My Stratergy

Beginner Questions
1

althought this is not a new stratergy, im suprised not more people dont talk or discuss it, i use it because it simple, it dont require indicator (personally i cant stand them) it allows me only to trade a few hours most days, and it even works on a monday which most people dont seem to do

here is how i role

I wake up at 4am each morning i always check the basic’s for the day ie, news ect. see what companies have gone bust for today

then i pull up my GBP/USD chart i draw 2 lines from the over night time from 21:00 to 05:00

I then draw 2 more lines. 1st the highs during this over night trading period 2nd line the lows

i then count 5 pips above the highs and then set a Buy Stop at that price

I then count 5 pips below the lows and then set a Sell Stop at that price

it is irelevant what trailing stops/Stop losses i use or because every man is diifrent and has diffrent targets,goals, ect…

however if you are in it for a few pips or 20,50 sometimes even 100 pips this stratergy might suprise some

if you have any questions feel free to email me

but if you are new and having difficulty getting started this might be one for you

Test it out

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2

Like it. Nice and simple and plainly explained.

3

Sorry, but there are a few things I am not clear on. It may be just the wording used, but how would you ever get to the 30 or 100 pips points as shown on your chart if you are stopping out your order 5 pips above the daily highs line. These higher profit targets seem beyond your “5 pip above the line” stops.

4

Hi jaguar,
The orders aren’t being stopped out at 5 pips above/below the lines…that’s where they are starting. Yes it’s probably the wording…a “Buy Stop” or a “Sell Stop” order is what a “pending buy/sell” order is called in MT4. When price reaches the price those orders are set to, then it opens the order. He has a trailing stoploss set to let price dictate what the take profit will be.

:slight_smile:

5

Thanks Sweet Pip for another response. So, if I understand, the price is expected to move beyond the high or low of the boxed in period of time and there is where the profit lies. Interesting…I’ll have to demo this. I assume that the time specified correlates to European activity so maybe something similar can be done with yen during the asian session.

6

yes sweet pip is right, caution to the wind the times are all in gmt so the ove night session were i get the highs an lows would be the asian session