Hello Forex followers! Today our team surprised us with a new Strategy… Good Night!!
Because we all love to discover the profit in the morning by the MT4. Have a cup of hot coffee and leisurely view the forex analytics and news from the world millionaires! Today on Forex Free EA we will write about a trading system called Good Night!!
It is a derivative of the forex strategy, inspired by one of the most popular systems considered…. Va-Bank. In fact, Good Night is an adaptation of Va-Bank’a for daily charts.
- Platform: MT4
- Currency pairs: EURCHF, AUDUSD, AUDCAD, GBPAUD, GBPJPY, GBPCHF, GBPNZD, CHFJPY, EURAUD, CADJPY, AUDNZD, CADCHF, EURNZD, EURCAD
- TF: H1 + D1
- Trading: 1 time per day, at 22:00 by terminal time
The main idea of the Forex Strategy Good Night:
Any abnormal action must have an appropriate reaction. If an unusually large candle is formed, correction should be expected on the next day. So how to determine how big a candle should be? The solution is quite simple. To do this, we will compare the distance traveled by the price for today, with the average daily volatility.
Average daily volatility can be easily determined by the online table. The pips column displays the average volatility in points. In neighboring columns, the same value in conventional units and in percentage terms.
If the pair has passed for a day 50% or more of its average daily volatility, then there are prerequisites for correction… movement in the opposite direction.
Installation & Configuration:
There are many currency pairs, and it may not be convenient to view each schedule manually. After the Forex Indicator Good Night starts, a list of Pairs and Candlestick sizes will appear on the chart. The indicator shows information about the size of daylight candles on tools available from the market. The line shows the prices of opening, closing, the value of the spread and the size of the body of the candle.
The indicator has just two settings. The first parameter is responsible for the time shift. A value zero means the current day. To view data for the last day, you need to substitute a numb. 1. This function is useful if you are late for some reason with the entrance, and did not have time to enter the position in the evening of the current day. The second parameter is responsible for frequency of updating the information. If true: information is updated on each tick, and if false: the new candle of the current chart is opened.
By default, the indicator picks up all the characters from the market review, so you can remove unnecessary characters from the list. Doing right click on the market overview window and select the Symbols. Through the opened dialog box, you can add or remove characters from the scope of the Forex Indicator. Through the context menu also selecting the appropriate items, simultaneously show or hide all the symbols.. on this case, only the symbols of the already opened charts remain in the market overview.
Rules for Forex Good Night Strategy
- At 22:00 we starts to search for bodies of large candles using the i_vabank indicator. As a rule, the size of the candle should be 100 points, 1000 for five digits or more for pairs with low volatility. Next, you compare the candlestick size with the average volatility value and all pairs that went 50% more than their average volatility.Pairs: EURCHF, AUDUSD, AUDCAD, GBPAUD, GBPJPY
- After this, appeal to the groups to select the most commercially valuable tools. If the pairs from the first and third group have passed a comparable distance, then of course the preference should be given to the currency pair from the first group. That is, always give preference to groups of higher rank 2n is better than 3d, and 1st is better than the second.Pairs: GBPCHF, GBPNZD, CHFJPY, EURAUD, CADJPY
- When you have chosen the most preferable pair, it’s time to enter to market. To enter it is necessary always aside, opposite to a direction of the big candle. By analogy with Va-Bank, we establish a take profit (TP) of 50 points and a stop loss (SL) at 100 points.Pairs: AUDNZD, CADCHF, EURNZD, EURCAD
Next day we repeat the same procedure. The exception is on Friday evening & Monday’s opening. Accordingly, the transaction opens on Monday, Tuesday, Wednesday and Thursday. Already open transactions can hang for a few days until they close on the SL or TP. That’s normal.
The best strategy is on the EURCHF pair. Actually, in order to increase the percentage of profitable trades, it is enough to limit ourselves to only one pair.
Forex strategy Good Night takes a minimum of trading time and does not require constant monitoring of schedules. This is a rare example of a system that combines a high efficiency and simplicity of trade. Just you need to remember that strategy is not protected from losses, so always follow the management, even if you at some point managed to win several bargains in a row.