Hi there men
I'm new to FF..rarely a month....but I have learnt so much here..great work guys! ...I got a great egy that I really did a few back evaluation on the GBP USD and USD JPY pair
Ok my Time is 8 GMT (Malaysia)
Normally I consider new market day at 5 am local time 25 July that is 5 pm 24 July in New York.
What I have found is this...
We need to calculate the pivot for the final day.
For Instance.
USD JPY final 21 July
High 117.05
Low 115.81
Close 116.16
Calculated pivot will be 116.36
When the difference between the closing pivot is over 10 pips, then it would be quite safe to enter a position for the new day and establish profit target at pivot point.
IF Close Price is greater than Pivot by over 10 pips, then we can enter a SHORT position n Require Profit at the Pivot point.
If Closing Price is lower than Pivot by over 10 pips, then we can enter a LONG position n shoot profit at the pivot point.
Therefore for USD JPY previously, we LONG at 116.16 and take profit at 116.36 (Pivot), we can get about 20 pips for this circumstance.
IF Close n Pivot is significantly less than 5 pips, I would say its abit hard to forecast the market movement. .
Currently I'm doing it this means I gotta wake up early in the morning to take down the data at 430-500 am and key in my order. .
There are a number of days (very rare) it might not hit on the pivot point at all.
I set Stop reduction at 30 pips. I am testing this technique.
I expect that one of you guys can help me create an EA with this as I'm totally blur about programming.
Maybe you guys can try this out on other pairs and let me know your results..as you know..alot of brains is better than one. .
Now I will be trying for AUD USD, USD CHF n EUR USD pairs too..PLease provide me a few comments. .