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I trade the G40 and Ws30 indices markets. I trade them at the German open, and again at the Ws open. I use a set of 4x 1-hour candles to determine the Hi and Lo for the European 'session', but only the 1st 1-hr candles for the open of the Ws session.
With regards to the morning session. if the close of the 4th 1-hr candle is higher than the open of the 1st 1-hr candle, this indicates a LONG market might be developing. If the close of the 4th 1-hr candle is lower than the open of the 1st 1-hr candle, it suggests the market is trending lower. (The actual direction isn't important so long as they are both the same.)
My method consists of comparing the direction of the 4x 1-hr candles for both indices. If they are both travelling in the same direction, then entries can be ordered. I refer to this as =Col(oured). If they are travelling in opposite directions, then it suggest confusion in those markets, there is no set-up and orders are not placed. I refer to this a xCol(oured).
Assuming the two indices are =Col then BUY orders are placed at the highest point in the 4x 1-hr candles for each index. At the same time, SELL orders are placed at the lowest of the 4x 1-hr candles. Limits are +200pips or -200pips respectively. Stops are the breach of the opposite end. In other words if the HI of the 4x 1-hr series is breached, then a BUY trade is triggered. However, if the market reverses, the trade stays valid until the reversal breaches the LO, at which point the BUY is stopped out, but a SELL is entered. Should the market reverse again, back along its original direction, this second trade remains valid until the reversal breaches the original HI. As the market has reversed 2x, trading is then closed for the session. {statistically, there may be an argument for a 3rd entry and allowance should be made for this. So, in the above example the entries would be Breach of HI = BUY. Subsequent breach of LO = Stop out of BUY and enter a SELL. Subsequent 2nd reversal breach of the original HI = Stop out SELL and enter BUY once again. Same Limits and Stops apply. In all cases, any open trades should be closed and orders cancelled at the close of the 1st 1-hr candle of the Ws session.
The exact same method applies to the Ws session, except only the 1st 1-hr candle is used to determine if the G40 and Ws30 are =Col. The other rules apply for entries, exits, etc.
I need an Expert Advisor to manage the Method, the entries and exits.
Ideally an 'enter box' system would be good. I could then manually determine the price, the limits, etc. I may wish to change these from time to time as the Method evolves.
