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Try placing long at high and short at low, with stops at the opposite low and high, and no take profit, and instead closing out before the beginning of the next days' box. Catches the trends.
I recommend trading cable as this pair seems to work the best. You must adjust your opening times to your brokers server time. I recommend trading the London and NY open. You can trade closes too, but i have had mixed success with that.
Please re-read the first post again if you are unclear. Do not try to add anything to this strategy until you familiarise yourself with the basic principle (i.e. London and US produces the most amount of activity within a timeframe of just before and just after open times).
I personally have been trialing this method successfully on demo and will take this live next week as it appears to be quite stable. I trade the 2hours after London and US opens, however, others use 1hour before and 1 hour after.
You may also like to try this with USDJPY at US and Tokyo open, but this requires a little more knowledge as to how that pair works.
You may also want to try the Old Dog Strategy and Dolly as they too are breakout methods. I am a massive fan of the breakout strategy as they are very simple to implement.
To assist in the strategy presribed here, I recommend you download and use the excellent ant-GU indi located in this thread.
If this is your first time out, try everything on demo first, do some research on whatever currency pair you intend to trade, read the forums on this site and don't give up the day job until you have minimised your losses to that which you are comfortable losing.
Happy trading!
Limstylz,
You have explained the strategy so clearly. How is it doing now? Is it still working? appreciate if you share your experience with this method. thanks.
Sorry for the late reply. I don't know if you are still monitoring this thread, but if you are, this strategy is still working very well. However, I no longer place stop orders or use an EA to perform my buy and sells, preferring to trade manually according to price action (to that extent, I have moved away slightly from the methods described here).
I also look out for the daily news releases that could negatively impact the trade (I don't speculate on news releases but I react to it if goes against my position).
This thread has gone a long way into helping me develop my own trading technique and if you don't have method of your own yet, or are thinking about trying this method out on demo, then I can truthfully say its definitely worth your while.
Good trading to you and all...
Quote:
Originally Posted by pj9100
Limstylz,
You have explained the strategy so clearly. How is it doing now? Is it still working? appreciate if you share your experience with this method. thanks.
First try with success
Linear Mode
