I take the (GBPUSD) high and low between 00:00 and 02:00 est., and trade the horizontal line crosses from 0300 est., on. That's the London Market open est. My S/L is usually the low of the candle that broke the line. I wait for 50 pips. If it runs +25 pips I sell half of investment. Letting the other half work one way or the other. Having been fairly successful so far when a line is broken I don't know when it would be appropriate to trade it again if it reverses course and I'm stopped out before target. Presently I make it go half way to the other line before attempting another try at it if it starts back again.
I use 5min candles. FXtrading station. Was using stoch 5.3.3. but not confident in it and don't see the value in indicators. Can't remember what forum I found this in or I would give credit. I think the thread went dead.
Any suggestions would be appreciated.
I use 5min candles. FXtrading station. Was using stoch 5.3.3. but not confident in it and don't see the value in indicators. Can't remember what forum I found this in or I would give credit. I think the thread went dead.
Any suggestions would be appreciated.