London Free Breakfast Forex Trading Strategy For MT4
The London Free Breakfast Forex Trading Strategy For MT4 is based on the difference in trading hours. You might knowledge the price of a specific asset is subject to become more volatile in the overlapping trading session.
So, the traders are advised to take trades in the overlapping session. But in this system, we will use a different concept and take advantage of the Asian trading session. And for the trading purpose, we will be using the GBPUSD or GBP related pairs only. After reading this article, you might think the system is not complex and might not generate a decent profit. Use a demo account to trade with this system and you will be surprised to see its result.
The system files draw a box line during the Asian trading session for a specific asset. Let’s say, you have loaded the strategy files to the GBPUSD chart. You will notice a range of box market indicating the period of the Asian trading session. GBPUSD pair tends to stay in the ranging market as the financial activity in the Asian trading session is very low. But after the starting of the London trading session, the market becomes volatile and the traders take advantage of the breakout of the box.
The desired time frame for this trading model is minute 30 and 1-hour chart only. If the price is sideways, you might have a good trade setup. But make sure the price is traded well within the range of the Asian session box. Right after the London session opens, wait for the breakout candle. If the breakout is bullish, wait for the next candle. Usually, the bullish breakout is followed by bearish retracement. Open a long trade at a minor retracement. Stop loss is 25 pips and take profit is flat 50 pips.
If the breakout is bearish, wait for the bullish correction. Short the asset with 25 pips SL and set the TP for 50 pips. Once you learn to use the SL and TP properly, you might feel the urge to improve the RR ratio. In that case, you can rely on the trailing stops. But close the trade 30 minutes before the opening of the New York trading session.
Download the complete system description and the files here:
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
