Simple Breakout System for GBP/USD and EUR/USD
Posted by r3t on July 16, 2007
Simple Breakout System for GBP/USD and EUR/USD
-Determine the 06.00 CET – 10.00 CET High Low on EUR/USD and GBP/USD
-Determine the 10.00 CET – 14.00 CET High Low on EUR/USD and GBP/USD
-Set Buy Stop at High + 5 pips and SellStop at Low – 5 pips for both time frames and both currencies.
-Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
-Set Stop Loss at entry – 50 pips for EUR/USD and entry – 70 pips for GBP/USD.If the other side of the breakout is within 50 pips for EUR/USD or within 70 pips for BP/USD then the Stop Loss will be that level.(Longtrade: SL = Low range – 5 pips = Sell Stop; Short trade: SL = High range + 5 pips = Buy Stop)
-Move the SL to breakeven after a gain of 30 pips for EUR/USD and a gain of 40 pips for GBP/USD.
-If a certain position is taken and price turns against you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stop loss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position.There is only one turn per time frame possible .
-At 24.00 CET all orders expiring and close all trades at market On Friday we do the same at 23.00 CET.
Note :
6 – 10 CET or
8 – 12 GMT
10 – 14 CET or
12 – 16 GMT
Happy trading
Foreign Exchange Trading Software said
Foreign Exchange Trading Software…
About INO. com, inc. INO. com Systems Architects software facilitates electronic commerce and e- payments by providing consumers and companies Better and easier access to their money. Its products are used on more than 3,550 product systems in New York…
fx education said
fx education…
The forex (short for foreign exchange) market is one of the largest independently governed markets in the world. No single country has a say in the way the forex market works and every day billions of dollars change hands in the forex market. Forex tra…
forex brokers said
forex brokers…
« Inflation and Retail Sales— The PFX Forex Outlook for 13 August 2008- Forex Factory A few hints on forex and currencies- Dispatch Online» 12 08 2008 Australian Dollar- Forex Hound Posted by:…
fx back testing software said
fx back testing software…
2006 FIFA World Cup(U)(E) Actionloop(E) Advance Wars- Dual Strike(U)(E)(J) Age of Empires- The Age of Kings(U)(E) Alex Rider- Stormbreaker(U)(E) Animal Crossing- Wild World(U)(E)(J) Animaniacs- Lights, Camera, Action!( E) Anno 1701(E) Arthur and the In…
fx brokers said
fx brokers…
James Chen is the Chief Technical Analyst at FX Solutions , a leading Forex broker. He is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT) Level 3 candidate. At FX Solutions, Mr. Chen writes daily currency analy…
foreign currency options said
foreign currency options…
Everything You Wanted To Know About Forex Trading But Were Afraid To Ask Read more……
forex broker said
forex broker…
Is Your Partner Check it out and find the To a beginner, most guitars from outside investors and developers alike. As with all signs, Horses have numerous calls coming from the same results in a short period of Also if \”content is king\” then thro…