Took from FF.
This could be good....Originally Posted by PaulusThis is not my idea but ,it took my fancy as I wanted an indicator used on it but the principle is sound
Take the hi low of the Asian session,I will include a indicator that does this automatically.
As the next market to open is London we want to watch any GBP spots
I have set this up on
We set a buy 10 pips above the high and a sell 10 pips below the low
Once triggered we stay in until 1 of 3 criteria is met
Our Stop is hit
Our Target is hit
The close of the day without our SL or TP being hit.
An example of 2 trades are shown below
A few notes
No indicators are used to asses trend OB OS etc etc
This is 100% mechanical
We trade just once a day per spot
Can be used with an EA
The red horizontal lines are automatically drawn
Set up your fib tool with just 0.00,50%100% after the numerical figure in the properties add %$ after the figure to get the price on the fib lines
If a long is triggered place your 0.00 on the low and move the tool to get the 50% line on the high.The 100% line will give you your TP the 0.00 line will give you your SL
I managed to trade just 2 on the 6 GBP spots available to me as thats all I had set up for last week given my time and the fact Ive only started looking at this.This is a commercial product this is not my idea but I like the princple.
If people want to use a different fib level for the tP or a different stop feel free.Lets throw all ideas into the pot but I dont want a clutter of indicators.
Results for last week on my 2 spots
GBPUSD +125+97+68+118-82 (+327)
GBPAUD +143+4+116-145+114 ((+232)
GBPJPY 169+108+143+89-108 = +401
GBPCAD -113+89-89-87+100 = -120
GBPCHF 100+81+77-143+134 = +249
GBPTRY +125+146+136+230+139 = +776