Catching the morning train | Forex indicator download - MT4/MT5 resources
Hi,
This is a breakout strategy I learned that works great, is very simple, and can be traded by anyone without using any indicators.
This works for EUR/CHF/JPY/GBP, what you want to do is I capture the daily changes (if any).
1. Open the 30-minute chart of the currency pair.
2. At 8 AM, look at the first 30-minute bar close and draw horizontal lines at the high + 2 points and the low - 2 points.
3. If the closing price of a bar is 2 points higher than the high of the first bar, you buy. If the closing price is 2 points lower than the low you sold from. If no bar closes above or below at 4pm, no trade is taken.
4. Trading closes at 5pm.
5. If price closes above and then reverses 2 pips below the low, you will be selling 2x your first position, so you are essentially taking the loss, but gaining in another way, which will hopefully reduce the loss/eliminate the loss/even give you a profit. vice versa.
6. Follow the rules above, use proper bankroll management, and as always, try before you jump in.
Time (BST change +1)
08:00 GMT - First 30 minutes bar opening
08:30 GMT - First 30 minute bar close = this is our reference bar.
16:00 GMT - If there is no deal, we exit.
17:00 GMT - All trading is closed. This is the only way we can make a profit.
I'm back testing this but my time is limited but I will write an automated back test to fine tune the start/end times.
If you have any questions, please feel free to ask.
Update: Fixed the chart so the open price on the chart is 11 and the close price is 20 as the chart uses GMT+3.
Below is an example of today's Euro. Stop loss is 34 pips. Profit 94 points. In this system, you will make small losses/profits, but there will be big swings from time to time. The most important thing is to follow the rules.
Once you have a profitable system and money management in place, making money becomes very easy.
This is a breakout strategy I learned that works great, is very simple, and can be traded by anyone without using any indicators.
This works for EUR/CHF/JPY/GBP, what you want to do is I capture the daily changes (if any).
1. Open the 30-minute chart of the currency pair.
2. At 8 AM, look at the first 30-minute bar close and draw horizontal lines at the high + 2 points and the low - 2 points.
3. If the closing price of a bar is 2 points higher than the high of the first bar, you buy. If the closing price is 2 points lower than the low you sold from. If no bar closes above or below at 4pm, no trade is taken.
4. Trading closes at 5pm.
5. If price closes above and then reverses 2 pips below the low, you will be selling 2x your first position, so you are essentially taking the loss, but gaining in another way, which will hopefully reduce the loss/eliminate the loss/even give you a profit. vice versa.
6. Follow the rules above, use proper bankroll management, and as always, try before you jump in.
Time (BST change +1)
08:00 GMT - First 30 minutes bar opening
08:30 GMT - First 30 minute bar close = this is our reference bar.
16:00 GMT - If there is no deal, we exit.
17:00 GMT - All trading is closed. This is the only way we can make a profit.
I'm back testing this but my time is limited but I will write an automated back test to fine tune the start/end times.
If you have any questions, please feel free to ask.
Update: Fixed the chart so the open price on the chart is 11 and the close price is 20 as the chart uses GMT+3.
Below is an example of today's Euro. Stop loss is 34 pips. Profit 94 points. In this system, you will make small losses/profits, but there will be big swings from time to time. The most important thing is to follow the rules.
Once you have a profitable system and money management in place, making money becomes very easy.
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