Another London Breakout method - MT4/MT5 Resources
This is another London breakout method.
There is a similar method on Forex Factory, but I prefer to open a thread to avoid confusion. Any suggestions on how to improve this method are welcome.
I use this method on the EUR_USD and GBP_USD 1H charts.
I am using a 5 digit demo interbank FX platform.
These are the rules:
· Long Breakout level: the highest high from 3.00 GMT bar to 6.00 GMT bar (4 bars) + filter.
· Bear breakout levels: lowest low from 3.00 GMT bar to 6.00 GMT bar (4 bars) – filtered.
· Default filter is 2 points on both sides
Enter the trade if these levels are exceeded from 7.00 GMT to 15.00 GMT.
· Stop loss levels for long trades: Breakout levels for short trades - filter.
· Stop loss level for short trades: long breakout level + filter.
· Default filter is 2 points on both sides
· Long tail trailing stop: the lowest point of the previous 2 bars.
· Short trailing stop: the highest point of the previous 2 bars.
There is no take profit.
All remaining trades close at 21:00 GMT (@ Friday 19.50 GMT).
Money Management: 1% risk per trade
Please see the attached simulated trade for Monday the 19th.
Please see the accompanying Expert Advisor and information on how to use it.
There is a similar method on Forex Factory, but I prefer to open a thread to avoid confusion. Any suggestions on how to improve this method are welcome.
I use this method on the EUR_USD and GBP_USD 1H charts.
I am using a 5 digit demo interbank FX platform.
These are the rules:
· Long Breakout level: the highest high from 3.00 GMT bar to 6.00 GMT bar (4 bars) + filter.
· Bear breakout levels: lowest low from 3.00 GMT bar to 6.00 GMT bar (4 bars) – filtered.
· Default filter is 2 points on both sides
Enter the trade if these levels are exceeded from 7.00 GMT to 15.00 GMT.
· Stop loss levels for long trades: Breakout levels for short trades - filter.
· Stop loss level for short trades: long breakout level + filter.
· Default filter is 2 points on both sides
· Long tail trailing stop: the lowest point of the previous 2 bars.
· Short trailing stop: the highest point of the previous 2 bars.
There is no take profit.
All remaining trades close at 21:00 GMT (@ Friday 19.50 GMT).
Money Management: 1% risk per trade
Please see the attached simulated trade for Monday the 19th.
Please see the accompanying Expert Advisor and information on how to use it.
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