There are times when the the latest news is neutral and the indicators have little to show. During times likes these I dig a little deeper than normal to find positions worth entering. One such position I have found that has remained profitable for longer than I imagined possible is the AUD/JPY pair. This pair has continued to produce profits week after week for me based on a couple very simple set of rules. Using the Dukascopy charts I open the AUD/JPY chart set to one hour intervals. At 00:00 GMT I take note of the open price for
the pair. Once the price has moved 30 pips in either direction I open a position that follows the current direction. For example, the price of the AUD/JPY at 00:00 GMT is 84.00. The price moves to 84.30. At this point I take a long position, I add a stop loss at -30 pips, which is the original price of 84.00 at 00:00 GMT. At 00:00 GMT the next day I close the position and start over.
There are two more rules which I use. The first rule adds an order in the opposite direction, - 60 pips from the entry of the position just taken. This is 30 pips +/- the open price. If I take a long position then the order will be to go short 60 pips from the open price of …
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