This is a daily breakout system. it is supposed to give you an average of 50 pips daily. ( a note: do not believe in those averages, pip win/loss ratio is much more important than daily pips, because there can be some good days and there can be some bad days).
System Setup:
Currency Traded: GBPJPY
Necessity: High and Low of the previous day
Entry: +/- 23 pips from the High/Low of the previous day
Exit: +/- 90 pips from the High/Low (including entry pips)
Stop Loss: 67 pips
Risk Reward Ratio: 1:1
Time to set trade: at the beginning of the Asian Session: around 12:30 am EST
I recommend using FXDD to try this out, as their candle closes when we enter new entry buy or sell stops.
I will be trading this method and posting results here, beginning from tomorrow, September 1st.
High of Friday, 29 Sept: 200.35
Low of Friday, 29 Sept: 197.60
Buy Stop: 200.58
TP: 201.25
SL: 199.91
Sell Stop: 197.37
TP: 196.47
SL: 198.04
GBPJPY daily breakout system
Posted by TradingForexProfit | 12:55 PM | GBPJPY daily breakout system | 0 comments »
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