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Forex First H4 Candle of the Week

Discussion in 'Forex Forum' started by MrGreen95, Feb 8, 2019.

  1. MrGreen95

    MrGreen95 Guest

    Hello guys. I'm opening this thread because i'd like to improve/track this trading approach with you. I noticed that thing something like a year ago. This is not my main trading "strategy", but i've always kept an eye on it and it seems to work well.

    It's very simple. First of all: Open an H4 chart and enable period separator; plot two lines on the high and the low of the H4 candle on the period separator's vertical line (the first H4 candle of the week). The space between the hi/lo gives us a range.

    How to trade:

    -We wait for the first breakout, and then, after it, we'll go down to M15 looking for the second breakout on the other side of the range.
    -Another way it's to trade simply the first breakout.

    -TP and SL for now is fixed to 10 pips, but i was thinking that this parameter could be fixed relying on the ATR.

    -Instead of a SL i was thinking to use hedging. In poor words, after X pips in negative, you open an opposite position. Then it's up to you how to take the trade to a BE with a third position.

    Example:

    H4:
    Attachment 3206084

    M15:
    Attachment 3206088


    ATR: (image "stolen" from another thread) maybe you could find it useful
    Attachment 3206094

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    Source.
     

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