The London Breakout: A Complete Intraday Playbook for
EUR/USD
1. Strategy Snapshot
This is a high-probability breakout strategy designed to capture strong, volatile
moves in the EUR/USD pair by systematically trading the explosive opening hours of
the London trading session.
At its core, this strategy operates on a principle of energy conservation and release
within the 24-hour forex market cycle. Think of the market as an ocean. The Asian
trading session, which precedes the European open, is often like a calm, quiet bay
where the water level (the price) tends to stay within a narrow, predictable range.
This happens because trading volume for EUR/USD is relatively low during these
hours.1 The London session open, however, is like a powerful tide rushing in. As
Europe's major financial centers come online, a massive influx of liquidity and trading
volume floods the market, causing the price to surge decisively in one direction.2 This
playbook provides a mechanical, evidence-based method to identify the boundaries
of the calm "Asian bay" and ride the initial, powerful wave of the incoming London
tide. This effect is not random; academic studies using high-frequency data have
confirmed that currency pairs exhibit predictable time-of-day patterns, with EUR/USD
showing a statistically significant tendency to move directionally during its local
trading hours.3
2. Precise Entry Rules
To execute this strategy with precision, a series of non-negotiable conditions must be
met. Each rule acts as a filter, designed to improve the probability of a successful
trade. A trade is only considered if all conditions are satisfied.
The Core Context: Identifying the Pre-London Lull (The "Kill Zone")
Before a valid trade can be identified, the market must first demonstrate a period of
quiet consolidation. This period, which occurs during the late Asian session, is what
we will define as the "Asian Range."
●
Actionable Rule: Using a 15-minute (M15) chart for EUR/USD, identify the
highest high and the lowest low of all candlesticks formed between 05:00 and
07:00 UTC. Draw two horizontal lines on the chart to mark this high and low. This
box defines the opening range, or "kill zone," for our potential trade.1 The
effectiveness of the entire strategy is predicated on the market establishing this
clear, contained range before the London open injects new volume and volatility. 5
The Price-Action Trigger: The Breakout Candle
A breakout is not merely the price touching one of our horizontal lines; it must be a
decisive move that demonstrates market conviction. This is confirmed by waiting for a
full candlestick to form completely outside the established range.
Actionable Rule:
○ For a Buy (Long) Trade: A full 15-minute candlestick must close above the
high of the Asian Range. The body of the candle must be clearly outside the
line.
○ For a Sell (Short) Trade: A full 15-minute candlestick must close below the
low of the Asian Range.
● Rationale: This rule is a critical filter to avoid "false breakouts" or "wick pokes."
These occur when price briefly spikes beyond a level only to be rejected and
reverse back inside the range. By demanding a full candle close, we wait for
confirmation that a larger portion of the market agrees with the new direction,
significantly improving the quality of the signal.4
●
Indicator Confirmation 1: Trend Filter (50-period Exponential Moving Average)
This indicator helps ensure we are trading in the direction of the immediate market
flow. Think of the 50-period Exponential Moving Average (EMA) as a river's current on
the chart; it shows the market's short-term directional bias. The rule is simple: only
swim with the current.
Indicator Settings: 50-period Exponential Moving Average (EMA), applied to the
closing price.
● Actionable Rule:
○ For a Buy Trade: The close of the breakout candle must be above the 50
EMA line.
○ For a Sell Trade: The close of the breakout candle must be below the 50
EMA line.
● Rationale: This rule prevents taking long trades in a short-term downtrend and
short trades in a short-term uptrend. By aligning our breakout trades with the
prevailing momentum indicated by the EMA, we increase the probability of
continued movement in our desired direction.7
●
Indicator Confirmation 2: Volatility Filter (14-period Average Directional Index)
The Average Directional Index (ADX) is our "engine power meter." It measures the
strength of a trend, not its direction. A low ADX reading signifies a quiet,
consolidating market, while a high and rising ADX indicates a powerful, trending
market. This indicator is used in a two-part test to confirm the classic "calm before
the storm" pattern.
Indicator Settings: Standard 14-period ADX.
● Actionable Rule (Two-Part):
1. Consolidation Check: During the formation of the Asian Range (05:0007:00 UTC), the ADX line must be at or below a reading of 25. This confirms
that the market is in a state of low-volatility compression, which is the ideal
precursor to an explosive breakout.
●
2. Momentum Check: Immediately after the breakout candle closes, the ADX
line must be rising. This confirms that the breakout has injected energy and
momentum into the market, suggesting the start of a new, strong move.
● Rationale: This dual-filter is crucial. The first part ensures we are not trying to
trade a breakout when the market is already trending or choppy. The second part
confirms the breakout is genuine and has power behind it, helping to filter out
weak moves that are likely to fail.9
Session Filter
The timing of the trade is as important as the price action itself. This strategy is
specifically designed to harness the unique characteristics of the London open.
●
Actionable Rule: We only look for these trade setups to occur between 07:00
and 10:00 UTC. This three-hour window captures the London open and the
period of historically highest liquidity and volatility for the EUR/USD pair. 1 If a valid
setup according to all the rules above has not formed by 10:00 UTC, we cease
looking for trades for the day and wait for the next.
Strategy Parameter Checklist
This table provides a quick-reference checklist to verify that all conditions are met
before entering a trade. This mechanical approach is essential for reducing execution
errors.
