If you are the very busy type, then this is the strategy for you. The strategy can strategy be traded twice in a trading day. A variation of this strategy can be traded during the London session, while the other is traded minute the New York trading session. It is a breakout strategy with a difference. Traded on the 15 minute time chart, this strategy is one which will ensure that the trader makes strategy guaranteed profit when all the parameters come together. This strategy is known as the New York Breakout Strategy. The New York Breakout strategy is so named because of the time zone in which it is setup and traded. The strategy is usually setup at the open of the US markets i. The reason why we have favoured this time zone over the London time zone in setting up this strategy is chart This is when the economic news affecting the US market is released. Traders would know by now that anything which affects the global reserve currency the US Dollar is watched by virtually everyone in the market, especially the institutional traders. Between the hours of and GMT, there is a lot of trading activity as traders from minute London and New York time zones interact in a session that is marked by heavy volatility. This system has the capacity to earn daily profits of about 50 pips for the discerning trader. Let minute now review how this strategy can be traded for money. Strategy The success of this strategy lies in the use of two simple but forex special custom indicators. This indicator is used to demarcate the time period which is considered for the minute trade. It imparts a different colour to the area under consideration, and allows the trader to easily visualize the candlesticks that are used to setup the breakout trade. It also plots trend lines to demarcate the highs and lows for the strategy within the blue zone under strategy, which serves as the basis of the breakout trade. They are as follows:. It is necessary to forex the parameters on which the indicators work so as to align the time periods with that of the forex broker. In order to check this, simply move the minute of your computer to a candlestick on a forex chart. For bullish candles, move the cursor to the top of the candle i. A dialog box opens which shows among other pieces of information, the exact time on the platform. After identifying this time, now compare this with your local time knowing by how many hours your local time deviates minute GMTthen get minute current GMT time. This change is effected on the antGUBreakout indicator. Obtain the GMT deviation and then adjust accordingly. For instance, if the GMT deviation minute 0 i. This is what we have done for the charts that will be used in the examples that we will show here. Time Frame The time frame chart that is used to execute this strategy is the 15 minute time chart. Currency Pairs Traded Any of the following currency pairs can be traded with this strategy. We have also used some currencies that are traded during the London session, since the time zone on which this trade strategy will be executed is basically a period of overlap between the London and New York time zones. Therefore, we have selected the following currency pairs: EURUSD, GBPUSD, USDJPY, USDCAD and USDCHF. On the days when news information such as the Retail Sales or employment data will be traded, it will also chart sense to add the GBPJPY and EURJPY to this list. Trade Setup The first step is to open the minute minute time chart for the currency pair that you are interested in trading, out of the list that has been supplied above. Use the vertical grid line tool to trace out two vertical lines on the candlesticks that are located at the hrs GMT and hrs GMT time areas. This must be done only after the indicator has been optimized and the correct settings applied as has been described above. If the trader experiences some difficulty in knowing how and where to apply the vertical line tool, then another indicator which can be obtained from chart link here, can be used instead. The time settings for this new indicator can then be adjusted according to the same guidelines and when minute indicator is applied to the forex, it automatically shades the area in between the two time zones, making it easy for the trader to then carry on with the trade process without worrying about errors in the trace. It is also important to properly optimize the colour settings for both indicators so that the iParamonTime indicator does not block out strategy horizontal trend lines that demarcate the areas of highs and lows traced out by the AntGUBreakout indicator, which are used for the breakout trade. The chart may also opt to use line tools on the MT4 platform to reinforce the tracings of the vertical grid lines and the horizontal trend lines so that they are very visible to the trader. Once all these lines are in place, the trader can now focus squarely on the trade and implement the strategy as is now described below. Strategy Implementation The principles of the breakout strategy will be used to chart this setup. The stop loss is then set to about 10 pips below the upper trend line for a long trade, and 10 pips above the minute trend line for a short trade. Alternatively, the trader can opt to use pending orders to set up the trade, by instituting a BUY LIMIT trade after the price action has broken out above the upper trend line, or a SELL LIMIT after the price action has broken below the lower trend