Topic: newbie strategy advice

I would like to set a strategy that opens 1 hour after the market opens in Europe that is in the same direction as the overall movement in the previous ( asian) period, and which exits after a profit limit of say 40pips. ie if asian period GMT 00:00-08:00 has been positive then I want to open long at GMT 09:00 and close after a limit profit has been reached. similarly go short if asian period is negative.

any advice welcomed

Re: newbie strategy advice

Here you are some ideas:

Market: EURUSD 1 Hour  <---- 1 Hour chart

A same direction signal - Does nothing
An opposite direction signal - Does nothing
Permanent Stop Loss - None

[Opening Point of the Position]
Entry Hour
     Enter the market at the specified hour
     Base price  -  Open
     Entry hour  -  9     <--------- Enter the market at 09:00

[Opening Logic Condition]
     The Momentum rises  <----- Momentum (8) rises
     Smoothing method  -  Simple
     Base price  -  Close
     Period  -  8
     Additional smoothing  -  0
     Level  -  0
     Use previous bar value  -  Yes

[Closing Point of the Position]
Stop Limit
     Exit at the Stop Loss or the Take Profit level
     Stop Loss  -  -60  <------- Exit
     Take Profit  -  40  <------- Exit

Re: newbie strategy advice

many thanks, I'll try that out

Re: newbie strategy advice

That is nice, but i often use to start after two hours. You might feel it a bit funny, but usually it works for me. And about Asian strategies, I am feeling better with mine. I might try this afterwards. Thank for this.

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Re: newbie strategy advice

Nice Popov very nicely explained.

Re: newbie strategy advice

many thanks