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London Breakout Forex Trading Strategy ?

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    London Breakout Forex Trading Strategy ?

    London breakout forex trading strategy is one strategy that is quite popular in forex.

    In its development, each trader or analyst who develops this strategy gives a different name but the concept is the same, which is to use the movement towards the opening of the London market.

    The strategy included in the mechanical trading system category is designed to capture the rapid movements that occur before the opening of the London market.

    To be able to use this strategy you need basic skills to use MetaTrader, at least drawing squares and horizontal lines on the chart, plus a few hours monitoring the London session.

    I don't think I need to tell again that before the London market opened there was already a market in the Asian session that was already underway.

    Usually the highest market activity is seen in the European session, so with this strategy we will try to find opportunities based on the price range created during the Asian session.

    Actually you don't need to use any indicators to run this London Breakout forex trading strategy.

    However, if you can find market hour indicators on the internet or the MetaTrader marketplace, that will be quite helpful.

    But, the indicator is optional, nothing isn't a problem. The important thing is you know how to create horizontal boxes and lines in MetaTrader.

    Strategy
    So, before entering the London session, you already have a price range as a reference formed from movements in the Asian session.

    The range in question is actually not the entire Asian session range, but only the last three hours.

    The most suitable currency pair for this strategy is GBPUSD, EURUSD and NZDUSD.

    To make the explanation easier, I will summarize the strategy as follows:

    Use the time frame
    Make a box on the chart with the last three candlesticks that appear before the London session begins. If you use the MetaTrader platform FOREXimf Trader, the candlestick that is the reference is the candlestick from 07:00 to 09:00 MetaTrader time.
    Based on the "box" above, draw two horizontal lines, each of which serves as support and resistance. This means you have to draw a horizontal line on the top of the "box" and one other horizontal line on the bottom of the "box".
    Place Stop Order:
    Buy Stop is approximately 5 pips above the resistance, place the SL at the Sell Stop level
    Sell ​​Stop about 5 pips below support, place SL at Buy Stop level
    If one Stop Order is executed, you must immediately cancel the Stop Order that is the opponent. This means that if Buy Stop is executed then cancel the Sell Stop oder immediately and vice versa.

    Strengths and Weaknesses of the London Breakout Strategy
    Like other mechanical trading systems, the London Breakout forex trading strategy also has advantages and disadvantages.

    The advantages are:

    Does not require complicated technical indicators
    Relatively easy to understand and apply
    Pure uses price action, thereby reducing the risk of being late in entering positions
    The disadvantages are:

    There is the potential to be trapped by a bull trap or bear trap
    On Monday or Friday there are often unusual movements, so the opportunities that appear on that day tend to be less accurate.
    As usual, I advise you to learn and practice this strategy first on a demo account before running it in your real account because this strategy is not necessarily for you.

    Don't forget, even though using a demo account you still have to treat it like a real account, especially in terms of placement SL.

    Habit through a demo account will form good habits as a trader.

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