Below is the newly revised Trading System I am currently using. I have reworded the entire paragraphs:
One-PIP Range Trading Strategy:
1. Look for a Ranging Pair for the Daily Chart and 1-minute Chart eg, CHF-JPY. This system works only for Ranging Pairs, not Trending Pairs. Any pair can become Trending or Ranging, so check with the daily chart to confirm.
2. In the daily chart if the price is in the upper band of the Bollinger bands, this means that the price will change direction by swinging down at anytime. As such, in the 1 min chart, you should enter a short at the inner edge of upper Bollinger band .
3. Enter Limit Orders for 1000 units to make the 1 pip TP's give better yield.
4. In the Limit Order, set TP at a distance of 1-pip from the limit order price.
5. Determine how much risk of loss you are willing to accept and convert it to pips. Then set the SL accordingly. For me, I am willing to risk USD10 loss on every trade and my SL is usually 100 pips away from my limit order price (for the CHF-JPY pair).
6. Ensure that the currency pair is highly volatile and liquid. If the Bollinger band becomes compressed, do not put your Limit Order inside the band, instead put it outside at the point of the upper peak (for Shorts) of the amplitude just before it became compressed. This is because a breakout always happens immediately after a compression. Also, take note of the Spread. A compressed Bollinger band's peak-to-peak Amplitude may be smaller than the spread.
7. Fire up Forex Tools and start the Alerter window. Set the color for the TP line and wait. Ocassionally adjust your Limit Order. Forex Tool-Alerter will alert you when a Limit Order has been fulfilled (via the appearance of a TP line). It will play the sound of a Cash Register, every 10 seconds. Once this happens, there is an opened position. Switch to the 1 hourly chart and bring both TP and SL lines into view.
8. Forex Tool-Alerter will now monitor the TP line. Once the TP (or SL ) line is hit, it will disappear and it will alert you by repeatedly playing the sound of a coin dropping into a coinbox, every 10 seconds.
9. Stop Forex Tool-Alerter and Repeat the process again from Step 1. If the Daily Chart indicates that the price is in the lower Bollinger band, this means that it will start to reverse direction by swinging upwards at anytime. You should then enter a long position in the inner edge of the lower Bollinger band for the 1-minute chart. The rest of the instructions remain the same.
Happy Trading
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