50 Pips daily set and forget ~ forex market hours chart
The “50 pips Daily- Set & Forget” system is a very easy set and forget system where you don’t have to watch the market day and night. It is perfect for beginners and people with 9am-5pm day jobs.
The algorithm is based on a 6:00pm est – 6:00pm est (yesterday – today) range and Asian Session opening around 7:00pm est.
Let’s begin:
Forex Candlestick charts show sets of data consisting of open, high, low, and close values of each period.
The hollow and filled section is called “the body”. The lines above or below “the body” are called shadows or tails. If the stock has closed higher than the opening price, then a hollow candlestick is drawn. In addition, if the stock closed lower than the opening price, a filled candlestick is drawn. In a hollow candlestick where closing price is higher than opening price, the lower body shows opening price and the upper body shows closing price. In a filled candlestick where closing price is lower than opening price, the lower body shows closing price and the upper body shows opening
price. Hollow means stocks up and filled means stock is down.
The system works on the majors pairs.
The rules of this system are simple, and managing trades, and calculating levels will take no more than five minutes of your time. The only tricky part is using your knowledge to set limit orders.
This trading system involves 3 simple steps.
1. Get ready around 6:00 pm EST
2. Identify your entry levels
3. Place 6 limit orders
The Strategy Step by step:
. 1. At 6:00pm EST pull a 2H (or 1H or 4H - doesnt matter - it will be used only to determinate high/low of the 24 hour) chart USD/JPY. See example above.
2. Identify the USD/JPY high and low of the 24 hours period
from 6:00pm to 6:00pm ( let’s take an example high=90.50 and low=90.00 )
3. Identify your entry levels
Set 3 BUY orders 7 pips above the high (high + 7 pips)
Order 1 Entry: High +7pips
Set take profit 15 pips and stop loss 25 pips
Order 2 Entry: High +7pips
Set take profit 35 pips and stop loss 25 pips
Order 3 Entry: High +7pips
Set take profit 50 pips and stop loss 25 pips
Example:
USD/JPY High=90.50 Low=90.00
Order example 1 LONG=90.57 Take Profit=90.72 Stop
loss=90.32
Order example 2 LONG=90.57 Take Profit=90.92 Stop
loss=90.32
Order example 3 LONG=90.57 Take Profit=91.07 Stop
loss=90.32
5. Set 3 SELL orders 7 pips below the low (low -7 pips)
Order 1 Entry: Low -7pips
Set take profit 15 pips and stop loss 25 pips
Order 2 Entry: Low -7pips
Set take profit 35 pips and stop loss 25 pips
Order 3 Entry: Low -7pips
Set take profit 50 pips and stop loss 25 pips
Example:
High=90.50 Low=90.00
Order example 1 SHORT=89.93 Take Profit=89.78 Stop
loss=90.18
Order example 2 SHORT=89.93 Take Profit=89.58 Stop
loss=90.18
Order example 3 SHORT=89.93 Take Profit=89.43 Stop
loss=90.18
6. Done! You don’t have to monitor your trades. All will be
done by your limit orders.
IMPORTANT: CANCEL ALL ORDERS IF NOT TRIGGERED ON
THE NEXT DAY BEFORE 6:00pm EST
Do not trade: If the 6pm – 6 pm range is too big – over 150
pips.
More info for 50 Pips daily set and forget ~ forex market hours chart:
