Note: This system was conceived of using the GBP/USD, it may or may not work on other pairs.
For this system, you use 4HR charts. Each day at 8:00 GMT you set your trades.
We are using the price range of the 4:00 GMT bar as the basis off of which to place our trades.
Every day you set your trades at the close of the 4:00 GMT 4HR bar, which is at 8:00 GMT, which is 4:00am EST.
Buy a break of the high of the 4:00 bar, Sell a break of the low. Stop is the other side of the bar.
Use a 10 pip buffer to consider a trade triggered! <--KEY POINT!
One Stop and Reverse order is allowed per day (at your discretion). So, if your stop is hit, you may if you like open a new order in the other direction.
There are 6 four-hour periods in a day. After opening your trade, you close out 1/6th of the trade after each 4HR bar closes, thus finishing up every day the next day just as you are opening a new trade.
If you end up getting a great move early, close out more aggressively.
If you get triggered later in the day, with say only 2-4 bars left, make sure to have closed out the trade entirely by the end of the 6th 4HR bar.
Always start the next day fresh!
For this system, you use 4HR charts. Each day at 8:00 GMT you set your trades.
We are using the price range of the 4:00 GMT bar as the basis off of which to place our trades.
Every day you set your trades at the close of the 4:00 GMT 4HR bar, which is at 8:00 GMT, which is 4:00am EST.
Buy a break of the high of the 4:00 bar, Sell a break of the low. Stop is the other side of the bar.
Use a 10 pip buffer to consider a trade triggered! <--KEY POINT!
One Stop and Reverse order is allowed per day (at your discretion). So, if your stop is hit, you may if you like open a new order in the other direction.
There are 6 four-hour periods in a day. After opening your trade, you close out 1/6th of the trade after each 4HR bar closes, thus finishing up every day the next day just as you are opening a new trade.
If you end up getting a great move early, close out more aggressively.
If you get triggered later in the day, with say only 2-4 bars left, make sure to have closed out the trade entirely by the end of the 6th 4HR bar.
Always start the next day fresh!