This system is made not to make hundred of pips each day but I think that if used well can make some nice pips!
So the system is really easy, is based on this (ForexAdvisor.it - Strategie FOREX, miglior forex broker, trading system automatico, programmi e piattaforme per trading forex, TRADING nel forex) which is in italian, so I don’t know how much you can understand…
Anyway you put 2 lines in the high and low on the 15 min candlestick, between 12:00 and 14:00 GMT (we noticed that other good times are from 5 to 7 gmt and form 11pm to 6am gmt) then when there is a break-out up you buy and down you sell.
I’ve tested this a bit and I’ve understood that you get a lot of fake signals, so I’ve thought that you can put an opposite order on the sl, for 20pips and not 40 like normally, to come back to 0… and it seems that it work.
Take profit a lot of times could be much more than 40 pips, so you can also let it go and put sl first at +40pips then +50 +60 etc.
N.B
every tp is 40pips
every sl is 20 pips
if is a fake signal second tp 20pips, sl again 20pips.
So in my tests I’ve got:
Most of the time +40 pips
sometimes -20pips +20pips = 0pips
Other days - 40 pips, because of two fake break-out
I sugest to put at BE or just few pips under the “broken” like which from resistance become support.
is quite easy, the market in that time has a lot of volatility, so you can aspect a lot of pips.
An other thing that you could see is the daily candle, for the pair you trade you should know what’s the average daily move 100pips 150pips etc… so if the daily candle didn’t move very much you can wait for a good brake-out of a lot of pips.
I also sugest to learn some tactics to understand fake break-outs to avoid stupid losses!
I’ve tested on GBP/USD at 12:00 - 14:00 in the morning also EUR/USD has been tested and the overall results are good. If you have some advice to give me please comment.
Have a profitable week all you guys!
Update after backtesting:
SL 20pips -
BE @20 pips
TP1 (30% investment) - 20 pips and move BE to +0pips
TP2 (30% investment) - 30 pips and move BE to +10pips
TP3 (the rest off it) - 50 pips
Times (GMT) are:
23pm - 06 am
05am - 07 am
12pm - 14 am