50 Pips A Day Forex Day Trading Strategy (no indicators ! )
Daily Trading Strategy Setup To keep this standard, this method will be using 7 a.m. GMT candlestick on the 1 hour Forex chart. Make sure that the time you see on your MT4 chart matches that of 7 a.m. GMT. If not, ask your Forex broker. You can also use Google to calculate what that time is in your time zone. For me, it is 3:00 in the morning. Do you need a Forex indicator? No. This day trading strategy does not require the use of any trading indicator and is a pure price action trading method. What time frame will you be using? For our purpose, we will use the one hour chart but you can certainly test this on other time frames. Can I use any currency pair? You may want to stick with the major pairs (VS USD) to begin with and especially the EURUSD and GBPUSD. TRADING RULES OF THE 50 PIPS A DAY SYSTEM As soon as the 7 a.m. GMT candlestick closes, you have to place two opposite pending orders: a buy stop order 2 pips above the high and and sell stop order 2 pips below the low of the