This system was based on this article about stop hunting http://www.investopedia.com/articles...topHunting.asp
I call it a scalpers dream because it's a set it and forget it naked trading system, although it would be more profitable if you check in on it every couple hours or automate it. It will work on any major pair. I tested it LIVE on EUR/USD and made 8 trades so far 1 loss(should have been -35), 1BE(manual trade entered wrong direction should have been a +15), and 6 for +15 pips each for a total of +55 pips for the day. Here is a link to my FXBOOK account http://www.myfxbook.com/members/Jaws...oZxJG05OdXsgYB my overall trading is not that great but look at the trades that were placed from 10/19/10 on. I made over 18% on my day to day balance.
Ok, here is how I set it up. I set up trades with a TP at the big numbers 300 pips above and below the current price and the entry points are 15 pips away from the big number. So if the current price was 1.3850, I would place long orders at 1.3985,1.4085, and 1.4185 and short orders at 1.3815, 1.3715, and 1.3615. I have also determined that a SL at the 50's would leave enough room for the trade to play out and the win ratio is so high that losses will be rare and will not affect the overall profitability of the system. Once it is set up all you have to do is check in to fill in the blanks left from orders that were filled.
I don't use MT4 at the moment but I would love to have an EA for this system if anyone would be nice enough to program and post it.
I call it a scalpers dream because it's a set it and forget it naked trading system, although it would be more profitable if you check in on it every couple hours or automate it. It will work on any major pair. I tested it LIVE on EUR/USD and made 8 trades so far 1 loss(should have been -35), 1BE(manual trade entered wrong direction should have been a +15), and 6 for +15 pips each for a total of +55 pips for the day. Here is a link to my FXBOOK account http://www.myfxbook.com/members/Jaws...oZxJG05OdXsgYB my overall trading is not that great but look at the trades that were placed from 10/19/10 on. I made over 18% on my day to day balance.
Ok, here is how I set it up. I set up trades with a TP at the big numbers 300 pips above and below the current price and the entry points are 15 pips away from the big number. So if the current price was 1.3850, I would place long orders at 1.3985,1.4085, and 1.4185 and short orders at 1.3815, 1.3715, and 1.3615. I have also determined that a SL at the 50's would leave enough room for the trade to play out and the win ratio is so high that losses will be rare and will not affect the overall profitability of the system. Once it is set up all you have to do is check in to fill in the blanks left from orders that were filled.
I don't use MT4 at the moment but I would love to have an EA for this system if anyone would be nice enough to program and post it.