This is a trading system that I use primarily on the Swiss Franc (USD/CHF) in the Spot Foreign Exchange market. I will outline the system as I apply it to the Swiss Franc, hereafter known just as USD/CHF.
The “100 pips Daily- Set & Forget” system is a very easy set and forget system where you don’t have to watch the market day and night. It is perfect for beginners and people with 9am-5pm day jobs. To use this system you don’t need to be a market guru. It uses pure mathematical calculations that even a child can do. The algorithm is based on a 6:00pm est – 6:00pm est (yesterday – today) range and Asian Session opening around 7:00pm est. Let’s begin: Forex Candlestick charts show sets of data consisting of open, high, low, and close values of each period. The hollow and filled section is called “the body”. The lines above or below “the body” are called shadows or tails. If the stock has closed higher than the opening price, then a hollow candlestick is drawn. In addition, if the stock closed lower than the opening price, a filled candlestick is drawn. In a hollow candlestick where closing price is higher than opening price, the lower body shows opening price and the upper body shows closing price. In a filled candlestick where closing price is lower than opening price, the lower body shows closing price and the upper body shows opening price. Hollow means stocks up and filled means stock is down.
This is an extremely simple breakout system and it works as follows:
If previous day high is exceeded by 3 pips + spread = buy TP = 5 pips SL = 10 pips If previous day low is exceeded by 3 pips + spread = sell TP= 5pips SL = 10 pips
Works on the principle that once a breakout occurs,its most likely to travel quite a bit in the direction of the breakout due to the sudden surge of market orders and other entry orders pilled up at these levels. 5 pips is conservative,the price may and does travel much further but this is a very easy way to make consistent profits - almost every day. Due to the tight stops I use extreme amounts of leverage,I risk as much as 5% of my account per trade
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