Simple Monthly System (see attached calc)
The system is based on the range of the first two trading days of the month for a 5-week trading week.
Logic : The first two trading days of the month usually form the high or low of the month.
From here on this is called the "range".
Logic : The first two trading days of the month usually form the high or low of the month.
From here on this is called the "range".
- Find the high and low prices for the first two days of the month.
- Entry: Open a buy order at 15% of the high and a short order at 15% of the breakout of the low.
- Take Profit : 100% of the range.
- Stop loss : 10% below the range in the long term; 10% above the range in the short term.
- Optional: Break even, close half of the position at the target price. Close the other half at the end of the month.
- Optional: The range must be at least 100 points.
- Optional: Delete the opposite order after trading has started. However, I don't delete the opposite order if the trade is open
See attached calculator and trading examples.
This was on my previous system.
Sangui made an EA for the previous system. Thank you Sangui!
If you have a Sunday bar, combine it with Monday.
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