What you are trying to do it use those pending orders to capture the breakout in either direction. The Take Profit level is set to twice the stop loss level. For the long trade, we wait for the price action to break above the upper trend line drawn by the iParamonWorkTime indicator. Add the difference to the difference between the platform time and local time, to get the GMT offset. You just need to wait for breakout at the beginning of the London session.
FREE TRADING STRATEGIES
The Price is below the red line Sell Zone Fibs;. FX Fisher mod indicator 10 period is red. FX Fischer mod indicator 25 period is red. Exit Strategy in a breakout intraday system is the most important aspect. Target profit is pips. Place Initial Stop loss 20 pips, but when you have pips in profit move stop loss to breakeven.
After open position Insert a Trailng Stop of 25 pips and close the position at end of Day or with a profit target of pips. Share your opinion, can help everyone to understand the forex strategy. We want a situation where the price action will break out of the second box with the green border, close either above the buy zone Fib line with green coloured FX-Fisher indicators, or close below the sell zone Fib line with red coloured FX-Fisher indicators.
We explain each trade below for clarity. In this snapshot, we see that the price action has not only broken out of the upper boundary of the box, but actually just closed above the buy zone Fib. With confirmation provided by the FX-Fisher indicators green colour , the next step is to buy on the open of the next candle. This is more or less a scalping strategy because of the short duration of the time frame. The stop loss is set at around 20 pips. The Take Profit is set to twice the stop loss, which is 40 pips.
However, it is advisable to take half the profits at 20 pips i. In this snapshot taken we see the price action breaking below the lower border of the box, located below the sell red zone Fib, and giving the trader the opportunity to sell because the FX-Fisher indicators are also red in colour. The stop loss is set to around 20 pips since this is a short term trade taken from the minute or minute time frame.
What happens when the price keeps trading in that range? My trade triggered at the buy stop but then the price went down hovering close to the stop loss. If during the london session, price is still in withing the tight range and does not breakout out, consider cancelling both your pending orders and wait for the next day.
Many times, traders fear of suffering a loss makes one bail out too soon with a small loss and only to realize the futility of this mistake when price shoots in the direction they where hoping for in the first place!
What you are trying to do it use those pending orders to capture the breakout in either direction. NY goes in reverse of London quite often…. What Time Is The London Trading Session You can see from this chart that the London trading session, as noted by the green arrow, has much higher trading volume than the Asian trading session to the left. Posted in Forex Trading Strategies Tags: September 22, at September 23, at 7: January 19, at January 19, at 7: