- No indicators are required.
- Timeframes: only the 1hr chart
- Currency Pairs: Only USDJPY
Here are the trading rules of the this forex trading system:
- Wait for the first hour candlestick of the Asian Trading Session to close on theUSD/JPY currency pair.
- the place 2 separate pending orders: a sell stop and buy stop pending orders on both sides exactly at 2 pips from the low and high respectively.
- you stop loss should be the distance of that 1 hour candlestick plus 2 pips.
- When one pending order is activated, you should cancel the other one immediately.
- Aim for a take profit of 20 pips.
1 Hour USDJPY Forex Trading Strategy Sell Setup Example
Here’s and example of a sell trade setup of this USDJPY forex trading strategy:
1 Hour USDJPY Forex Trading Strategy Buy Setup Example
Here’s a buy trading setup example:
Advantages of the 1hr USDJPY Forex Trading Strategy
- Simple price action trading system easy to understand and follow.
- you only have to trade one trade a day and this minimizes overtrading
Disadvantages of the 1hr USDJPY Forex Trading Strategy
- risk:reward ratio not that great at most, it will be 1:1
- choppy or ranging asian market can be an issue here triggering your stop loss.
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