Opening-range breakout techniques have long been favorites of intra day stock index traders. A similar technique can be used in the currency market to capitalize on price moves in the British pound. The BIG BEN STRATEGY is a well known strategy. It is a day-trading technique that takes advantage of the shift from trading from one market center to another in the 24-hour forex trading environment.
The BIG BEN STRATEGY is designed to capture the first directional intra day move that often occurs within the first few hours after the European market opening. The strategy works best with the GBP/USD.
The logic behind the strategy is the GBP/USD tends to have lower trading volume outside European trading hours because the majority of GBP/USD spot deals are worked through U.K. and European dealers.
There are many different trading rules out here for the BIG BEN STRATEGY I am trading this strategy as follow:
If all the trading conditions are met, then I place 1 trade per day. I will buy or sell the GBP/USD at market price at 06:30 London Time with a take profit of 35 pips and stop loss of 40 pips.
When the trade is with 20 pips in profit I move the stop loss to the break even.
Sometimes I will change my opinion during the trade and I close the trade before hit stop loss or take profit. It will usually happen if the market isn't developing as I expected and the charts show me that the trade lost its power.
I start trading off with risk of 3% of my total capital on any opening trade.
Here with Global Forex Signal I can only open every time the same lot size, so the result here to my account are different.
To see my real performance have a look at: http://www.mt4i.com/users/fxtc01
To your success!
BigBen_9 - mechanical trading system
function drawChartD() {
var data = new google.visualization.DataTable();
data.addColumn('date', 'Date');
data.addColumn('number', '$');
data.addColumn('string', 'title1');
data.addColumn('string', 'text1');
data.addRows([[new Date(, ,), , undefined, undefined]]);
var chart = new google.visualization.AnnotatedTimeLine(document.getElementById('chart_div'));
chart.draw(data, {displayAnnotations:true,allValuesSuffix:' $'});
}
