Forex: all
Time frame: 1H
Setting up the charts:
1. Open the 1 hour chart the instrument you want to trade at 8:59 local time and mark the top and bottom of the bar which is formed from 08:00 until 09:00. Like the example below:
2. The idea with this strategy is that when the breakout of this range is likely the price to continue in the same direction. The second thing to do is to determine what is the size of the bar, and how many pips is larger than its lowest to its highest. In this example and High = 1.4172 Low = 1.4157 or it's off 15 pips.
How to trade? Trade is carried out with an order backlog levels from the top or bottom of the measuring bar + its size. In our case at a distance of 15 pips below the bottom or above the top.
Stop loss order set at levels below or above the top of the 'signal' bar.
Take profit is usually placed at + 10 pips from the entry price, but we can also use trailing stop if the momentum in our direction is strong.
Read more:
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Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.