Forex Strategy «Morning Range»

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Forex Strategy «Morning Range» is based on the breakdown of the range that is typically formed in the inactive hours trading on forex market — from 00:00 to 6:00 GMT, during this period, subject to the formation of the channel.

To trade valid currency pair — EURGBP. Timeframe — M5-H1.

At 6:01 GMT on the need to place a pending order for the breakdown of the range BUY STOP at the upper boundary of the formed channel + size spread, and the pending order SELL STOP at the bottom of the channel formed granize + size spread in the chosen currency pair. For installation and maintenance, you can use trailing stop of 1 item.

Pending orders must be put in equal amounts. At the opening of one of the pending orders, the lot size on the opposite side is increased by 2 times. Then build Fibonacci levels, the level of 161.8% would be the desired level of take-profit.

A safety stop-loss order placed on the other side of the formed channel.
In the event that the 2 nd increased 2-fold order of stop-loss — open transactions on that day no longer need.
If the pending orders are not opened until 13:00 pm GMT — should remove these warrants.

If the price is not suited to the boundaries of the channel and not pierced At least one of them — that need to be confirmed pending orders later. (This is in case you have not been able to remain in the trading terminal at 6 am on GMT)
And if you failed to enter the market for a pending order, we conclude a bargain at the market price in the direction of penetration of the range!

Example:

 Forex Strategy "Morning Range"

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