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However the pair must have closed at least 25 pips lower than the high or 25 pips higher that the low.
6: The actual trade. Place a buy stop 1 pip above the high and place a sell stop one pip below the previous days low
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Please someone correct me if I'm wrong. Im trying to manually trade the system.
For example, according to NorthFinance charts, the GBPUSD moved 100+ pips on Friday from high to low. It closed 63 pips higher than the low but only 7 pips lower than the high since both the high and low meet the 85/15 rule, I place the two orders 1 pip above the high and the other 1 pip below the low. Whichever executes first, I remove the opposite order. Is this correct?
How do we handle Sunday candles especially when there are gaps at times between Friday's close and Sunday's open?