Just a simple breakout method.
Background:
I always look at asia session as a good time to setup breakout trade for
Europe/Asia overlap session and Europe session.
I trade GBP/USD and USD/CHF for better volatility.
From statistics here is the trading range of GBP/USD between 2002 to 2004. Of course this is a rough figure.
Europe/Asia overlap : 43 pips (EST 2am to EST 4 am)
Europe session : 112 pips (EST 2am to - noon)
U.S/Europe overlap session: 78 pips (EST 8am to EST noon)
From statistics here is the trading range of USD/CHF between 2002 to 2004. Of course this is a rough figure.
Europe/Asia overlap : 43 pips (EST 2am to EST 4 am)
Europe session : 117 pips (EST 2am to - noon)
U.S/Europe overlap session: 88 pips (EST 8am to EST noon)
Strategy:
GBP/USD, USD/CHF
Taking High and Low from EST 7pm to EST 4am.
Entry
Long: High + 13 pips
Stop loss: -40 pips (update 23-Dec-05: No trailing stop, but move SL to break even point after +40 pips gain)
Long Exit : High + 120 pips (update 04-Jan-06: increase TP)
All trades are closed at EST 12 noon.
Same rules for short trade.
Background:
I always look at asia session as a good time to setup breakout trade for
Europe/Asia overlap session and Europe session.
I trade GBP/USD and USD/CHF for better volatility.
From statistics here is the trading range of GBP/USD between 2002 to 2004. Of course this is a rough figure.
Europe/Asia overlap : 43 pips (EST 2am to EST 4 am)
Europe session : 112 pips (EST 2am to - noon)
U.S/Europe overlap session: 78 pips (EST 8am to EST noon)
From statistics here is the trading range of USD/CHF between 2002 to 2004. Of course this is a rough figure.
Europe/Asia overlap : 43 pips (EST 2am to EST 4 am)
Europe session : 117 pips (EST 2am to - noon)
U.S/Europe overlap session: 88 pips (EST 8am to EST noon)
Strategy:
GBP/USD, USD/CHF
Taking High and Low from EST 7pm to EST 4am.
Entry
Long: High + 13 pips
Stop loss: -40 pips (update 23-Dec-05: No trailing stop, but move SL to break even point after +40 pips gain)
Long Exit : High + 120 pips (update 04-Jan-06: increase TP)
All trades are closed at EST 12 noon.
Same rules for short trade.