This is how to go about trading this last two hours of London session strategy: Works on all Gbp and Eur pairs (and all Major pairs with USD).
This is either a scalp or day trading that will reverse mostly direction of current trade (sometimes continue) daily trend for 20 to 40 pips, during last two hours of London session.
1) First look at 4 hour time frame charts ( for trend, momentum and if pair is on support or resistance, etc..)
2) Then enter and exit of either the 5 minute time frame for best entries or 15 minute time frame.
3) I use 10 to 12.5 pip stop loss with targets 20 to 40 pips away depending on ADR (average daily range) of pair and where price is currently at in master Forex cycle of day or week.
4) With right stop, entry and targets this will give you a high winning rate (mostly reversal of daily trend) quick or around two hour profitable strategy, with right risk management. Please back-test.
The example chart is on a 15 minute chart related to Trading view not being able to post for public 5 minute charts, but mostly you want to enter and exit all trades via 5 minute frame for this two hour before London close strategy.
Would have been a 1:3 risk reward and or 10 pip stop vs 30 pip target- that is great within two hours. On the current example GBPCAD chart.
This is either a scalp or day trading that will reverse mostly direction of current trade (sometimes continue) daily trend for 20 to 40 pips, during last two hours of London session.
1) First look at 4 hour time frame charts ( for trend, momentum and if pair is on support or resistance, etc..)
2) Then enter and exit of either the 5 minute time frame for best entries or 15 minute time frame.
3) I use 10 to 12.5 pip stop loss with targets 20 to 40 pips away depending on ADR (average daily range) of pair and where price is currently at in master Forex cycle of day or week.
4) With right stop, entry and targets this will give you a high winning rate (mostly reversal of daily trend) quick or around two hour profitable strategy, with right risk management. Please back-test.
The example chart is on a 15 minute chart related to Trading view not being able to post for public 5 minute charts, but mostly you want to enter and exit all trades via 5 minute frame for this two hour before London close strategy.
Would have been a 1:3 risk reward and or 10 pip stop vs 30 pip target- that is great within two hours. On the current example GBPCAD chart.