Determine the 09.00 CET – 10.00 CET High Low GBP/USD
Set BuyStop at High + 5 pips and SellStop at Low - 5 pips
Set Target Price at entry 70 pips for GBP/USD
Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)
Minimum channel and stop loss.If the 9 to 10 am channel is less than 35 pips,use a minimum channel of 35 pips for the first entry.The first entry has to be either 35 pips higher from low or 35 pips lower from high of 9 to 10 am bar
Move the SL to breakeven after a gain of 40 pips for GBP/USD
If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 17.00 C E T.Use discretion and other t/a based exits.
If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.
At 18.00 CET all orders expiring and close all trades at market. On Friday we do the same at 18.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.
Exits:Profitable trades:If target price is met or earlier When 3 wma crosses 6 wma on 30 m charts against the direction of the trade..If order is in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED.Also discretionary exit at 1 st resistance /support on pivots if price action warrants.
Non profitable trades:If order is NOT in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?
Morning range:If the range on the 8.00 tp 9 am bar is greater than 50
pips do not trade that day.
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