Way to go, pipcompounder!
When there’s 5 to 10 minutes left before the close, you place two orders:
- A buy stop 3 pips above the candle’s high, with take profit point of 4 pips above entry, and with a stop loss set at the candle’s low or at 30 pips, whichever is less.
- A sell stop at the low of the candle with a take profit target of 7 pips, and a stop loss of 3 pips above the candle’s high.
- Once one of these orders is triggered, cancel the other order.
Pipcompounder suggests that you leave the orders open until it hits either the stop loss or take profit points, but don’t leave trades open over the weekend.
For humans who are more ambitious and want a better reward-to-risk ratio, pipcompounder suggests splitting your orders into two, with the first half targeting the original take profit targets, while letting the second half run to hit bigger targets.
Let’s all give a big robotic high five to pipcompounder! Aside from making his momma proud (Big Pippin taught me this expression last week), pipcompounder’s name will be on the Best Forex Trading System Hall of Fame. Not only that, but his system will also be featured on the BabyPips.com homepage badge FOR A MONTH.
I haven’t even gotten to the best part yet. In accordance to our You Trade, We Aid campaign, pipcompounder gets to donate $50 to his chosen charity among our Golden List of Charities. As we say in my planet, “beep-boop-boop-breeeep-broop.” Big Pippin’s translation: “That’s awesome!”
If you want to get the chance to give something to your chosen charity, all you have to do is to send an idea for a trading system for next month. That’s right, October’s Best Forex Trading System contest is now officially open! All you have to do is follow the simple rules and regulations and you’re in!
I know you’re more than capable of handling trading systems, humans, so submitting an idea should be easy for the human race. I’ll be retreating back to my pod so I could start mechanizing and backtesting pipcompounder’s system, but my monitors will keep close tabs on your entries.
Good luck and have a great day, Earthlings. Till next week!