4h Channel Breakout | Forex indicator download - MT4/MT5 resources

Hello everyone,

It's time to build another simple system, this is nothing new. Sorry if there is already a system-like thread.

When I say simple, I mean simple. Metrics aren't needed, I've never seen a need for them. Let the market come to you.

Okay, let's get started. We need the 4 hour chart and I only trade EUR/USD (for now).

rule

1. Take the high and low 4-hour candles starting at 07:00 GMT and ending at 11:00 GMT.
(I'm from Germany, so local time is 08:00 to 12:00 -> GMT+1)

2. Place a stop-loss buy order 2 pips (+ spread) above the high of the candle, and place a stop-loss sell order 2 pips (+ spread) below the low of the candle.

Take profit: (highest-lowest)/3
Stop loss: (highest-lowest)/3

Take July 15th as an example. The 4-hour candle (starting at 07:00 GMT) has a high of 1.6038 and a low of 1.5925

So we place a stop buy order at 11:00 GMT (i.e. the end of the 4 hour candle) at 1.6044 (2 pips above the high + 2 pips) and a stop sell order at 1.5923 (2 pips below the low - remember, MT4 charts are buy prices only...).

Take profit: (highest-lowest)/3 = (1.6044-1.5923)/3 = 40 points Stop loss: 40 points

Both orders have the same TP and SL and are valid until 11:00 GMT the next day. At that point you will see the next candle where you can place a new order.

that's all. Simple and profitable. Maximum 2 transactions per day, sometimes (rarely) no transactions, most of the time 1 transaction per day.

This works for other pairs as well, but I haven't tested it yet.

Greetings-Xaron