Today I want to show everyone a very simple yet powerful trading strategy that I saw in Forex Factory. For this strategy you don't need any indicators and all you need is a live forex chart.
This system can generate a daily profit of about 30-50pips
It is made for the U.S trading session.
Here are the stages for setting up the system:
1. Use the M15 Chart for a USD Major pair, example like EUR/USD.
2. Add a vertical line at 14:00 (EST) time on your Chart.
3. Add a vertical line at 16:00 (EST) time on your Chart.
4. Make a Horizontal line at the low of candles in the range.
5. Make a Horizontal line at the high of candles in the range.
Now you should have a square or a rectangle drawn in your chart which is a typical range. All you need to do to complete the trading system is place sell stop at the low with stop loss at the high and a buy stop at the high with a stop loss at the low.
Ideal Targets: You should aim for about 30-50pips but if you think it will go stronger then just leave it with no targets. You can also use a 15 pip trailing stop if you have that feature.
Trading system was first found in Forex Factory. Please comment if you find the system profitable.