6:00 GMT set up
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Hi
I'm new to this forum. I would like to discuss my idea about 6:00 GMT setup.
Time frame:5M
Draw vertical line at 0:00 GMT.
Draw vertical line at 6:00 GMT.
Draw horizontal line at the hi incurred between 0:00 & 6:00 GMT.
Draw horizontal line at the lo incurred between 0:00 & 6:00 GMT.
Draw horizontal line at the open of the day.
Draw horizontal line at the open of the 6:00 GMT candle.
To buy:
If at 6:00 the price is below the open than buy. with target the open of the day. trailing Stop & reverse (pip by pip) is the low of the day minus 3 pips. if reversed w'ill repeat with same initial risk with target to secure same amount + previous loss.
To sell:
If at 6:00 the price is above the open than sell. with target the open of the day. trailing Stop & reverse (pip by pip) is the high of the day plus 3 pips. if reversed w'ill repeat with same initial risk with target to secure same amount + previous loss.
We only reverse once a day.
Manual back testing look promissing. Maybe an indicator to pinpoint entries will help judge this idea historically.
Hope somebody is interested to help.
Zeinoun