OILFXPRO oil breakout system
Hi Gals
This strategy produced 1891 cents profit from 1/1/2007 to 16/2/2007 ,
for 50 trades ,with a drawdown of 200 cents,and average average profit per trade of 37.82 cents....................1750 cents net after spreads over 35 working days = 50 cents per working day
Determine the 10.00 CET – 14.00 CET High Low on QM mini crude.Place trade at 14.00 cet
Set BuyStop at High + 10 cents and SellStop at Low - 10 cents
Set Target Price at entry + 100 cents (exit only on exit rules or if stops hit)
Set StopLoss at entry - 70 cents
. If the other side of the breakout is within 70 cents then the StopLoss will be that level (Longtrade: SL = Low range - 10 cents = SellStop; Shorttrade: SL = High range +10 cents = BuyStop)
Move the SL to breakeven after a gain of 50 cents
If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss ,first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. Three turns per day is maximum limit
If the morning channel is greater than 100 cents do not trade.
EXITS
Profitable trades only .Exit when 4 wma crosses /8 wma on 30 m charts and remains crossed for 2 consecutive 30m bars
or stops are hit either at breakeven or otherwise or
At 21.00 CET all orders expiring and close all trades at market. On Friday we do the same at 20.00 CET.
This link displays the time in every major city in the world:
Qlock - World Clock
I use professional quality EXPERT ADVISERS for metatrader already for this system so please do not copy my work that I distribute freely and do not use it for commercial exploitation
OILFXPRO