Please note this is not my strategy. All credit goes to the Author.
As the next market to open is London we want to watch any GBP spots
I have set this up on
GBP/USD
We set a buy 10 pips above the high and a sell 10 pips below the low
Once triggered we stay in until 1 of 3 criteria is met
Our Stop is hit
No indicators are used (Fibonacci is used to get TP & SL levels).
Take the hi and low of the Asian session.
As the next market to open is London we want to watch any GBP spots
I have set this up on
GBP/USD
GBP/JPY
GBP/NZD
We set a buy 10 pips above the high and a sell 10 pips below the low
Once triggered we stay in until 1 of 3 criteria is met
Our Stop is hit
Our Target is hit
The close of the day without our SL or TP being hit.
A few notes
No indicators are used (Fibonacci is used to get TP & SL levels).
This is 100% mechanical system.
We trade just once a day per spot
Can be used with an EA
Set up your fib tool with just 0.00, 50% and100%
If a long is triggered place your 0.00 on the low and move the tool to get the 50% line on the high+10 pips.
The 100% line will give be TP the 0.00 line will give be SL.
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Pictures:
hi, I still new in forex. I just wondering how to find hi low of the Asian session and does the asian session only include japan currency?
ReplyDeleteAsian session starts at midnight GMT so draw a line on the hi & low from the 0:00 hour candle (depending on your broker time.
DeleteNo I have clearly mentioned the currency pairs I trade. Please read it.
So when you said draw the line at 0.00 hour GMT does it mean i need to draw the line at the highest and lowest candle from the previous day, and also which strategy you are using currently strategy no 4 @ 5?
Deletehttp://4.bp.blogspot.com/-p6SDbddbdaA/UNbNmNNR2oI/AAAAAAAAA2E/AiKXxQSlkBQ/s1600/g-u.gif
DeletePlease check the picture. You will mark the high & low of Asian session. Nothing to do with previoud day.
I use both 4 & 5 Strategies. Whenever I find valid entry on Strategy 4, I will take trades.
I still have the problem with the high low asian session. It is said that the indicator for high low already included but when i used the template there is no red line appear. What should i do?
DeleteCan you please fill in the contact form? I will reply you will details. It is actually very easy. You have to draw the line yourself. It is really basic thing you must learn when it comes to charts. I will be glad to help you.
ReplyDeleteI already filled in the form, waiting for your answer. I really appreciate your kindness.
DeleteInteresting, i was wondering how successful have you found this strategy (strategy 5).
ReplyDeleteThanks for your time.
This is one strategy I love trading on london open breakout. This is very good on GBP/JPY & GBP/NZD pairs. Most of the time the trades are winners.
DeleteI still want to make a small change on this strategy. I prefer to consider only 4 candles just before the london open for this strategy.
And one important thing here is, to consider Breakout pullback continuation pattern to get into the trade. I will update it on the same page soon.
Do you mean you draw the high/low based on only the previous 4 candles before London open, and not the whole Asian session?
DeleteI'm wondering if there are any specific performance advantages of doing so.
Thanks for the strategy.
I am testing this strategy on only 4 candles instead of the entire Asian session because if you observe carefully, you will notice these pairs are pretty volatile these days. In Asian session these pairs move almost 70% of Average daily range, which is too high. This will affect our TP & SL. I want to get out of the market before US session. If I can earn 30 pips per pair it is more than enough. And it is easy to get 30 pips than 80 - 150 pips.
DeleteNot only that at some point I noticed that G/J & E/J pairs go up to 50 pips in our favour then reverse. Keeping this in mind I thought to consider only 4 candles (H1) so that I can bag some good profits instead of losing.