Simple Strategy 20 pips From Open
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  1. #1
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    Simple Strategy 20 pips From Open

    This is simple strategy which I ever used when I was beginner in forex trading. It is good enough for beginner traders or part-time traders who want to open position with simple analysis but the result is good enough when you can follow money management well. Here are the rules :
    1. Use EUR/JPY as your pair in trading (I don't know another pair, so far EUR/JPY is the most effective)
    2. Open History Data for Daily (Open mt4, Tools-History Center-Forex-EURJPY-Daily(D1)
    3. Set Buy Stop Open+20 and Sell Stop Open+20
    4. Set SL and TP (I suggest to set 50 pips in both SL and TP or you can set 70 pips for TP and 50 pips for SL)

    About time, it will be better if you set pending order around Open Broker until Open Broker+6. Don't set it if the current price is more than Open+20 (for buy stop) and Open-20 (for sell stop). This strategy won't guarantee 100% profit but if you can be discipline so you will gain more profit than loss as overall in whole month.

    And also, you can decide to set both pending orders and leave it or you can set both pending order and wait until one of pending order is executed and then you closed manually the other pending order which is not executed or you can set expired time for closing automatically.

    If there is another trader who ever knew this strategy, you can share your experience in here. And if you want to give comment or asking something about the strategy, let me know about it. Thanks...

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    Registered user Hukam's Avatar
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    Mate thanks for your thread but I am not getting your properly my friend it will be better if you will attach some screenshots in your threads. Your screenshots will help us to learn more about your strategy and it will also help you to explain less in your thread hope you will understand that. Your strategy is looking impressive so please share screenshots

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    Rookie rinaji's Avatar
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    Good set and forget strategy, yes I've ever used this kind of strategy, using trapping from the open market price, and the result is proftable every month, I use such a strategy in several pairs, especially Japanese yen pair, even I also ever used this method for weekly trading, put pending orders at the market opening on Monday.

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    Nice strategy its looking good I think you are right we have to just set it and have to forget about the result. But I don't have much experience with this type of trading strategy. Even I never used pending order in my trading system for now. Because I like to follow only the market trend and not do any pending order trading at all

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    Quote Originally Posted by Hukam View Post
    Mate thanks for your thread but I am not getting your properly my friend it will be better if you will attach some screenshots in your threads. Your screenshots will help us to learn more about your strategy and it will also help you to explain less in your thread hope you will understand that. Your strategy is looking impressive so please share screenshots
    I don't think if it is necessary to give screenshot because it is simple thing. It doesn't need any indicator at all, no need any time frame to read or anything. All you need is looking on your history data from metatrader and look on price in the open market. I think it is clear enough to understand but if you still didn't get it then let me know about it. I will try to give some screenshots but I want you to follow the step first, I think it's clear enough.

    Quote Originally Posted by rinaji View Post
    Good set and forget strategy, yes I've ever used this kind of strategy, using trapping from the open market price, and the result is proftable every month, I use such a strategy in several pairs, especially Japanese yen pair, even I also ever used this method for weekly trading, put pending orders at the market opening on Monday.
    Thanks mate. Could you please tell me your experience when you're using this strategy too? Is it good or bad in your opinion to use this strategy? And how is the effectiveness to use it as your experienced? Sorry I asked too much but I want to know it from other traders who ever used it too. Could you tell me from those pairs (7 pairs) which is the best pair in your experience? Thanks...

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    I dislike to see a trader using a strategy like this. Haven`t you learned what the market is really talking about. A retracement might be what the initial 20pips might be, and it might hit your pending and goes back to the right direction. Even if a gap is filing, it might od this, so this is not a realistic trading strategy.

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    Registered user Hukam's Avatar
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    Right anything can happen in this market we need a very good trading strategy for good trading result. I personally like to use technical study much in this business. I think this type of trading could be much risk and we are talking only about 20 pips in this strategy. So its not looking a good system at all

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    Rookie rinaji's Avatar
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    Quote Originally Posted by silverlady View Post
    I dislike to see a trader using a strategy like this. Haven`t you learned what the market is really talking about. A retracement might be what the initial 20pips might be, and it might hit your pending and goes back to the right direction. Even if a gap is filing, it might od this, so this is not a realistic trading strategy.
    I am only interested in a simple but profitable strategy, and I think this includes simple set and forget strategy, if the result is profitable, then I love this kind of strategy. It is a realistic reason, many traders who use complex strategies, even they seems like to compete to show their skills in analysis, but it is nothing if the result is unprofitable.

    A retracement might be what the initial 20pips might be, and it might hit your pending and goes back to the right direction. Yes that's right, But it is the worst possible conditions that would we get, and it is a weakness of this strategy, as far as we can anticipate the loss limit, then I guess it does not matter, because there is no perfect strategy, all strategies have weaknesses, and we must know the weaknesses of our strategy, and find solutions to anticipate. This is a realistic reason.

    Read the thread starter quote...
    This strategy won't guarantee 100% profit but if you can be discipline so you will gain more profit than loss as overall in whole month.

    So I mean its realistic, But if the thread starter said that this is no loss strategy, then we can say that this is unrealistic strategy.

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    buy stop and sell stop, we make them as a trap and eurjpy has good movements, so i believe it will work well, but how if both of them is hit ? it will become hedging, and maybe need a time to get the right correction to close one of them
    did you ever use it for gbpjpy, because it has good movements too and even more than eurjpy

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    Oh, cold this be real? A trading strategy like this has lagged itself before it is even given to the trader. Ad in the truth of forex trading, it is not always the way the trader wants it, it is the way the market is been aligned for the trader to trade. One should be very careful and strict. A system that will have 20pips before entering might bring a regret.

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