Good morning pip pickers,
I am up very, very late this am but may be lucky enough to strike and win a trade. The 11pm - 6am range is 47.8 and I am going to do things a bit different for November.
I will be setting an order "long" 3 pips above the top of the range using a 20SL and an initial 40 profit take. Should this trigger and I am around to monitor the trade I will watch it and try to go for the 40 but if the trade goes so far and looks to be turning back on itself I will use a 30 as the lower target and then 20 if that misses. I will be reluctant to take less than 20 but it really depends on the price action as to whether I bail out of a trade. If I am away from my PC I will use a 30 pips profit target.
A 20 SL will quite often prove to inadequate for a successful trade. If, as in my first "long" example my trade fails and then turns around before hitting the "lower" 11pm - 6am limit and goes on to make at least 20pips (without me of course) I will take another course of action.
Initially I will be setting orders for two trades. In the above example, the first trade would be "long" and the second trade would be "short" two pips below the 11pm - 6am bandwidth.
Going back to the first trade example of going "long" (or vice versa), if that trade triggers, loses and
then goes on to make at least 20 pips profit, if I am around I will cancel the second trade as I will conclude I have missed a winning trade for that day.
However, should the first trade not turn around and take out the "low" bandwidth price of the second order, I will leave the second order in place and try to reach the profit takes as previously described.
Bandwidth limits for a qualifying trade is 100 pips (At that level and above it this is a non-qualifying trade day)
I don't mind if it is a JPY holiday on its own, however, if it is a GB Or US holiday as well then it is a NQ day.
The expiry time of the trade(s) is 8.45pm UK Time.
News items are not normally an issue with the JPY so can be ignored.
I hope that I have explained all this properly.
I freely admit that I should really back test all my results for the past year before embarking on this strategy but I can't make the time to do so with so much going on in my life at the moment.
Almost forgot, silly me. This am my "long" is set at 133.35 20SL & 133.75. My short is at 132.82 20SL & PT at 132.42