Quote:
Originally Posted by droesparky7
Im sorry Im late with this reply here is some info on the asian breakout method. you can use it on any usd pair and maybe some others. the gbp/usd would need the biggest stoploss because of its volatility. This is copied off of a old thread from another forum.
At 0600H GMT, we can determine the Asian High and Asian Low of the Day by then. Today, in case of Cable was at the High of 1.9324 and Low of 1.9268. With the price action moving at a slower pace waiting for the big players to come in, set a buy order at the Asian High and a sell order at the Asian Low of the Day. Setting orders using this method will usually yield at least 10 pips for you without much sweat. As you can see from the chart on GBP/USD, my sell order was hit at the Asian Low and then rallied all the way down to 1.9220. Regarding the take-profit, depending on your lot size, you can opt to take-profit at TP1 or wait later for the hourly candle bar to materialize to take profit at TP2. This depends on your risk/money management. The key point here is to take note of your entry.
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Can you please explain this to me in a little more detail. Im very new.
Whenyou say the Asian high and low are you referring to The highest and lowest price that cable got to in the asian session?
Also, does this mean that if the range is small then there is a good chance that no position wuill be executed?
Thats all. I really appreciate your help!