No indicator are required.
This system is only for the USDJPY currency pair during the asian trading session.
You should also know when the asian forex trading session starts.
Table Of Contents
- At the close of the first hour candlestick of the asian trading session, place a pending sell stop order 1 pip below the low of the that candlestick
- place stop loss 2 pips above the high of that candlestick
- aim for 20-30 pips profit as your take profit target.
- when the first 1 hour candlestick closes in the asian trading session, place a pending buy stop order 1 pip above that high of that candlestick
- place stop loss 2 pips below the low of the candlestick
- set 20-30 pips take profit target
Advantages of the 1 Hr USDJPY Forex Trading Strategy
- 1 trade per day (stop you from overtrading)
- only one currency pair to trade
- simple rules to follow and execute a trade
Disdvantages of the 1 Hr USDJPY Forex Trading Strategy
- sometimes the risk reward may not be good especially if the 1st 1 hour candlestick is very long
- asian trading session tends to be very slow so you may not hit your take profit target unti London session starts.