Best Forex Trading System
This is our take on the best Forex Trading System .
London Morning BREAKOUT TRADE
THIS TRADE CAN ONLY BE APPLIED TO GBPUSD .
- Use a 60 MINUTE CHART as you plan this trade
- Identify the candle that represents 8am-9am London time.
- After the close of the 8am-9am London time candle, proceed with the following:
- For your BUY ORDER:
Place an ENTRY STOP ORDER (on the BUY/ASK side) 15 pips ABOVE the wick high of the 8am-9am London time candle.
- Set your PREDEFINED LIMIT ORDER for profit 110 pips above the wick low of the 8am-9am London time candle for the GBPUSD. This is your limit for your buy order.
- For your SELL ORDER (your straddle):
place an ENTRY STOP ORDER (on the SELL/BID side) 10 pips BELOW the wick low of the 8am-9am London time candle.
- Set your PREDEFINED LIMIT ORDER for profit 110 pips BELOW the wick high of the 8am-9am London time candle for the GBPUSD. This is your limit for your sell order.
***NOTE*** after you have been taken in the market and your limit has been filed, you need to manually cancel the OTHER ENTRY STOP ORDER / PREDEFINED LIMIT ORDER (the other half of the straddle).
1.The majority of all FOREX transactions occur in London between 8am-4pm London time.
2. Through our back test results, the majority of the time the market may break out of the 8am-9am trading range to the north or south.
3. Through our back test results, the average daily trading range after the breakout is approx 120 pips for the GBPUSD.
4. ***NOTE*** for proper time conversion, convert London time to your local time zone. Please take into account daylight savings when it applies.
This is our take on the best Forex Trading System . Please feel free to contact us with any questions.