LONDON BREAKOUT STRATEGY FOR GBP PAIRS

London Breakout Strategy

The London Breakout strategy is a fascinating strategy that British Pound traders use every day. The time considered for this strategy is exactly 8hrs after the market opens for the trading day. A demo account will be ideal for practice purposes before using a live/real account.

One can trade the following pairs successfully with this strategy; GBPUSD, GBPJPY, and GBPCAD.

The time frame on the MT4 chart for this strategy is the 1hr time frame. The 8th candle/bar for the day is the last candle before London session opens for the purpose of this strategy. The 50 simple moving average indicator on the chart is set to Close. If the price is below 50ma, then the present trend may be bearish. If the price is above 50ma, then the present trend may be bullish.

 

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How it works:

Basically, at the start of the London session, the high and the low points of the candle before the London market opens is identified (example high = 1.3019, low = 1.3015). Pending orders of buy and sell stops are then placed 10 pips away from the high and low of that candle (example buy stop is placed at 10 pips above high = 1.3029, while sell stop is placed at 10 pips below the low of the candle = 1.3005).

However, the take profit for both the buy and sell stops will be 15 pips while the stop loss will be 30 pips (reward to risk ratio 1:2). The take profit point of the buy stop order above the candle/bar will be 1.3044 while the stop-loss is 1.2999. The take profit point of the sell stop order below candle/bar will be 1.2990 while the stop-loss is 1.3035.

As soon as one of the pending orders is triggered, the other pending order can be deleted.

 

 

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