London Open Strategy

 

This strategy is base on the logic that London session has the highest volatility of the day, especially for major GBP pairs. The main trend of the day is usually determined from this session. Therefore, when the price goes over a certain distance in either way we will consider to enter trade in that direction. This method is quite simple and doesn't require any indicator.

 

Pairs: GBPUSD, GBPJPY

Timeframe: H1

Indicators: None

 

London open strategy

 

Trading rule:

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- Find the London opening candlestick on H1 timeframe. London opening hour is determined by adding your server timezone by 8. For example, if your server timezone is GMT, then London opening hour is 0+8=8; if your server timezone is GMT +3, then London opening hour is 3+8=11.

 

- Mark the open price of the candlestick.

 

- Set a Buystop order at 40 pips above the marked open price.

 

- Set a Sellstop order at 40 pips below the marked open price.

 

- Set stoploss for both order at the distance of 20 pips from the entry point.

 

- Set takeprofit for both order at the distance of 20 pips from the entry point.

 

- Once any order triggered, cancel the other.

 

- Close opening position (if any) at the end of the day.

 

- Only take one order a day, no more.

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Someday, price may go lazily and doesn't touch the trigger. Don't be impatient, just wait for the next day. Furthermore, after a narrow day, the next day usually make a better chance to breakout.

 

In the other hand, someday you will see that price goes much further than our target. But don't be greedy, 20 pips is the most reachable target and make profit in the long run.

 


Note: This strategy is for education and testing only. We highly recommend that you should research, backtest and/or trade on demo account before investing real money.

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