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From the chart posted before, after 4 hours of consolidation, after setting your limit orders, when we open the PC, we will get 5 * 3 = 15 pips.
This is what I like about this system, no waiting, no hassle, no hoping, no fear (but now yes), no greed. If it hit it hit and we are not infront of the PC to feel scared (at that time, but now yes).
The UNDERLYING PRINCIPLE OF THIS technique is this :
1) It is JUST based on Price Action, NO INDICATORS, and all non-newbie traders should now that Price Action is the MOST IMPORTANT RAW or LEADING indicator, before thousands other MATHEMATICALLY CALCULATED indicators, BY SO and so.
2) It is also based on the fact that Price normally moves 2,4,5 upward, then retrace, or 2, 3, 4 downward, then retrace. It is at this 'retracement' which is normally smaller than the forcing trend that we want to take advantage and profit of.
3) The placement of the Limit orders are also normally the REVERSE OF ANY OTHER TECHNIQUES found in almost all the forex forums, which normally put LIMIT ORDER based on trend breakout, or breaking the support or resistance. It is the other way around.
4) That's why it works best in RANGING MARKET.
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