Horizontal line system

GBPUSD
The rules is to enter 10 pips above or below the daily open horizontal line = Only enter after price is 10 pips away from the open.

All gap get filled
Sell stop .
Do not change the rules.

Fast over USD$300.00 Banked

profits banked

Hello, I really like strategies that have a pip calculation base and use price distribution, I applied your concept to the chart, but it was quite confusing in relation to some points, and not having SL and especially TP is something that becomes very complicated, because how far should we go and where should we consider that order is no longer worth it?

Looking at your screenshots, I thought I could enter at the opening moment and go 10 pips down as TP, but then I ran into several problems.

- Opening a high spread, the order is executed far below the sell point or far above the buy point.
- False entry, it opens going down and starts going up 1 hour later.
- Most of the time it will not generate a negotiation opportunity.
- Lack of liquidity at the beginning of the session creates a lot of false opportunities.

Then I noticed that you were trading a breakout of 10 pips, and I looked for alternatives to find a TP and an SL.

- Following the recommendations, I placed the horizontal line at the daily opening, I believe it is a good option.
- I buy or sell above or below the 10 pips line which is based on the horizontal line

As a friend attached an indicator called "OPEN_TP_SL.ex4" which is from the XARD system, I noticed that they used 9 pips, so I changed my indicator to the same reading.

So I applied the following rules:

- Place a trade when the 9 pip line has a breakout.
- If an opportunity occurs before 10:30 (MT4 Time) I should wait for the second breakout.
- If I don't get an opportunity by 10:30 (MT4 Time), I take the next opportunity, (first breakout).
- After the breakout should I mark the Fibo modification (Default MT4).
- If it is a buy, the SL must be 9 pips below the horizontal line, and the entry 9 pips above the horizontal line.
- If it is a sell, the SL should be 9 pips above the horizontal line, and the entry 9 pips below the horizontal line.

Unfortunately, large distribution days will not generate entry opportunities, and you should always check the economic calendar, as events, especially 3 bulls, can invalidate the trading opportunity.

After a small Backtest it was possible to obtain a certain satisfaction in the type of negotiation, of course I am just contributing to the community and I believe that improvements based on knowledge can be fundamental for the evolution of reading.

The Fibo settings are:

0 - SL
1 - Entry
1.618 - TP1

Attached will be a print with an example, the TPL and the Indicator.

thanks

thanks

Sunday-monday move arroun the daily open

open
tuesday

GBPUSD
Huge move to the upside.
Profits banked

I'm interested in your analysis it's the best

I really like this thread. In my opinion, mastery of ranges is one of the most important, if not most important, aspects of technical trading. The real battle here isn't the method, it's the pyschology. Not deviating, not over complicating, staying with it during the losing streaks, maintaining focus during the winning streaks.

I've tried this before and although this can work in theory, I actually done a pine script back test on tradingview. The whipsaws are demoralising.
As for money management, i done 10 pip hard SL, moved to BE +1 once I was in profit of 5 pips and trailed my SL in increments of 5 pips.

[quote=rell4;15050249]Hello, I really like strategies that have a pip calculation base and use price distribution, I applied your concept to the chart, but it was quite Thanks, indi looks great. You are the man!

Month Open - is that a relevant horizontal line, especially when all USD pairs are in agreement? Some early signs might be there!

Can you explain what you do when price doesn't go your way? What is your money management? Do you take a trade in the other direction as a hedge? Or do you close bad trade first?

Long term trade are the best
gbpus is above monthly open.
you can hold long, just find where to place your stoploss and tp