Forex london open

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The take profit target is the height of the range projected above the breakout. Place your stop loss above the highest high of the last 4 candles. The take profit target is the height of the range projected below the breakout. The Asian trading range is marked with the blue rectangle.

You can also use pending orders so that there is no need for you to constantly watch the price moves and basically with that it will be almost like trading on autopilot. Only one trade per day should be executed and all trades should be manually closed at the end of the day if the Stop-Loss or Profit-Target is not initiated. Spreads from 0.

I must apologize that the test data is very little and from a statistical perspective, this is not sufficient. But having said that, If I know how to code an expert advisor and run some back test, I would have done a comprehensive analysis of this trading system but poor me…my mind does not think in codes…. My quick backtest of this shows too many occasions of TP 30 pips missed by 2 pips or something like that.

I think TP pips is much better for this strategy?

Thank you Suppose you are trading the 7am GMT candle, which have moved pips from the low to the high. What would be your advise for a very good risk management?. Price has already moved a lot…a days move has already been achieved in a 1hr candlestick.

Hello dear Thank you so much for your posts,,,I become good trader because these strategies…awsome I should say. However ,in some strategies I noticed that the stope loss is placed too far from the entry price.. For some strategies, it may not be possible.

As soon as one pending order is activated, you must cancel the other immediately. These pending orders must be pips above the high or low of the 2nd hour candlestick.

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Let me explain.