I want to share a method, that is not fully mine, but i have combined it with my own trading strategy and found out to be profitable. Its a set & forget daily breakout trading method
This will totally remove gut feel of trading since it is 100% rules based and i think everybody will benefit here. This also does not use indicators that hinder trading decisions. Keeping everything crystal clear trading. This system does NOT rely on news, fundamentals and technical analysis, Just fire the trade when you see it
First of all, what filter to use?
A weekly and monthly open line
(This serves as a moving average but DOES NOT Lag!, since Open lines are there and wont change)
CLOSING PENDING ORDERS
Close if not triggered on the close of the current daily candle.
The new close of the current daily candle will give new pending orders for the next day
Why you don’t consider to open 1 pip (above/bottom) plus spread? I think in this kind of strategy (only 5 pips tp) spread has a big impact (obv my2cent)
Hi,
Interesting. Can you tell me, what time zone (or what broker) you are using for the start of the new day? GMT? GMT+1? NY time? Oh, and one comment about adding spread: adding spread would be a MUST if trading GOLD as the spread is usually around 5 pips so would eat your whole profit. Thanks!
