Here is a version for today's market conditions
Determine the 08.45 CET – 9.45 CET High Low GBP/USD
Set BuyStop at High + 10 pips and SellStop at Low - 10 pips
Set StopLoss at entry - 80 pips for GBP/USD. If the other side of the breakout is within 80 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)
Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 10 pips entry distance on both sides) is less than 25 pips, then both zones need to be offset to make this range a 25 pip range. .The stop loss on the minimum channel is 25 pips.
Move the SL to breakeven after a gain of 40 pips for GBP/USD
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. No new trades can be added after 18.00 C E T.
If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.
At close of 19:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 19.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 19.30
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