Forex Strategy Speed Trap Method is somewhat similar to the strategy of "Morning Range" - it also is based on the breakdown of the range, which is formed in the first hours after the opening of a new day; timeframe - M15, any currency pair, but the best fit: EURUSD, EURJPY, GBPJPY.
1) Building 2 parallel lines on the maximum and minimum prices in the period from 00.00 on 02.00 of the terminal time!
2) On the M15 chart put the exponential moving average EMA (5) - it must necessarily be between 2 parallel lines during these 2 hours.
3) Once the EMA (5) penetrates one of the parallel lines and is closed above and below it in the direction conclude a deal of penetration, but penetration is considered valid if it was at least 02.15!
Take-profit set at 20 points for the EURUSD and 30 points for EURJPY, GBPJPY.
Stop-loss is better not to install, and close the deal and closing crossing EMA (5) below or above the other parallel to the line after the transaction. Or Option 2: stop-loss are installing at a distance of + 5-10 points on the opposite side of the channel for the transaction.
