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The take profit point for the buy stop order above the previous day candle will be 1. On the other hand, the take profit point for the sell stop order below the previous day candle will be 1. There are times when the total length of the previous day candle is more than pips.
The take profit will be pips but the stop loss will be placed at the middle of the entire previous day candle length. For example, if the entire candle length is pips including wick length , then the stop loss for either the buy stop or the sell stop will be placed at pips distance somewhere around the middle of the entire candle length.
The best time to set pending orders is at the start of the trading day, shortly after previous day candle closes. A well-formed previous day candle body with small wicks is appropriate for this strategy. Do not apply this strategy on the following types of candlesticks; Doji or half-doji with candle body that is less than 10 pips , or Harami. Your email address will not be published. Notify me of follow-up comments by email.
Notify me of new posts by email. Search for:. Post Views: 6, But I usually trading. Always place a stop loss order 15 pips below or above your entry point. For example. Targets : Around pips or no targets if you think it can go more.
Trailing Stop of 15 pips, if your using it.. If the Distance between the high and low is less than pips, it could be very. If the Distance between the high and low is more than pips, it could be not. All Market news are usually released around or after the am phase. The signals are only valid for the current day, Next day you again need to. Share your opinion, can help everyone to understand the forex strategy. Write a comment. Almost every strategy provided buy you looks good and this one is the best.
Just perfect timing. Ethan Tuesday, 19 January May I clarify, for the drawing of High and Low horizontal lines, does it take into consideration the candles at 7am and 9am, or only those within the boxed?