Hey there and a good new year 2016!
In this thread I want to introduce and forward test a dead simple breakout approach where I take the 30min candle from 9:00-9:30 (CET => GMT+1) and place stop buy and stop sell orders above and below. That's it. Traded pairs are EUR/USD and GBP/JPY...
Alright, here are the rules in a more readable form:
In this thread I want to introduce and forward test a dead simple breakout approach where I take the 30min candle from 9:00-9:30 (CET => GMT+1) and place stop buy and stop sell orders above and below. That's it. Traded pairs are EUR/USD and GBP/JPY...
Alright, here are the rules in a more readable form:
- Traded pairs: EUR/USD and GBP/JPY.
- Take the 30m candle from 9:00-9:30 (CET => GMT+1) and place two stop buy orders above that candle and two stop sell orders below (0.5% risk each).
- SL is 90% of the size of the candle for all orders.
- TP for one of the orders is 100% of the size of the candle, no TP for the other one (let it run).
- Order duration is 1 day.
- Once the buy or sell order is filled, place one additional buy order 1/2 below the entry. SL and TP have the same settings. Reason for this is to increase the position in case of an initial retracement.
- If one target is reached, clear the opposite order.
The idea behind this is to use the usual volatility in the first hours of the european trading session.
I will see that I show some example trades later on. Initial risk will be 1.5% per trade.
Cheers!