33# Set and Forget II Trading System
Submit by joy22 25/03/2012
2.) Use the high and low of the previous Day. For Mondays orders go back as far as 00:00 EST on Friday for high and low.
3.) Open a total of 4 PENDING orders (for each pair) including 2 BUY STOPS and 2 SELL STOPS that expire within 24hrs as follows:
1 - Entry = HIGH+5pips, Take Profit=12pips, S/L=30pips
2 - Entry = HIGH+15pips, Take Profit=20pips, S/L=30pips
i. #1 - Entry = LOW-5pips, Take Profit=12pips, S/L=30pips
ii. #2 - Entry = LOW-15pips, Take Profit=20pips, S/L=30pips
option with buffer 25 pips
The idea is to delay your entry until the direction of the day's price action is clearly established. In that regard we are going to wait until the price actually
breaks through yesterday's high or low by 25 pips then hitch our wagons to the day's remaining rise or fall.
If the price has broken yesterday's high and is rising, we'll open a long position. If the price has broken yesterday's low and is falling , we'll open a short position.
In the picture Set and Forget II forex system in action.
Forex Indicator: Hi_Low_Indicator, applied at the daily bar.
compressed file archive [696 Bytes]
Share your opinion, can help everyone to understand the forex strategy.