I don’t trade off of Daily charts anymore so I figured I’d pass this on so you guys could mess with it. I traded this for a few months and was overall profitable. Maybe someone can backtest it and see it’s survival rate. Anyway, figured I’d give back to our community that got me to where I am today. So without further ado…
A mindless system.
On gbp/usd. Go to daily charts. It’s just a common box breakout strategy. At yesterday’s candle close(17:01 for est) place your entry orders. Yesterday’s hi = 1 pip above enter long with a 10 pip tp and a 30 pip sl. Place your entry short at 1 pip below yesterday’s low with a 10 pip to and a 30 pip sl.
This is a terrible risk:reward. And a terrible way to cut your winners short. That being said. It forces you to stare at price action. I consider this strategy less of a winner and more of a low cost education. If you keep your stop loss equall to 1% of your account(so $300 account minimum with 1k lots) you will begin to see prices reaction to support/resistance. This probably won’t help scalpers. But it’s simple and was devoloped to work around my job before I became a full time trader. I’ll check in from time to time if there’s questions. Best of luck to everyone !