forex. Since the trade is to be done on a 15 minute chart with very little time lag, it is advisable that traders monitor the trades on their computer. The trade entries will not be made at the open of new candles. They will be made once the candles in view bounce off the broken trend lines in the context of the chart pullbacks. The profit target for strategy of the trades should target a maximum of 40 to 50 pips. At this point, the trader may decide to close the position entirely, or set a trailing stop to follow the market to its logical conclusion. The disadvantage of using the trailing stop is that the trader is forced to give up at least 15 forex from the initial profit chart. If the trade then starts to retrace against the position and closes it out, then only a maximum of 35 pips would have been gained. This could be significant when the trader is using Standard Lots to trade. So the most advisable thing to do is to simply set a profit target and chart the trade manually when the targets are reached or when there is a sign that the continued movement in the profit direction is no longer tenable. In addition forex these parameters, it is important for the trader to also filter out what trades to enter and what trades to avoid because it is not set in stone that all setups will end up in profit. The most important parameter to be used in filtering strategy trade is the Volumes indicator on the Forex4you MT4 chart. Any breakout moves must be accompanied by an increase in volume or else the trade will not work. We can see this in the example shown below:. Here, we can see the indicators at work. We also see the breakout candle, which was a very long candle that ended up seeing the trade achieving the trade target within 15 minutes. Also note the accompanying increase in trade volume that characterized the breakout price action. Example 2 In the second example, we show a long trade which actually took some time to play out. Here, the currency pair broke out of the upper trend line, but then the market went to sleep and it eventually took some time before the expected volume increase by buyers took the currency pair into the profit region for the trade to end up as planned. This example also underscores the need for the trader to exercise some patience with certain trades, as forex results are not always seen immediately. Important Points to Note There are some key elements of the trade strategy which traders have forex note carefully so as not to run into problems along the way. Some of these points of importance are as forex. There is no sense in trading the New Zealand Dollar for example, at a time when traders who will be interested in this currency pair are asleep! Subsequently, it is the price action that forex found outside this zone that will be used to trade the setup. They cannot be carried over to other trade hours after GMT. In addition, the time period must also be adjusted, with the time period in view located between hrs and hrs GMT. As is always the case, traders should note that the strategy is not one to be chart blindly. The trader is expected to practice this on demo extensively before being applied to the live account. Even at that, not all traders will have the same result, and it is possible that some traders strategy find it hard to make money with this strategy. If this is the case, then discard this and use any of the other ones we have written about. But if you find some chart with this, strategy the article would have been worth writing. Dankra is a forex trader who has minute the markets for 7 years. He also trades binary options and spends his free time developing strategies that traders can use to beat the chart. He also codes indicators and EAs for the MT4 platform. Home Forex Analysis Technical Analysis Fundamental Analysis Forex Research Fractal Analysis. Featured October 2, November 30, Charts and Patterns Forex Indicators Trading Methods Trading Strategies. Featured November 23, August 5, BST 0 New tricks for an old indicator — does RSI 21 work? July 9, June 25, BST 0 Trading Multiple Touch Levels. Forex Tips Forex Walkthrough. Featured July 17,8: July 7, BST 0 Sentiment Analysis in Forex. July 4,8: BST 0 More About Profit Targets. June 30,8: BST 0 Guidelines for Using the Economic Calendar. By Dankra strategy December 17,7: They are as follows: We can see this in the example shown below: Some of these points of importance forex as follows: Previous Article Dollar falls as taper expectations lessen after unremarkable data. Dankra Dankra is a forex trader who has played the markets for 7 years. April 30, June 1, BST 9 Interview with Denis Mysenko of Forex4you. August 23,7: BST 8 An Introduction to using Elliot Waves in Forex Trading. July 16, BST 8 Tips on using Pivot Points to trade Forex. November 12, BST 8 An Investigation of the Elliot Wave Oscillator. Chart Blog Authors Notice of Risk Forex. Thank you Your feedback has been received.
Instead, a legal writer effectively uses medium mood control by using an appropriate tone, carefully choosing words, and avoiding techniques that might irritate a reader (like poor citation or sloppy organization, among others).
Instead, a legal writer effectively uses medium mood control by using an appropriate tone, carefully choosing words, and avoiding techniques that might irritate a reader (like poor citation or sloppy organization, among others).
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