EURGBP Breakout Robot

Rules for the setup:

1. The starting point is the first H1 (1 hour charts) candle from the opening of the week. If you use a broker who has a 5pm EST New York start of day, the opening candle will be the 00:00 candle.
2. The trades can be placed after the completion of the sixth (6th) H1 candle. Count the first 6 bars of the week on the 1 Hour chart and take your entry and exit positions from these levels.
3. Record the high price of this period and the low price of this period.
4. Place 2 individual Buy Stop trades at the high price +10 pips
5. Place 2 individual Sell Stop trades at the low price -10 pip
6. Place the stop loss for the 2 Buy Stop trades at the Sell Stop price
7. Place the stop loss for the 2 Sell Stop trades at the Buy Stop price
8. Measure the difference in pips between the Buy Stop and Sell Stop entries.
9. Add this difference onto the 1st Buy Stop entry price and this is the Profit target.
10. Add 2x this difference onto the 2nd Buy Stop entry price and this is the Profit target for that trade.
11. Subtract the difference from the Sell Stop entry price and this is the Profit target
12. Subtract 2x this difference from the Sell Stop entry price and this is the Profit target for that trade
13. You now have a total of 4 pending orders waiting. 2 Buy Stops and 2 Sell Stops.
14. If the first 2 trades open and BOTH reach their respective profit targets you should cancel the 2 unopened orders
15. If the first 2 trades open and only 1 or neither reach their respective profit targets you should leave the 2 unopened orders in place and cancel them at the end of the trading week
16. If the first 2 orders open and 1 or both reach the stop loss the opposite 2 trades will then automatically get opened.
17. Close any open and unopened trades before your broker closes for the weekend.
18. We don’t trade the strategy if there is a public holiday on a Monday in the UK or Europe.