Simple Forex System Trading

Stumbled upon this website, pipholic.com, while looking for other breakout trading systems to read about.  The author of this daily forex signal primarily trades British pound.  The strategy is a combination of the pivot, breakout, and support and resistance levels.  This trading system is similar to another pivot breakout system on Daily20Pip.com.  Check out both strategies.

From the author’s website: 

In general, the system is based on many basic trading concept: Pivot Lines, The London Breakout concept and support and resistance. The big ben strategy explains very well how The London Breakout concept could be very useful for trading the GBP/USD. Of course I have additionally put my own approach.

For a simple start, I believe that many of you – especially who have been following my free forex signals since the beginning- have recognized these simple formula:

1. Define the daily pivot
2. Place buy order at 20 or 40 pips above the pivot, or
3. Place sell order at 20 or 40 pips above the pivot
4. start to place the order at about 05.00 GMT

I was doing some research on Ichimoku and stumbled on this site, which has a great post on the Ichimoku cloud on US dollar / Yen.  However, it is way too advanced and complex for me.  I do respect the author’s analysis and research, but I’d like to keep my trading simple.  It is a good read none the less.

Another great day for the euro yen breakout 30/30 system.  A stop buy was placed at 159.49 at 7 GMT.  Our take profit and stop loss were set at 159.79 and 159.19 respectively.  Another 30 pips were pocketed today.

This site, Earn Forex, takes a different approach to review the Forex brokers.  It actually breaks down brokers by trading platform, payment method, user ratings and etc.  For traders who are looking to automate their trading plan, the list of brokers who use MetaTrader is very helpful.

You can click on the brokers that interest you.  Each link will take you to the review of the broker so that you can see the pros and cons.  You can also rate the broker too based on your experience.

Spread was not included in the comparison chart table.  Take a look at Earn Forex.

If you would like to see the spread comparison among the brokers, there is one on Oanda.

It was a good day for the euro yen breakout 30/30 system.  At 7 GMT, I set up the sell stop order at 162.52.  162.22 was the profit order and 162.82 was the stop loss.  We gained 30 pips today.