If you are trying to find a simple forex trading strategy to trade the Asian Forex Trading Session, try this 1 Hr USDJPY Forex Trading Strategy.
No indicator is required, but you may use this easy indicator called forex trading sessions mt4 forex indicator. It shows the different FX market sessions on any chart.
This system is only for the USDJPY pair during the Asian trading session.
You should also know when the Forex Asian trading session starts.
- At the close of the first-hour candlestick of the Asian trading session, place a pending sell stop pending order one pip below the low of that candlestick.
- place stop loss two pips above the high of that chart candlestick
- Aim for 30-20 pips profit as your take profit(TP) target.
- when the first 1-hour candlestick closes in the Asian trading session, place a pending buy stop pending order one pip above the high of that candlestick
- place stop loss two pips below the low of the chart candlestick
- set 30-20 pips take profit target
Advantages of the Simple 1 Hr USDJPY Forex Trading Strategy
- One trade per day (stop you from bad overtrading)
- only one simple currency pair to trade
- simple rules to follow and execute a forex trade
Disadvantages of the 1 Hr USDJPY Forex Trading Strategy
- sometimes the risk-reward may not be good, especially if the 1st 1-hour candlestick is very long
- Asian trading session tends to be very very slow, so you may not hit your take profit target until the London session starts.
Read More: 20 Pips A Day Forex Trading Strategy