You can also do the following at the US breakout time:
you need to do is the following:-
- Pull out a M15 Chart for a USD Major pair, example like GBPUSD.
- Draw a vertical line at 14:00 time on your Chart.
- Draw a vertical line at 16:00 time on your Chart.
- Draw a Horizontal line at the high of candles/bars in between the vertical
- Draw a Horizontal line at the Low of candles/bars in between the vertical
Thats it, Simply put a buy stop at the high and sell stop at the low with stoploss at the low (If your buying) and stoploss at the high (If your selling).
Ideal Targets: Around 30-50pips or no targets if you think it can go more
Trailing Stop of 15pips, if your using metatrader.
points to note:
- There are only 9 candles/bars in the 15 minute chart, between 1400-1600.
- If the Distance between the high and low is less than 50-60 pips, it could be very profitable.
- If the Distance between the high and low is more than 50-60 pips, it could be not very profitable.
- If the price doesn't break the high/low, its a ranging market.
- The USD news are usually released around or after the 14:00-16:00 phase.
- The signals are only valid for the current day, Next day u again need to wait for the 1400-1600 time and 9 candles again.