I have been trading this method for a short time with good results. It is based on the correlation between stock prices and currency prices. I hope that over the life of this thread, you will help me improve this method so we can all make lot's of money.
The method for a long trade - If at anytime between 12:30 and 1:00 PST, 1/2 hour before the NY stock market will close, if the DOW is up at least 1% and Exxon is up any amount, we will trade as follows:
Buy 3 lots on EUR/USD and buy 3 lots on EUR/JPY. Use a 40 pip stop loss for all 6 lots. Close 2 lots at plus 30 and move stop loss on last lot to entry point(will break even on last lot if get stopped out at entry point). Close 1/2 of last lot at plus 100 and put on a 100 trailing stop on the last 1/2 lot. Exit the last 1/2 lot if you get an entry to go the other way. Friday trading - if hit the 2 lot profit, keep the last lot open using the rules above. Close all 3 lots before the forex market closes if you did not hit the 2 lot profit.
The method for a short trade - I think you can figure it out.
The method for a long trade - If at anytime between 12:30 and 1:00 PST, 1/2 hour before the NY stock market will close, if the DOW is up at least 1% and Exxon is up any amount, we will trade as follows:
Buy 3 lots on EUR/USD and buy 3 lots on EUR/JPY. Use a 40 pip stop loss for all 6 lots. Close 2 lots at plus 30 and move stop loss on last lot to entry point(will break even on last lot if get stopped out at entry point). Close 1/2 of last lot at plus 100 and put on a 100 trailing stop on the last 1/2 lot. Exit the last 1/2 lot if you get an entry to go the other way. Friday trading - if hit the 2 lot profit, keep the last lot open using the rules above. Close all 3 lots before the forex market closes if you did not hit the 2 lot profit.
The method for a short trade - I think you can figure it out.