Forex Strategy Morning Range
Forex Strategy Morning Range is based on the breakdown of the range, which is usually formed in the inactive hours trading on the forex market - from 00:00 to 6:00 GMT, at that time provided channel formation.
to trade the currency pair is suitable - EURGBP . Timeframe - M5-H1.
At 6:01 GMT, to place a pending order to probe the range BUY STOP at the upper boundary of the formed channel + size of the spread, and the pending order SELL STOP at the bottom of the channel formed granize + size spread for the chosen currency pair.
Pending orders must be set equal volumes. When you open one of the pending orders, lot size on the opposite side is increased by 2 times . After this, we construct the Fibonacci levels, the level of 161.8% will be the desired level of TP.
safety stop-loss is an order on the other side of the formed channel.
In case of closing the 2nd 2 times larger orders by stop-loss - open transactions on that day no longer need.
If the pending orders are not opened until 1700 GMT - to remove the warrants.
If the price is not suited to the borders of the channel and has broken At least one of them - that can be installed pending orders later. (This is in case you have not had a chance to be a trading terminal at 6 am GMT)
Well, if failed to enter the market of a pending order, we conclude the bargain at the market price in the direction of penetration of the range!