50 Pips A Day Forex Day Trading Strategy (no indicators ! )

Daily Trading Strategy Setup

To keep this standard, this method will be using 7 a.m. GMT candlestick on the 1 hour Forex chart. Make sure that the time you see on your MT4 chart matches that of 7 a.m. GMT. If not, ask your Forex broker.

You can also use Google to calculate what that time is in your time zone. For me, it is 3:00 in the morning.

Do you need a Forex indicator? No. This day trading strategy does not require the use of any trading indicator and is a pure price action trading method.

What time frame will you be using? For our purpose, we will use the one hour chart but you can certainly test this on other time frames.

Can I use any currency pair? You may want to stick with the major pairs (VS USD) to begin with and especially the EURUSD and GBPUSD.

TRADING RULES OF THE 50 PIPS A DAY SYSTEM

As soon as the 7 a.m. GMT candlestick closes, you have to place two opposite pending orders: a buy stop order 2 pips above the high and and sell stop order 2 pips below the low of the 7 am GMT candlestick.

When price activates one of the pending orders, you cancel the other pending order that has not been activated.

You must place a stop-loss order anywhere from 5-10 pips pips above the high/low of the 7 a.m. GMT candlestick after it closes(or has formed) to control your trading risk. If you notice that the 7 a.m. GMT candlestick is too short and that placing the stop loss will be too close to the entry price, then increase your stop loss distance to anywhere from 15-20 pips.

Set your profit target to 50 pips

Once you have entered the trade, let the market do its thing.

If your trade reaches it profit target for the day then awesome! Repeat the same process tomorrow.

If you trade has a floating profit or a floating loss, wait until the end of the day and exit your trade, regardless of if you have a profit or loss.

Lets look as some trading examples where the Forex trading signals either won or lost.

The vertical dotted line you see drawn on the chart represents the 7 a.m. GMT time and they are spaced 24h rs apart ( 1 day).

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