20 Pips Daily Predator
The basis of this strategy is not new and is basically a Break Out strategy but within a time slot that the forum thread starter discovered in his trading.
It only has one indicator but you can easily use the Fibonacci Levels indicator to enhance the targets. The indicator is available for download on the very first post with a pdf explaination sheet as well.
- Predator Breakout Box, any BO Box would do but the one on the thread has extending horizontal lines.
- You need to set the BO Box to the thread starters time start and all explanations are on the threads first page.
- 5 minute chart
- Thread starter only trades EURUSD, GBPUSD and EURGBP
Forex Factory Thread started by user Dashking
The strategy is simple where once the price action has finished trading within the Predator Box, wait for the price close of a clear candle outside of the trading BO lines and then place a trade on the next candle. The Stop Loss is 20 Pips and Target is 20 Pips. Dashking explains that normally 2 of the 3 pairs trade to profitability.
My Opinion…
I think it would be better to get a better R:R (reward to risk) and this is where I feel the Fibonacci indicator can help. I don’t trade this system as it is not within my time slot but I am subscribed to the thread and looking at some results it seems a good profitable strategy, even at 1:1.
Regards
John