Set and Forget II Trading System For MT4
The Set and Forget II Trading System For MT4 is a price action based daily forex trading system. It uses a pure price action trading strategy that involves no trading indicator. It’s indeed like a real set and forget type of forex trading system that involves placing a few pending orders at the beginning of a new trading day with setting stop loss and taking profit levels on them, and then leaving or shutting down the terminal.
It is a daily trading system strictly designed for trading on the Daily timeframe. It is also strongly advised to be traded during the Sydney Open market time, which is the starting time of a new forex trading day. The system is also explicitly designed to be traded only on EUR/USD and thus we strongly recommend to stick with it to get the desired trading results.
The Set and Forget II Trading System For MT4 – Overview
The Set and Forget II Trading System For MT4 involves placing of the buy stop pending orders and sell stop pending orders above and below the high and low of the previous day’s Daily time frame candle. For Monday, the system uses the high and low value of last Friday’s Daily candle to place buy stop and sell stop pending orders, respectively. It also uses three different variations of buy stop and sell stop pending orders to benefit from the strong breakouts and avoid the weak breakouts.
The Set and Forget II Trading System For MT4 uses the following concept to place three different variations of buy stop and sell stop pending orders:
- Open a EUR/USD Daily time frame chart during the Sydney Open Market time.
- Place three buy stop pending orders above the high of the previous day’s Daily candle as follows.
- Buy Stop 1 = High + 5 pips, stop loss = 25 pips, take profit = 12 pips.
- Buy Stop 2 = High + 15 pips, stop loss = 35 pips, take profit = 20 pips.
- Buy Stop 3 = High + 25 pips, stop loss = 45 pips, take profit = 50 pips.
- Sell Stop 1 = Low - 5 pips, stop loss = 25 pips, take profit = 12 pips.
- Sell Stop 2 = Low - 15 pips, stop loss = 35 pips, take profit = 20 pips.
- Sell Stop 3 = Low - 25 pips, stop loss = 45 pips, take profit = 50 pips.
- Once all the pending orders are placed, shut down the terminal, and forget about the pending orders.
- Open the terminal the next day, at the opening of the next trading day, i.e. at the Sydney Open market time to check the results of yesterday’s pending orders.
- Delete all the pending orders which didn’t get triggered.
- If any trade is open and running, let it run and let it get closed by either hitting a stop loss or a take profit level.
- Keep repeating the above process at the start of every new trading day.
The Set and Forget II Trading System For MT4 – Trading Examples
- If we consider the first green box daily candle in the above trading chart, then we can see how profitable this system can be when the price breaks strongly and clearly in one direction. Here it broke upwards with strong bullish strength and momentum. After the break of the green box daily candle’s high, by the next day’s daily candle, the price moved in the bullish direction more than 130 pips.
- According to this system, if we had traded the setup, we would have hit all our three buy stop pending orders with their desired take-profit target. In total, they would have generated 82 pips of profit. As, after the break of High + 5 pips, the price never turned back downwards and never hit any of the set stop losses.
- If we consider the pink box daily candle in the above trading chart, then as per the system, we would have hit our SL1 since the price reversed back downwards after triggering the first buy stop pending order, since it failed to hit it’s 12 pips take-profit level. The trade and the day would have ended with a 25 pips loss.
- Hence, from the above two trading examples, we can notice how this system maximizes our profit when a true breakout with strong strength and momentum occurs.
- Similarly, we can also notice how this system minimizes our loss when there is a weak or fake breakout.
- The system triggers more than one pending order, mostly when it breaks in that direction strongly; otherwise, most of the time, it reverses back after hitting a single pending order when the breakout is fake.
The Set and Forget II Trading System For MT4 – Conclusion
The Set and Forget II Trading System For MT4 is a simple daily high or low breakout trading system that uses the pending orders strategy to take the appropriate breakouts and turn the winning probability in its favor. It is best suited for traders who want to trade daily by giving just 5 minutes time for day trading and still willing to have an edge over many other full-time traders.
The system helps a trader maximize the profit on a true breakout day and minimize the loss on a fake breakout day. It is designed in such a way that even on its bad day, it rarely gives consecutive losses in a single day. But on its average or good day, the system is very much likely to give consecutive wins in a single day. This quality of the system to maximize profits and minimize losses helps in the long run to grow our capital well above breakeven consistently.
Given the above advantages, we highly recommend using the Set and Forget II Trading System For MT4
Download the complete system description and the files here: