LONDON BREAKOUT RELOADED
London Breakout Reloaded Strategy will assist GBP traders on how to make quick profits when trading GBPUSD and other GBP related pairs.
It is a simple strategy. London Breakout Reloaded Strategy is all about taking 50 pips profit from trading GBPUSD on a daily basis.
You can use it to trade GBP pairs. However, the ideal time frame for this strategy is the 1 hour time frame.
This strategy is free of indicators.
You will place your Trade Entry 10 pips above or below the seventh candle of the day. (Buy Stop or Sell Stop pending orders)
Stop Loss is placed 10 pips above or below the seventh candle of the day as soon as Trade Entry pending order is triggered.
Moreover, you will delete untriggered pending order and replace same with stop loss.
Take Profit is 50 pips!
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How It Works:
Basically, the first step is to load the GBPUSD chart, using the 1 hour time frame.
The next step is, right mouse-click on chart, click properties and click Show period separators, then click Ok
Your period separator is displayed on chart to show when the trading day starts, and the point where you will count your seventh candle from.
Count the candles from the period separator and place pending orders on the seventh candle for the day (allow the candle to close before marking your pending order points).
Count and mark 10 pips spacing above and below the high and low price points on the seventh candle.
Place Buy Stop and Sell Stop orders on these points.
Use your desired lot size in line with appropriate Money Management.
One order will get filled before the other. Delete the untriggered pending order and replace with your stop loss order.
Your take profit will be 50 pips. You may also trail your profit or move stop loss to break-even.
The image below shows that price triggered the Buy pending order first. You will delete the Sell pending order and place your stop loss at that point.
Apply the steps above to scenarios where the Sell pending order gets filled first.
The strategy is a good one. Ensure you apply risk management as there is no perfect strategy anywhere.
You may see the Youtube video for more insight.
(Broker: Alpari … https://alpari.com/en/?partner_id=1244646)
(Broker: Exness … https://www.exness.com/a/t0q1u0q1)