the direction of the previous trend have a much greater probability of success. Set take profit targets for both pending orders at 20pips. If you want to go further, however, and learn to trade any session of the Forex market, my course the Ultimate Day Trader is definitely a good fit. Wait for a breakout to happen.
Once you test the strategy out and get a feel for it, you can test out tons of different ways to enter and manage the trade. Next, draw horizontal lines at yesterdays 5PM open and todays 5PM close.
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However, if your broker does use a 5PM New York time daily close, you can use the daily candle to do your measurement. The key is its high probability nature IF the criteria is met in the initial setup. Ill usually favor breakouts or breakdowns that take place in the direction of the trend as they are more likely to be sustained (theyll last longer). But, lets get into it! This can add another layer of excitement to the Asian session, but dont be too crazy with it until youve properly done your research and tested it out. At the same time, I started day trading and that alone is taking up a lot of time. Heres how it unfolded: Ill usually target a Reward-To-Risk of 3:1 for those types of trades. Conversely, if the day started lower and ended higher, pull the Fibonacci from the low of the day to the high of the day. The stop loss of the buy stop order should be placed 2-3 pips below on the other side where the sell stop pending order was placed and the stop loss for the sell stop order should be placed 2-3pips above the highest high of the. Turning the Asian Mirror into the Asian Scalping Strategy.