This system will use GBPJPY and EUJPY for the test phase its based on previous day high low range then uses FIB to project targets both up and down. a 10 pip buffer will be used for entry on these pairs.
1. Entry
Place pending order 10 pips above previous day high and low. 1 to 3 or more contracts can be used depending on account size more contracts will allow scaling out.
2. stop loss
place stop loss 1 pip above or below FIB retracement level depending again on risk tolerance.
3. Targets use FIB extensions to exit out of position if final target not reached use CCI 50 (smoother) or greater CCI value if need be and exit on break of -100 or +100 and close final position.
Move to BE at Target 1, ideally first target should be hit before using CCI exit.
Close all positions before Friday 5pm. (optional can stay in if one chooses).
Also only 2 trades allowed per day 1 long and 1 short only, new 00:00 candle must form for new session trading to commence.
1. Entry
Place pending order 10 pips above previous day high and low. 1 to 3 or more contracts can be used depending on account size more contracts will allow scaling out.
2. stop loss
place stop loss 1 pip above or below FIB retracement level depending again on risk tolerance.
3. Targets use FIB extensions to exit out of position if final target not reached use CCI 50 (smoother) or greater CCI value if need be and exit on break of -100 or +100 and close final position.
Move to BE at Target 1, ideally first target should be hit before using CCI exit.
Close all positions before Friday 5pm. (optional can stay in if one chooses).
Also only 2 trades allowed per day 1 long and 1 short only, new 00:00 candle must form for new session trading to commence.
Attached Image (click to enlarge)
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