- December 9, 2018
- Posted by: Forex Wiki Team
- Category: Forex Trading System
I do not like when folks start their threads with their life story or no matter... We're right here to commerce foreign exchange and to search out worthwhile methods proper?
Properly in the present day i am lastly sharing one thing i've been buying and selling for some time now, i'll attempt to be as clear as attainable however i am not a local english speaker nor author so forgive me for any spelling error or if i merely write like shit...
Anyway, straight to the purpose, the technique evolves on the 7:00 and 8:00 (1H chart) candles (London UTC time!)
We're going to search for a type of cease hunt of the 7:00 candle, i will present you just a few pictures that can clarify the idea higher.
As you'll be able to see the 8:00 candle breaks the low or the excessive of the previus candle to then retrace and shut on the alternative facet, this brings us to a fundamental idea of the technique, for this to work we'd like the 2 candle to be the alternative shade, so if the 7:00 candle is bearish we wish the 8:00 candle to be bullish and viceversa.
So for a bullish sign we wish the 7:00 candle to be bearish and the 8:00 candle to interrupt the low of the 7:00 candle along with his wick.
For a bearish sign we wish the 7:00 candle to be bullish and the 8:00 candle to shut bearish and his wick wants to interrupt the 7:00 candle excessive.
That is it, the sample is that this...
- Being this technique primarily based across the london merchants it should be used solely on EUR and GBP pairs.
- Fridays appears a foul day to commerce this.
Take Revenue and Stop Loss:
Right here comes the although half... There are 2 methods to commerce this:
- 20 pips TP and 20 Pips SL
- 100 Pips TP and 100 Pips SL
BUT particularly for the second means of buying and selling it, it is necessary to shut the commerce with a revenue or a loss both on the london session shut or at 20:00-21:00 (UTC)
Replace: Forex-Jedi Suggestion: relate your TP and SL ranges to Common True Vary (maybe every day 5 interval?) or every other volatility measure you like. (as a result of a hard and fast TP or SL would not consider the market volatility)
Let's have a look at just a few latest examples: (1H Chart)
EUR/USD 6 Dec 2018 (+40 Pips)
EUR/USD 28 Nov 2018 (+100 Pips)
GBP/USD 28 Nov 2017 (+70 Pips)
I'll replace the thread with extra infos extra examples and many others quickly... I am presently posting a video on youtube the place i clarify the technique quickly it is going to be accessible.
This technique is OPEN to enhancements, solutions and many others anyone with any concept on the right way to enhance the technique please be at liberty to say it.
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