High & Low 8 Hours (GBP/JPY)

Hello

Good year.

A maximum of today should be 149.45

low 148,17

+ 100 pips

High 147,15

Low 145,96


+100

High 148,25

Low 147,57



2 SLs =-100

Today open High 149,30

Hi NicoTina,
It's good to see you back. I have gone through this thread and thought of summarizing my understanding. Can you please review and advise if this is correct.

Pair Traded: GBPJPY

Setup Range: Take the High and Low between the hours of 18:00 GMT and 02:00 GMT.

Placing Trades: This strategy requires you to enter two pending orders. A Buy order 1 pip above the high of the range and a sell order 1 pip below the low of the range.

If the setup range is in excess of 150 pips, reduce your lost size because it is a riskier setup. Alternatively, you may choose not to trade on that day.

Stop Loss: 50 pips, Take Profit: 100 pips (Note: If your broker’s spread is in excess of 7, you may want to adjust Stop Loss and Take Profit level to allow for the difference. For e.g., if the spread is 10, you may want to use Stop Loss of 53 pips and Take Profit of 103 pips)

Order Management: If the order that triggers first hits Take Profit, delete the other pending order. No more trading for the day.

If the order that triggers first hits Stop Loss, open another pending order in the same direction with the same price. Leave the other pending order as is. In effect, you are back in the market with the original orders but 50 pips in loss. If Stop Loss is hit the second time, delete the other pending order. No more trading for the day.

This strategy targets 100 pips profit and maximum 100 pip loss (if Stop Loss hits on 2 orders).

Close all orders at 18:00 GMT.

Please let me know if I have summarised the strategy correctly.

I have a question I was hoping you can answer - What happens if the price keeps trading in a range and the pending orders do not trigger for many hours. How long do you wait before deleting them?

Analyze up correctly.

I wait until 4pm GTM.

Hi Nicotina,
What happens if the price keeps trading in a range and the pending orders do not trigger for many hours. How long do you wait before deleting them?

I'm glad this thread is being revived. Such a simple strategy. Will give a keen eye on this. Thanks.

High (1800 GMT - 0200 GMT)148.81
Low (1800 GMT - 0200 GMT)148.28

Are people seeing similar numbers?

hit the buy

I wait until 4pm GTM.

High 148,73
Low 148,07

Today -50 pips

High: 148.54
Low: 147.67

Yesterday was -50
Today sell was hit.

On my chart, long was hit first (-50) and then sell hit (-50)

Today

Looks like G/J moves a little less this year although too early to call but I'm adjusting my TP down to 50 pips.

High 147.68
Low 146.70