49# Monday Trading
Gap Trading System
Sumbit By Jon 29/30/2013
Entry Signal
Long Signal: Buy at the high of the last trading day using a
Limit Order, but only when the market opens with a gap up (this
is when the market opens above the high of the last trading
day).
Short Signal: Sell at the low of the last trading day using a
Limit Order, but only when the market opens with a gap down
(this is when the market opens below the low of the last trading
day).
In the picture Monday Trading forex system in action.
Please note: If you don't get a gap do not place any order!
Cancel your order if not filled by the close of the same day!
Do reverse your position! If you are long and you get an entry
signal to go short, reverse your position. If you are short and you
get an entry signal to go long, reverse your position.
Exit position
If you are long: Place a sell limit order 30 pips above your entry.
Place a sell stop market order 30 pips below your entry to limit
your risk. If your profit objective is filled, cancel your protective
stop, and vice versa.
If you are short: Place a buy limit order 30 pips below your
entry. Place a buy stop market order 30 pips above your entry to
limit your risk. If your profit objective is filled, cancel your
protective stop, and vice versa.
Profit Target 40 pips.
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