Iam new here and this is my first thread.
I would like to show a very simple GU breakout method that I use, This will not make a million pips a day however you can make 20+ a day regularly...
First a little about me , I have been trading Forex for the best part of six years , I own a business and Forex takes up the rest of my time so iam a semi trader....
I have always been intrested in the breakout methods and I have three that I use on a daily basis ( one is similiair to the thread "out of the box" if you read throught it you will see my post and a screen shot that will give you an idea of how I trade that method).
But the one I would like to share here is very simple and use's one indicator,
First setup a 1hr chart GBP/USD....either use the indicator attached or draw two lines one at the highest high and the other at the lowest low for the period 00.00 to 05.59 GMT
do not trade inside the box
Entry:
wait for the first candle outside the box when that candle passes the HI or LO lines , change to a 15min chart and wait for the next candle to form , if it contiunes to move away from the box thats the entry.
Exit
I look for 15 pips if it moves strongly I put a trailing stop of 10 pips and let it run...
Stop loss
Breakout point.. If the pair retract back into the box close the position and do not re-enter.
Please try it on a demo untill your happy with it, as I said I use this every night and it makes me on average 20-30 pips a night...
You can also look for the following: narrow box spreads as these will stand a good chance of breaking out ..
I think I have covered every thing as I said this is my first thread so if your intrested and would like to know more or ask me about my other methods please feel free...
Chart and indicator attached...
:NOTE:
Indicator setup......It has the ability to setup boxe's for Asian/ Euro and Us sesions....I use only the Euro one to do this set the other two at 00.00 -00.00 and change the colour to suite your chart background..
Glenn