Capitalize on EURUSD volatility during the New York Stock Exchange opening with this TradingView strategy. Inspired by Trade Beta, it targets early EURUSD moves at the NY session (13:30 GMT). Utilizing TradingView’s charting tools, this strategy employs pending orders based on swing highs and lows on a 5-minute chart.
Strategy Mechanics for Trading EURUSD on TradingView
This strategy involves placing buy and sell stop pending orders on TradingView based on recent swing highs and lows before the NY session. When one order is triggered, the other cancels. Risk is managed by automatically cancelling all pending orders and closing open trades at the end of the New York session.
If the opening price is above the swing high, only a sell stop order is placed at the swing high. If below the swing low, only a buy stop order is placed at the swing low. This adapts to potential breakouts or reversals at the session’s start, using TradingView’s features.
Configuring Strategy Settings in TradingView
Implement this EURUSD strategy on TradingView with these settings:
- Trading Time: New York Stock Exchange open (13:30 GMT). Place pending orders at the close of the first 5-minute candle on TradingView.
- Swing High Source: ‘High’ price.
- Swing High Bars: ‘5 bars’ (highest high within 5 bars left and right).
- Swing Low Source: ‘Low’ price.
- Swing Low Bars: ‘5 bars’ (lowest low within 5 bars left and right).
- Stop Loss Type: ‘ATR’ or ‘FIX’ (both available on TradingView).
- ATR Settings (if applicable): Length: 14, Factor: 2.0, TP Ratio: 2.0 (Stop Loss = ATR Factor, Take Profit = Stop Loss TP Ratio).
- Fixed Stop Loss/Take Profit (if applicable): Stop Loss: 10 pips, Take Profit: 20 pips.
Important Risk Disclaimer
This EURUSD TradingView strategy is for educational purposes only, not financial advice. Forex trading involves high risk and may not suit everyone. Consider your investment goals, experience, and risk tolerance before trading.
