Edited the original idea....
Hi all, this is something new for me as well. I have traded this strategy live for the past 2 weeks and gave me some great results. I have also back tested it, just wanted to share it with you all. You can trade this strategy with g/j, g/u and e/j. The best results will be with g/j because the movement of this pair. with the other 2 I mentioned you need to target lower pips. I trade this only with g/j.
This strategy is similar to some of the other breakout strategies out there but there are some different things that you will find with this then the others will not have.
What I do is I do take the high and low of the 00:00GMT hourly candle.
Note: I don't include the wick, I look at the body of the candel not the wick.
30 pips + spread above the high you go long and 30 pips below low you go short.
I am changing slightly something on this strategy. Instead of entering it with 3 orders, I will enter in with 2 orders. TP1 would be number of pips that I will risk (min of 80 pips), TP2 would be number of pips risked*2 when I hit TP1 the 2nd entry I will BE. When I hit TP2 I will bring my 2nd entry to 50% line and continue to target TP3 which is 3*of number of pips that I risked. This will give me more $$$$(Profit). This was the only change to this strategy. This will give more profit.
Lets say I did a long and if I get stoped out, which means the market is going south and then I will go short. I use fibs to calculate my profit and sl/tp lines for me.
Note: There will be some complications, I will talk about them on my next post.
Hi all, this is something new for me as well. I have traded this strategy live for the past 2 weeks and gave me some great results. I have also back tested it, just wanted to share it with you all. You can trade this strategy with g/j, g/u and e/j. The best results will be with g/j because the movement of this pair. with the other 2 I mentioned you need to target lower pips. I trade this only with g/j.
This strategy is similar to some of the other breakout strategies out there but there are some different things that you will find with this then the others will not have.
What I do is I do take the high and low of the 00:00GMT hourly candle.
Note: I don't include the wick, I look at the body of the candel not the wick.
30 pips + spread above the high you go long and 30 pips below low you go short.
I am changing slightly something on this strategy. Instead of entering it with 3 orders, I will enter in with 2 orders. TP1 would be number of pips that I will risk (min of 80 pips), TP2 would be number of pips risked*2 when I hit TP1 the 2nd entry I will BE. When I hit TP2 I will bring my 2nd entry to 50% line and continue to target TP3 which is 3*of number of pips that I risked. This will give me more $$$$(Profit). This was the only change to this strategy. This will give more profit.
Lets say I did a long and if I get stoped out, which means the market is going south and then I will go short. I use fibs to calculate my profit and sl/tp lines for me.
Note: There will be some complications, I will talk about them on my next post.
Attached Image (click to enlarge)
same to you as well. thanks again......
)
