New Day breakout by fed | Foreign exchange EA download- MT4/MT5 resources
Modified the original idea...
Hi everyone, this is new to me too. I have been trading this strategy live for the past two weeks and have had some great results. I also tested it and just wanted to share it with you all. You can trade this strategy using g/j, g/u and e/j. The best result will be g/j because of the movement of the pair. For the other two I mentioned, you need to aim for a lower point. I only trade with g/j.
This strategy is similar to some other breakout strategies, but you'll find a few things that are different from other breakout strategies.
What I do is get the high and low of the hourly candle at 00:00GMT.
NOTE: I am not including the wick, I am looking at the body of the candle not the wick.
30 pips + spread above the high, you are long; 30 pips below the low, you are short.
I'm changing this strategy a little bit. Instead of entering 3 orders, I enter 2 orders. TP1 is the number of points I will risk (minimum 80 points), TP2 is the number of points I will risk*2 When I reach TP1, I will be the second entry point. When I reach TP2, I will take my second entry to the 50% line and continue targeting TP3, which is 3* of the number of points I risked. This would give me more $$$$ (profit). This is the only change to the strategy. This will lead to more profits.
Let's say I'm long, if I get stopped out, which means the market is going down, then I'll go short. I use Fibs to calculate my profit and stop loss/take profit lines.
NOTE: There are some complications and I will discuss them in the next post.
Hi everyone, this is new to me too. I have been trading this strategy live for the past two weeks and have had some great results. I also tested it and just wanted to share it with you all. You can trade this strategy using g/j, g/u and e/j. The best result will be g/j because of the movement of the pair. For the other two I mentioned, you need to aim for a lower point. I only trade with g/j.
This strategy is similar to some other breakout strategies, but you'll find a few things that are different from other breakout strategies.
What I do is get the high and low of the hourly candle at 00:00GMT.
NOTE: I am not including the wick, I am looking at the body of the candle not the wick.
30 pips + spread above the high, you are long; 30 pips below the low, you are short.
I'm changing this strategy a little bit. Instead of entering 3 orders, I enter 2 orders. TP1 is the number of points I will risk (minimum 80 points), TP2 is the number of points I will risk*2 When I reach TP1, I will be the second entry point. When I reach TP2, I will take my second entry to the 50% line and continue targeting TP3, which is 3* of the number of points I risked. This would give me more $$$$ (profit). This is the only change to the strategy. This will lead to more profits.
Let's say I'm long, if I get stopped out, which means the market is going down, then I'll go short. I use Fibs to calculate my profit and stop loss/take profit lines.
NOTE: There are some complications and I will discuss them in the next post.
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