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Originally Posted by AlphaTrader
All the best with your system make sure you have a good MM strategy. I mainly use fib analisys which works for me just nice. Is the sys your own or a bought one? Cos i read of a similar sounding sys on the net once.
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Not bought not all mine. It is something I came across in one of these chat rooms some months ago I have been following the thread closely. I tweaked it a bit modified it to suit me have been
demo testing it since. the jist of it is as follows:
Simple Combined Breakout System for EUR/USD GBP/USD ffice
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- Determine the 05.00 GMT – 09.00 GMT High Low on EUR/USD GBP/USD >>
- Determine the 0900 GMT – 1300GMT High Low on EUR/USD GBP/USD >>
- Set BuyStop at High + 5 pips SellStop at Low - 5 pips for both timeframes both currencies >>
- Set Target Price at entry + 80 pips for EUR/USD entry + 120 pips for GBP/USD >>
- Set StopLoss at entry - 50 pips for EUR/USD entry - 70 pips for GBP/USD. If the other side of the Breakout is within 50 pips for EUR/USD or within 70 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) >>
- Use a trailing stop of 30 pips for EUR/USD a trailing stop of 40 pips for GBP/USD >>
- At 2359GMT all orders expiring close all trades at market. On Friday we do the same at 2200 GMT.>>
About Fibs can you refer me to some decent texts sites or books. I am always trying to get my head around them but I could do with some ref's.
Will take a look at your broker right away
pk
