TRADING STRATEGY FOR ANY CONSOLIDATING MARKET (50 PIPS)
This is a trading strategy that I use when any market is moving sideways or consolidating. The process is as follows: Draw a tight box in the middle of the chart where price is touching the top and bottom a lot of the time. This box should show where most of the movement in price is. Draw boxed above and below the middle box. The top box should reach the highest price, the bottom box should be the lower price. I simply set limit orders on the lines of the boxes to trigger a buy or sell order and then I leave it. The orders will be triggered by themselves, and as soon as I'm in profit I will add a trailing SL or move SL to entry. On a daily timeframe I aim to catch 50 pips. Stop loss 25/30 pips. You can also use this strategy to scalp on a 15M timeframe, but it's more risky. When scalping I only aim to catch 10/15 pips. Stop loss 10 pips. Backtest and try it out for yourself.
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