I am starting this thread at a view for more ideas about the trading setup I will show you. It is not a new concept but I feel it can offer trading potential. Thus the reason I am willing to put in the effort to share as far as I can in return for any fantastic tips you might have in order to improve its performance. Please feel free to post but please keep your ideas. Thanks ahead of
FYI I am not an expert in any issue whatsoever and really I'm only an ordinary casual trader. Please forgive me if I err in my discussions.
Alright let's get down to business. I shall start off by describing the method really briefly in this post and I shall post examples in subsequent posts. I will be speaking about Initial Balance Range as applied to Currency Market. To make things simple, I will define the Initial Balance Range (IBR) since the first hour of trading after New York shut i.e. the first hour of a new trading day. As a reminder, New York Stock Exchange closes at 4 PM EDT (Eastern Daylight Time). Therefore, the IBR is going to be described between 5PM EDT and 4 PM.
Next we will draw the IBR levels which are the Low and the High prices at that time range. We will then wait for price to break from the IBR and then trade either the breakout on the candle break or wait for a pullback. The IBR can be utilized as an intraday support/resistance zone.
Here are my principles on trading the IBR:I would usually spend the transaction on a strong candle breakout from the IBR and set my stoploss at end of the IBR. I would go on a strong candle break from the top IBR and set my stoploss below the decrease IBR For me, a candle is meant by a candle that is strong having a body with a tail that is opposing. If the breakout candle includes a opposing tailI would wait to spend the trade. In case the IBR range is too large, then I won#8217;t trade it because my risk (stoploss) is frequently based on the size of the IBR range I shall set my profit goals based on lots of variables but you can tailor it to your preferences. I utilize Market Profile to increase confluence and to set my profit goals. However, Market Profile is optional and I am not going into further detail about this. However if you want to find out more there are. The one I would personally recommend is the following: I trade on interval Https://www.cliqforex.com/trading-sy...-sterling.html
This proposed trading system does work the majority of the time but also gives a few fake signs. So there is definitely room for improvement. Let us trust that you ladies and gents make this method more successful so we all can gain from it and come up with a few suggestions.
I shall illue the procedure by means of a few trades I took recently. I trade the major pairs, largely EURUSD, USDJPY, USDCAD and GBPUSD. To keep things simple, I will not show Market Profile from the charts except for you. I trade on MT4 but utilizes Ninja Trader for my analysis.
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