Set and Forget
The two pairs I trade with this method are EUR/GBP and EUR/JPY.
Rules for EUR/GBP
Time Zone Used: GMT
Reference Price: Open Price at 23:00 GMT
Buy Limit: Reference Price - (7 to 10) pips *updated on 4/1/2008
Buy Take Profit: 7 pips
Buy Stop Loss: 17 pips
Sell Limit: Reference Price + (7 to 10) pips * updated on 4/1/2008
Sell Take Profit: 7 pips
Sell Stop Loss: 17 pips
Example:
|
Open Price at 23:00 GMT |
Buy Limit |
Buy TP |
Buy SL |
Sell Limit |
Sell TP |
Sell SL |
|
0.6855 |
0.6848 |
0.6855 |
0.6831 |
0.6862 |
0.6855 |
0.6879 |
Trading Time: 23:00 GMT to 7:00 GMT (or 9 GMT)
*I normally don’t trade on Mondays as the market just opens.
All open positions are closed at 7:00 GMT (or 9 GMT).
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Rules for EUR/JPY (Updated on 5/5/2008: I am using this method again but with some minor changes. Trading hours changed. Previousl High Low changed.)
Rules for EUR/JPY (Updated on 4/1/2008: I currently do not trade this method as the pattern of this pair has changed. I am writing scripts to test it out in demo.)
Time Zone Used: GMT
Reference Price: Previous Day’s High and Low (From 6 GMT to 5 GMT)
Buy Stop: Previous Day’s High + 5 pips
Buy Take Profit: 30 pips
Buy Stop Loss: 30 pips
Sell Stop: Previous Day’s Low - 5 pips
Sell Take Profit: 30 pips
Sell Stop Loss: 30 pips
Trading Hours: 6:00 GMT to 23:00 GMT
Orders that are not touched are cancelled at 23:00 GMT
All open orders are closed at 23:00 GMT.
For example:
|
Previous Hi/Lo |
Buy / Sell |
Price |
Profit |
Stop Loss |
|
|
164.92 |
Buy |
164.97 |
165.27 |
164.67 |
|
|
163.9 |
Sell |
163.85 |
163.55 |
164.15 |
|