I like breakout systems. It does not need too much of thinking and it is the most simple indicator one can find for trading forex.
This system trades all 3 sessions, Asian, European and American .
System involves trading breakout of middle 3 one hour bars ( not exactly middle) .
The philosophy behind this trading system is, a trader, usually large fund managers would like to wind up their trades before their respective session ends and hence would have large movements.
Here is the summary of yet another simple system.
1.Open 1 hr chart of EURUSD( I have tried this only on this pair, but I am sure this would probably work on other currencies as well ).
2. Download an indicator called i-sessions(Found it on internet. Original is in Russian, So thanks and credit entirely goes to the person who created this indicator)
3. Then open the indicator by clicking on Modify and change start and ending time of each sessions as follows
Asian session : 4:00-6:00
European Session: 11:00-13:00
American Sessions: 18:00-20:00
Add 5 pips to the high/Low of the Box and trade.
Target whatever u like. I have been able to get average of 20-30 pips.
Stop loss would be other end of the Box.
Here is the indicator and how the chart looks.
This system trades all 3 sessions, Asian, European and American .
System involves trading breakout of middle 3 one hour bars ( not exactly middle) .
The philosophy behind this trading system is, a trader, usually large fund managers would like to wind up their trades before their respective session ends and hence would have large movements.
Here is the summary of yet another simple system.
1.Open 1 hr chart of EURUSD( I have tried this only on this pair, but I am sure this would probably work on other currencies as well ).
2. Download an indicator called i-sessions(Found it on internet. Original is in Russian, So thanks and credit entirely goes to the person who created this indicator)
3. Then open the indicator by clicking on Modify and change start and ending time of each sessions as follows
Asian session : 4:00-6:00
European Session: 11:00-13:00
American Sessions: 18:00-20:00
Add 5 pips to the high/Low of the Box and trade.
Target whatever u like. I have been able to get average of 20-30 pips.
Stop loss would be other end of the Box.
Here is the indicator and how the chart looks.
Attached Image (click to enlarge)
Attached File(s)
