However, the take profit for both the buy and sell stops will be 10 pips while the stop loss will be 20 pips (reward to risk ratio 1:2).
Pending orders of buy and sell stops are then placed 10 pips away from the opening price of 17th 1hr candle for the day (example of buy stop is placed at 10 pips above opening price = 1.13622, while the sell-stop order is placed at 10 pips below the opening price of the 17th 1hr candle = 1.13422). Introducing the Pips-Beantrapper Indicator!īasically, at the start of the New York session, the closing price of the 16th 1 hr candle/bar or the opening price of the 17th candle is identified, (an example of the opening price of 17th 1 hr candle = 1.13522). If the price is above 50ma, then the present trend may be bullish.įor your Bitcoin Transactions, think LUNO … hit the link to sign up Īchievable End Of Year Target For Newbies
The 50 simple moving average indicator on the chart can be set to Close. If the price is below 50ma, then the present trend may be bearish. The 16th 1 hr candle/bar for the day is the last candle before the New York session opens for the purpose of this strategy. The 1hr time frame on the MT4 chart is recommended for this strategy. One can trade the following pairs successfully with this strategy EURUSD, GBPUSD, USDCHF, and USDJPY.
A demo account will be okay for practice or backtesting purposes before going live on this strategy. The time considered for this strategy is exactly 16hrs after the market opens for the trading day. The New York Breakout strategy is a simple strategy that traders use every trading day.
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