The 50 pips a day foreign exchange strategy is established for capturing the prime market direction of EURUSD or GBPUSD.
If you are searching for a foreign exchange strategy that actually works, then you should give a try to this strategy for a few months since it has enormous potential.
If you move and open up your GBPUSD or EURUSD chart and head over to the daily timeframe, you will notice that these two main currency pairs spread more than one hundred to 150 pips on daily basis.
Thus, this fx trading is to try and capture at least half or one third of the routine price movement in much prime stage before it literally occurs.
Your exchanging must be positioned at the nearby of 7 am GMT candlestick (1hr candlestick). Make sure that the time frame you notice on your MT4 chart is identical to that of 7am GMT. If not, please enquire from your foreign exchange broker.
- The recommended time frame for trading is actually 1hr only.
- EURUSD and GBPUSD are the only currency pairs required.
- None of the forex indicators is required while utilizing this strategy.
The Exchanging Rules for the 50 Pips a Day Strategy
- As soon as the 7am GMT ends, you have to position two reverse pending orders: a purchase stop order two pips higher up, the high and auction stop order two pips beneath the low of the 7am GMT bar.
- When the price triggers one of the pending orders, you end the other pending order that hasn’t been triggered.
- Your stop-loss should be positioned anyplace from 5 to 10 pips higher up, the high or low of the 7am bar after it ended(or has created). If you realize the 7am GMT bar is too short and that positioning the stop-loss will be too nearby to the starting price, then boost your stop-loss range anyplace from 15 to 20 pips.
- For take-gain, establish it at 50 pips.
- After you have completed the illustrated steps above, let the exchange to progress without interruption.
- If your exchange hits it gain aim for the current day then amazing! Repeat the same procedure the following day.
- If your exchange has a floating gain or a floating loss, pause till the end the day and close your exchange, irrespective of if you have a gain or loss.
Let’s observe as some exchanging instances, please refer to the chart displayed below. Each vertical dotted line you notice sketch on the chart serve as the 7am GMT time frame and they are dispersed 24hrs apart(one day).
Utilize this strategy at your own risk. WindsorForex.com cannot be responsible for any losses associated with using any strategy presented on the site. It’s not recommended to use this strategy on the real account without testing it on demo first.