I'm here to set out an improvise version of Daily breakout strategy. I know there's ALOT of Daily Breakout Strategies. But as for me, I improvise my own so that I can take the opportunity of grabbing pips when there's available. Its not that risky in my own opinion. Hold your thoughts and try it out. Backtest it and compare first. Then we can share opinions together.
Ok here goes:-
Time frame: Daily only
Buy @ Previous bar high
Sell @ Previous bar low
Take profit : 20pips
SL: Now here's where's the trade management comes in.
Set your stop loss at Previous Bar High when your going SHORT. or
Set your stop loss at Previous Bar Low when going LONG.
This stop loss is temporary !
Once price trigger either Buy or Sell pending order, switch to 4HR time Frame.
If price hits your TP, congrats ! If not, wait till the current 4HR bar to completely form and when the next 4HR bar starts, move your stop loss at the previous 4HR low/high + 5pips. And continue to trail your stop this way until price hits your TP or hit your stop loss OR close your position before a new daily bar starts.
I've only started to backtested it on EUR/USD.
This method good for me as Im working and will only need to monitor every 4HR if price have not reach my TP/SL. Im also looking to set a price email alert when it triggers Buy/Sell order. Sometimes it doesn't trigger, which means an Inside Bar have formed.