Hello Everyone
I am trading in GBP/JPY using this Simple method since for quite sometime now and its proven to be successful 90% of the times, the only times it has failed is when a spike up or down during news time, so i discourage anyone to stop using this 30 mins prior and after the news to escape from the whipsaws.
This method should work good on all pairs, but due to the high votality and movement, i love to work on this pair, gives very high Risk to Reward Ratio.
I personally feel this works best from 7:00 GMT to about 20:00 GMT.
I have added the Pivot indicator as its very helpful to find the expected levels of support and resistance without too much of headache. As a thumb rule, you should look to Long the Currency if the price is above the Pivot Line and Short it if the price is below the Pivot Line. I will be explaining it more as we take this forward .
Indicators used ( metatrader 4 ) :
LaGuerre 1 ( for entry ) - Gamma 0.55, levels 0.15, 0.85,0.45 bars to read 9500 color green
LaGuerre 2 ( for exits ) - Gamma 0.85, levels 0.15, 0.85, 0.45 bars to read 9500, color red
and Bollinger bands - 20, 0 and close ( default) ( This is very imp indicator as in uptrend the middle bollinger acts as support and in downtrend it acts
as resistance )
Highly recommended - EMA 200 ( Red ) and EMA 60 (Blue) to find support and resistance
Pivot Points : To Find daily Profit levels and as indication of Support / Resistance
Rules for Entry & Exit
Entry Long : when Laguerre 1 is above 0.15 and pointing up
Exit for Long is when Laguerre 2 goes to top and turns down to 0.85
Entry for Short : when Laguerre 1 is below 0.85 and pointing down
Exit for Shorts is when laguerre 2 goes to 0.0 Level and then turns up above 0.15
TP is when you exit or 25 pips, whichever comes first
SL is 15 Pips from entry at all time
Pls rememeber, if you doing trades on 5 min chart, try to always move ur stop loss once u have 15+ pip profit, as market moves are very fast in gbp/jpy
so protect your profits at all time. Keep moving your stop loss every 10 pips or set trailing to 10 pips and sit back and relax.
P.s : I am online almost 10-12 hrs , so incase i dont reply , it will be coz i am off to bed, if not, i will surely reply to all
Guys while ur here and using this method, kindly take the poll and rate this thread also
MT4_indicators.zip (3.27 KB)