Session Breakouts (3 Trades, 15 minutes)
Conference Breakout Version 1 Beta
Currency Pair: GBP/USD Platform: MT4 for Charting, your own execution platform.
My target price: 15 pips short, 15 pips long + spread My stop loss: 30 pips
How it works: At the end of each session, I determine the high and low for that session. I place a limit buy order at the highs and a sell limit order at the lows.
Then in the next trading session, the price action either activates my order or it doesn't. At the end of the next trading day, I repeat the process by placing pending buy and sell orders at the previous day's high and low.
I'm in the Central Time Zone, which means I trade at 11am, 4pm, and 3am each trading day.
See attached image for more examples.
If you want the same indicator/template that I use, please see the attached indicator/template.
Please see the attached spreadsheet for results.
I've been lurking on FF for a few months now, and while this approach is far from original, I hope I can help some of you make more profits!
FAQ:
Q: The timing issue confuses me... How do I set up the iSessions indicator to work properly in MT4 for my broker?
A: Every broker is different, so you need to determine the time zone they use. Once you determine this, you must edit the properties of the iSessions metric to reflect the start and end times of each session. Use http://www.forexmarkethours.com/ as a reference. Once you think it's correct, visually inspect the chart to determine if the box is drawn around the correct candle. It is important to note that MT4 is completely optional for this method.
Q: What if I don’t want to use MT4 to perform this operation?
A: Then don’t. Open the hourly chart on your trading platform and examine the last 9 candles at the end of each trading session. Place your trades at the highs and lows and you're set.
Currency Pair: GBP/USD Platform: MT4 for Charting, your own execution platform.
My target price: 15 pips short, 15 pips long + spread My stop loss: 30 pips
How it works: At the end of each session, I determine the high and low for that session. I place a limit buy order at the highs and a sell limit order at the lows.
Then in the next trading session, the price action either activates my order or it doesn't. At the end of the next trading day, I repeat the process by placing pending buy and sell orders at the previous day's high and low.
I'm in the Central Time Zone, which means I trade at 11am, 4pm, and 3am each trading day.
See attached image for more examples.
If you want the same indicator/template that I use, please see the attached indicator/template.
Please see the attached spreadsheet for results.
I've been lurking on FF for a few months now, and while this approach is far from original, I hope I can help some of you make more profits!
FAQ:
Q: The timing issue confuses me... How do I set up the iSessions indicator to work properly in MT4 for my broker?
A: Every broker is different, so you need to determine the time zone they use. Once you determine this, you must edit the properties of the iSessions metric to reflect the start and end times of each session. Use http://www.forexmarkethours.com/ as a reference. Once you think it's correct, visually inspect the chart to determine if the box is drawn around the correct candle. It is important to note that MT4 is completely optional for this method.
Q: What if I don’t want to use MT4 to perform this operation?
A: Then don’t. Open the hourly chart on your trading platform and examine the last 9 candles at the end of each trading session. Place your trades at the highs and lows and you're set.
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