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6. Say you are at the bottom of 1.7000, buy & Sell a lot at 1.7000, set the profit target of all trades 100 pips, because GBPUSD invariably moves more than 100 pips a day.
7. When the market moves to 1.7100, your long trade should be closed and once again 2 new pending orders will be activated, one buy and one sell.
8. Keep doing it and keep taking profits on your trades AND keep placing pending orders for the trades which have already been closed with 100 pips profit.
This strategy is based on the assumption that the market remains range bound 80% of the time and you will be making money during that time, but if the market starts to trend heavily, the best you can do is to stop placing counter trend trades and increase the size of your trades in the direction of the trend.
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FxGenius,
I think it is not clear to me the way you are actually doing. In step 6 your long is closed for TP 100 pips, but your short is still in place, when are you going to close that short ? If you open a new pair of trades at 1.7100 and you get TP at 1.7200, your first Short is -200 and the second -100, and you just have won only +200, so you are -100.
Please tell me if I'm wrong.
Elkin
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