffer of 10-20 pips on each end of candle
- Buy on upper break of weekly box (including buffer+spread)
- Sell on lower break of weekly box (including buffer)
SL - other side of Box
TP1 - 1x box size
TP2 - 2x box size
TP3 - 3x box size
TP4 - 4x box size
This system works on many JPY pairs.
GBP/JPY
EUR/JPY
AUD/JPY
CHF/JPY
CAD/JPY
**GBP/JPY is the best pair.
May work on other pairs, testing is required however.
I like to use 3x-4x box size as TP.
I take don't profits at 1x size of box because larger reward is key.
I move stop to BE after 1x has been hit.
Risk Management (to find out your position size)
(Account Balance * Risk percent)/Stoploss = mini lot size
Advantages
- 30 mins a week
- no worrying about charts filled with indicators
- higher reward than risk on EACH trade
- easy to back test
Important:
Probability
Q&A (thanks to fxann)
Indicators below, thanks to fx2248 for your help.
Feedback would be great from all you FX experts and GOOD LUCK!
Attached File(s)