Price Indicator Trade | Foreign Exchange Indicator Download - MT4/MT5 Resources
I want to let you know about a very profitable and simple Forex trading. I want you to know how I trade.
You are only using the 5-minute chart in this trade, and it works on the GBPUSD, EURUSD and USDCHF currency pairs. I trade this from 6am (PST) to 8:30am (8am to 10:30am EST).
I turn on my computer around 6 o'clock in the morning. I use my Forex platform to display 5 minute charts.
Then I look for any news released that day.
I use the Forex Factory website for news reporting: http://www.forexfactory.com/?page=calendar
If the news comes out at 6:30, I will try to trade before then. The only indicator is the price of the trade. I look for highs or lows around 6:00 and place buy and sell stops 30 pips away. Set a regular stop loss of 20 pips and a limit of 40 pips. Sometimes the high or low may occur between 6 and 6:30. If you wish, please adjust accordingly.
News may cause you to enter trades sooner, so set your buy and sell stops before 6:30 AM MST. When price leads you into the trade, remove your opposite stop. If the buy stop puts you into the trade, you will remove the sell stop.
Once you enter the trade, move your stop loss 10 pips for every 10 pips of profit you make. This will help you manage your trades and reduce small losses. If you are still trading after hours, move your stop loss to breakeven or take points.
This works in trending markets. I have not tested GBPJPY but I believe this is probably the best pair to trade this system as it does trend a lot.
I have a slideshow about this but don't know how to put it here.
You are only using the 5-minute chart in this trade, and it works on the GBPUSD, EURUSD and USDCHF currency pairs. I trade this from 6am (PST) to 8:30am (8am to 10:30am EST).
I turn on my computer around 6 o'clock in the morning. I use my Forex platform to display 5 minute charts.
Then I look for any news released that day.
I use the Forex Factory website for news reporting: http://www.forexfactory.com/?page=calendar
If the news comes out at 6:30, I will try to trade before then. The only indicator is the price of the trade. I look for highs or lows around 6:00 and place buy and sell stops 30 pips away. Set a regular stop loss of 20 pips and a limit of 40 pips. Sometimes the high or low may occur between 6 and 6:30. If you wish, please adjust accordingly.
News may cause you to enter trades sooner, so set your buy and sell stops before 6:30 AM MST. When price leads you into the trade, remove your opposite stop. If the buy stop puts you into the trade, you will remove the sell stop.
Once you enter the trade, move your stop loss 10 pips for every 10 pips of profit you make. This will help you manage your trades and reduce small losses. If you are still trading after hours, move your stop loss to breakeven or take points.
This works in trending markets. I have not tested GBPJPY but I believe this is probably the best pair to trade this system as it does trend a lot.
I have a slideshow about this but don't know how to put it here.
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