A unique Expert Advisor based on London open breakout

What pairs ?

GBPUSD and EURUSD

When ?

During London open

Between 6 am – 10 am GMT

60 minute / hourly chart only

Where do we enter ?

Signal candle (HTC) MUST :

1. Close at 6 am, 7 am, 8 am, 9 am, or 10 am GMT

2. Open AND close in the lower 50 % of the candle (30 % even better)

3. Have a higher high than the previous candle (opens and closes don’t matter, only the highs)

Notes :

1.     It doesn’t matter if it’s a bullish or bearish candle

2.     It doesn’t have to be at structure

3.     This strategy is ALWAYS bearish

Entry :

Place SELL STOP or Enter 1 pip below HTC (high test candle) below lower low

Stop-loss :

Place at 5 pips above signal candle high

How do we manage ? 

Once the 4^th candle has completed (10 am close), we can trail to 5 pips above the high of 4^th candle (essentially 4 hours later).  After that, we trail SL to 5 pips above every candle high.  Always down, never up.

Targets :

No fixed target.  Trail SL downwards until trade is closed on SL.

ONLY THE BEAR DIRECTION (not bullish)

Invalidity condition :

Close all the trades after the 10 am candle if you’re still not filled.

NB : While the strategy is specific to two pairs, direction, and candles, there should be the possibility to select these as parameters.