Saturday, October 18, 2008

Profit Forex trading method #2

the reccomended forex currency

forex pairs are: GBP/USD
we work by 0.1 lot at every 400$

we put two forex orders at 10.30 in the morning (at winter time) according to Moscow (opening of Europe session+30 minutes Moscow time):
1) buy-stop on the maximum price (+1 point) of the current day
stoploss on the minimum price (-1 point) of the current day.
take forex profit is defined in such way: strain the lines of Fibonacci from price maximum of the current day to price

minimum of the current day at 10.30 in the morning and take price value of Fibonacci's line 161.8 in the capacity of take profit (visually)
2) sellstop on price minimum (-1point)of the current day
stoploss on the price maximum (+1poin) of the current day
takeprofot is defined in such way: strain Fibonacci's lines from price minimum of the current day to the price maximum of the current day at 10.30 in the morning and take price value of

Fibonacci's line 161.8 in the capacity of take profit (visually)

we close unclosed forex market positions at about 00.00 at Moscow time (or earlier at 22.00-23.00)
we delete not worked forex orders
that is all!
if at a point of installation of the order at 10.30 forex market (current) price is equal to maximum or minimum of price of the current day, we put order on minimal possible distance from current price (it is usually 10 points) or we wait for rollback or

just open position at the current price.

if at apoint of installation of the order at 10.30 the difference og prices from minimum to maximum more than 50-70 points (strong price movement), we do not sell at this day or sell by trend with takeprofit of 20-30 points

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