Hi
before anything sorry for my english and english isn't my native language ....
i found out this method on another forum but i have changed it a little and it's better now...
by the way...this is very simple....
you should calculate the daily range and then divide by 4 then you find the point of daily close and put a buy and a sell order with (daily range)/4 offset from the daily close point ...your profit is daily range/4 from that offset ...your SL should set 10 pips before the next order
ATTENTION :
1-DON'T USE THIS ON FRIDAYS.
2- THE BEST DAILY RANGE IS BETWEEN 200 AND 300 PIPS.
3-DON'T TRADE THIS METHOD IF YOUR DAILY RANGE IS MORE THAN 400PIPS
4-YOU CAN CHOOSE YOUR DAILY BEGINS WHATEVER YOU WANT... I CHOOSE 7GMT BEFORE LONDON SESSION BECAUSE THIS MAKES PROFIT AS SOON AS POSSIBLE
5-I TRADE gbp/usd and eur/jpy WITH THIS METHOD YOU CAN TEST IT ON OTHER PAIRS...BACKTESTING THIS METHOD IS SO EASY AND SEEMS GOOD FOR EA
6-IF ONE OF YOUR ORDERS HIT TP CANCEL THE OPPOSITE ORDER
7-THE ORDERS WILL EXPIRE WHEN YOUR NEXT DAY BEGIN
update 2009/5/19 :
attach indicator written by user Fredella ....thank you
update 2009/5/21 :
new indicator version attach ....in this new version you have 2 choice :
1- you can consider your day as a 24 hour day. if you choose it you have to set only your dailyshift option
2- you can consider your day as a 25 hour day. if you choose it you have to set your dailyshift on whatever you want and hourrange to 25.
traders who are experienced with this system have suggested +2,+3 ,+4, +5, +6, +7 for dailyshift.
before anything sorry for my english and english isn't my native language ....
i found out this method on another forum but i have changed it a little and it's better now...
by the way...this is very simple....
you should calculate the daily range and then divide by 4 then you find the point of daily close and put a buy and a sell order with (daily range)/4 offset from the daily close point ...your profit is daily range/4 from that offset ...your SL should set 10 pips before the next order
ATTENTION :
1-DON'T USE THIS ON FRIDAYS.
2- THE BEST DAILY RANGE IS BETWEEN 200 AND 300 PIPS.
3-DON'T TRADE THIS METHOD IF YOUR DAILY RANGE IS MORE THAN 400PIPS
4-YOU CAN CHOOSE YOUR DAILY BEGINS WHATEVER YOU WANT... I CHOOSE 7GMT BEFORE LONDON SESSION BECAUSE THIS MAKES PROFIT AS SOON AS POSSIBLE
5-I TRADE gbp/usd and eur/jpy WITH THIS METHOD YOU CAN TEST IT ON OTHER PAIRS...BACKTESTING THIS METHOD IS SO EASY AND SEEMS GOOD FOR EA
6-IF ONE OF YOUR ORDERS HIT TP CANCEL THE OPPOSITE ORDER
7-THE ORDERS WILL EXPIRE WHEN YOUR NEXT DAY BEGIN
update 2009/5/19 :
attach indicator written by user Fredella ....thank you
update 2009/5/21 :
new indicator version attach ....in this new version you have 2 choice :
1- you can consider your day as a 24 hour day. if you choose it you have to set only your dailyshift option
2- you can consider your day as a 25 hour day. if you choose it you have to set your dailyshift on whatever you want and hourrange to 25.
traders who are experienced with this system have suggested +2,+3 ,+4, +5, +6, +7 for dailyshift.
(If you don't, create a EA that opens orders with stops and closes them immediately on next tick and check the result on control points).