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GBPJPY Daily Forex Support and Resistance Strategy
This system is good in a specific time.
Here are the thing you must do on a 5:00 pm GMT time.
- Perform Pending Orders 50 pips, 50 pips above the Buy stop ask, Sell Stop 50 pips below the bid
- Take Profit = 50
- Stop Loss = 70
At 7:00 pm GMT time:
- Perform Pending Orders 25 pips, 50 pips above the Buy stop ask, Sell Stop 50 pips below the bid
- Take Profit = 75
- Stop Loss = 50
Instructions:
- Metatrader use only.
- Adjust lot size
- Script can only be used in certain limited hours, TP and SL are appropriate formula
For backtesting:
- To perform backtesting you can open an existing indicator with templates for the setting at 5 and 7 pm.
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Hello
is it GMT Time ?
i am working on FXPRO Platform
Yes, you are right 🙂 GMT Time. I have updated the post.
can you write an example how to trade
what do you mean with
50 pips above the Buy stop ask, Sell Stop 50 pips below the bid
is it means if the price now
Ask : 100
Bid : 98
the orders will be :
Buy stop at 100.50
Sell stop at 97.50 ?
Yes correct This is one of the strategy on S&R. Depend on you are looking for reversal or breakout.