Strategy Breakaway from the session
Strategy Breakaway from the session - is based on breakdown of the session highs and lows in the market (Asian, European, and American).
Marketplace: ;
Indicators: i-Sessions.mq4 (defines the session boundaries), ATRonChart.ex4 (required for setting a stop loss);
Timeframes: М15;
Currency pairGBPUSD;
Strategy: scalping;
Protective orders: StopLoss, TakeProfit, TrallingStop.
The i-Sessions indicator outlines for us the boundaries of each session, thus we observe the minimum and maximum for each of them.
Basic rules of the strategy for the market Breakaway from the session
Trade is conducted on the pending orders. Orders BuyStop we establish on the maximums of the finished session, SellStop orders - to the lows of the ended session.
Take Profit is set at a distance of 15 points for the currency pair GBPUSD. To determine the stop loss, we use the ATRonChart.ex4 indicator - when the sell stops triggered, stop loss set above the upper limit of the indicator ATRonChart for the previous candle. When a buy stop is triggered, stop loss set below the lower boundary of the ATRonChart indicator for the previous candle, preceding the breakout candle.
All orders that were not triggered in the past day remain until the close of the next day.
As a result, when placing orders, we get approximately the following picture:
In other words, in the picture to the left we have a zone of 3 sell orders with a profit of 15 pips each and after the breakdown a profit of +45 pips was made. And further, in the figure, exactly the same orders were triggered, which allowed to bring profit of +15 points each.
Of course it's possible to put Take Profit and larger, but in this case and the probability of triggering stop-losses also increases and it is already a completely different strategy.