The only thing is these trades sometimes only go 5 or 10 pips into profit, it seems a shame to let even a small winner turn into a 20 or 30 pips stop loss loser. Even just using a trailing stop at least the original risk is reduced, I was thinking maybe either a take profit like you said and/or tighten up the trailing stop the further price moves in the trades favor (ie when it's +30 reduce the trailing stop to 15, when it's +40 reduce it to 10 etc etc) what do you think?
No cameras. Speed limit is 65, depending on area, state etc. 60-120 was more fun than 0-60. Anything 30 mph over the posted limit is considered "driving to endanger", arrestable offense.:eek:
Can you program a trailing stop into your broker? Today may not be the best day, with the Euro holidays.
I guess if you wanted to add a 10 pip trailing stop to my original example that would protect you if price shot up 10 pips then fell again. You would only lose 5 pips instead of 15 pips. As for tighten up the trailing stop it makes sense, but it's a little bit more complicated. I like to keep things simple, my brain can't handle too much information
You can write an EA to do pretty much anything on MT4 I think Oanda are adding trailing stops soon as well.
3 reports due at 8:30 NY time. If there are spikes....... Although, many reports cause the usual spike, then price returns to it's previous course.
Looks like maybe a 20 pip stop and target would work ok, Gbp/Usd 2am +20, 8am -20, and Eur/Usd +20 2am and +20 8am.
Looks like about right, 20 on Cable and 20 on Eur. It would have worked out on Usd/Jpy 22/18 as well this morning, but not on Usd/Chf using 27/23. I'm going to get my little East European friend to write another EA if he's still around, I'll post it here if he does, I get a buzz out of automated strategies! What I find ironic is that such a simple strategy can be profitable in such a complex market, it kinda kicks all those indicators into touch
Why do you reason that this system works? From the few trades in this thread? More over, what are your criterions to determine weather a system is worth trading or not? I have tested various similar morning breakout systems. They all performed exceptionally well in some years, and abysmal in others (overall pretty much flat over a ~5 year period). They are obviously not a perpetuum mobile ATM machine. What this needs is a logic to determine when to pull the plug and when to trade.