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32 points Strategy

dzonefx | Published thu Aug 24, 2017 10:28 am

In this strategy we will use pending orders to trade currency in the Forex market.

Recommended instruments for trading: EUR/USD

In order to place pending orders we will use closing price of the previous day. From this price we will place our pending orders: BUY STOP and SELL STOP at the distance of 32 points. 

The level of Take Profit: 35 points

The level of Stop Loss: 28 points.

We can also roll over the position for the next day in order to receive more points. However, in this case we should move Stop Loss into the break-even zone and do not place Take Profit.

Example of placing a pending order

For example, the price of the previous day was 1.1516.

The level of BUY STOP will be calculated as follows: closing price of 1.1516 + 32 points = 1.1548

The level of SELL STOP will be calculated as follows: closing price of 1.1516 - 32 points = 1.1484

It is important to place pending orders in a few hours at the moment when the closing of the previous day takes place. If none of the orders have been activated within a day, pending orders will be cancelled.

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