Hey there and a fantastic new year 2016!
Within this thread I want to present and forwards test a dead simple breakout egy in which I take the 30min candle from 9:00-9:30 (CET =gt; GMT 1) and place stop buy and stop sell orders above and beneath. That's it. Traded pairs are EUR/USD and GBP/JPY...
Alright, here are the principles in a more readable form:Traded pairs: EUR/USD and GBP/JPY. Take the 30m candle from 9:00-9:30 (CET =gt; GMT 1) and place 2 stop buy orders over that candle and 2 stop market orders below (0.5% risk each). SL is 90 percent of the magnitude of this candle for many orders. TP for one of those orders is 100% of the magnitude of this candle, no TP for another one (allow it to run). Order length is 1 day. When the buy or sell order is filled, place one additional buy order 1/2 below the entrance. SL and TP have the very same settings. Reason for this is to increase the position in the event of an initial retracement. If one goal is reached, clear the order.
The notion behind this would be to use the usual volatility in the first hours of this european trading session.
I will observe that I reveal some example trades in the future. Initial risk will be 1.5percent per transaction.
Cheers!