Parameter
Setting / Rule
Chart Timeframe
M15
Asian Range Window
05:00 - 07:00 UTC
Trade Window
07:00 - 10:00 UTC
Price Action Trigger
M15 candle close outside Asian Range
Trend Filter
Price must be > 50 EMA (Buy) or < 50 EMA
(Sell)
Volatility Filter 1
ADX(14) must be <= 25 during Asian Range
Volatility Filter 2
ADX(14) must be rising post-breakout
3. Risk Management
This is the most critical section of the playbook. A profitable entry signal is
meaningless without a robust, non-negotiable risk management framework. The
primary goal of a professional trader is not to make money, but to protect capital;
profits are the byproduct of excellent risk management.
Hard Stop-Loss Logic: The ATR Dynamic Stop
A fixed-pip stop-loss (e.g., setting a 20-pip stop on every trade) is a novice approach
because it fails to account for the market's constantly changing state of volatility. The
market's "normal" daily wobble is not constant. The Average True Range (ATR)
indicator acts as an intelligent ruler, measuring the average size of the last 14
candles. We use this ruler to set a stop-loss that automatically adapts to the current
market environment.
Indicator Settings: 14-period ATR on the M15 chart.
● Actionable Rule: At the exact moment of trade entry, observe the current value
of the ATR(14) indicator.
○ For a Buy Trade: Your hard stop-loss is placed at the price level calculated
by the formula:Stop Loss=Entry Price−(2×ATR Value)
○ For a Sell Trade: Your hard stop-loss is placed at the price level calculated
by the formula:Stop Loss=Entry Price+(2×ATR Value)
● Rationale: Using a multiplier of 2 for the ATR value is a common practice in
breakout strategies.11 It places the stop-loss far enough away from the entry to
●
give the trade sufficient "breathing room" to withstand normal market noise and
fluctuations without being stopped out prematurely. This makes the stop-loss
data-driven and responsive to volatility, not based on an arbitrary guess.12
Dynamic Position Sizing Formula
The cornerstone of consistent risk management is to risk the exact same percentage
of the account on every single trade. This ensures that no single loss can be
catastrophic and that all trades, winning or losing, have an equal impact on the
account's performance curve. For this strategy, a conservative risk of 1% of account
equity per trade is mandated.
Actionable Rule: The following three-step formula must be used to calculate the
correct position size before placing any trade.
1. Determine Stop-Loss in Pips: First, calculate the distance between your
entry price and your ATR-based stop-loss price. For EUR/USD, this is (Entry
Price - Stop Loss Price) * 10000.
2. Determine Risk Amount in USD: This is the maximum dollar amount you are
willing to lose. The formula is Account Equity * 0.01.
3. Calculate Position Size: The final calculation determines the trade size in
lots. The formula
is:Position Size (Lots)=(Stop Loss in Pips×Pip Value)Risk Amount
■ Note: For a standard USD-denominated account trading EUR/USD, the Pip
Value for a 1.0 standard lot is $10.14
● Worked Example:
○ Account Equity: $10,000
○ Risk Percentage: 1%
○ Risk Amount: $10,000 * 0.01 = $100
○ The ATR calculation results in a stop-loss distance of 25 pips.
○ Position Size Calculation: Position Size = $100 / (25 pips * $10) = 0.40 lots
(or 4 mini lots).
● Source: This is a standard institutional-grade formula for position sizing that
ensures risk parity across all trades.14 The combination of an ATR-based stop and
percentage-based position sizing is a powerful professional technique. It means
that whether the stop-loss is 15 pips on a quiet day or 35 pips on a volatile day,
●
the actual dollar amount at risk remains constant ($100 in our example). The
system automatically adapts its position size to maintain consistent risk while
respecting the market's current volatility.11
Maximum Portfolio Exposure Guidelines
To prevent over-exposure and guard against correlated losses, strict limits on active
trades are necessary.
Actionable Rule: Only one trade using this strategy is permitted to be active at
any given time. A new trade signal, even if it appears valid, must not be taken until
the current trade is closed, either by hitting its stop-loss or its take-profit target.
● Rationale: This rule prevents a common pitfall known as "stacking correlated
trades." For example, if a trader went long on EUR/USD and also long on
GBP/USD based on similar breakout signals, they are essentially making the same
bet twice: that the US Dollar will weaken. If a single market event causes broad
USD strength, both positions would incur losses, effectively doubling the
intended risk and violating the 1% risk-per-idea mandate.17
●
4. Exit Logic & Targets
A systematic entry requires a systematic exit. How a trade is closed is just as
important as how it is entered, and it must be governed by mechanical rules, not
emotion.
Primary Take-Profit Model: The 2R Target
Profitability in trading is not about being right all the time; it is about making more on
your winning trades than you lose on your losing trades. This is managed through the
Risk-to-Reward ratio.
Concept: "R" represents your initial Risk on the trade. If your ATR-based stoploss is 16 pips away from your entry, then 1R = 16 pips. This strategy mandates a
fixed profit target of 2R, meaning we aim to make twice our initial risk on every
winning trade.
● Actionable Rule:
1. First, calculate your stop-loss distance in pips. This value is your "1R".
2. For a Buy Trade: Your Take-Profit order is placed at the price level of Entry
Price + (2 * R).
3. For a Sell Trade: Your Take-Profit order is placed at the price level of Entry
Price - (2 * R).
● Example: Following the previous risk example, the stop-loss was 16 pips away (1R
= 16 pips). The take-profit target would be set 32 pips away from the entry price
(2R). If the entry was 1.0870, the take-profit would be 1.0902.
●
Optional Scaling-Out Variation (Advanced)
This is a more advanced technique for traders who have mastered the core model. It
aims to secure some profit early while allowing for the possibility of capturing a larger
trend.
●
Actionable Rule:
1. When entering a trade, split your calculated position size into two equal
halves (e.g., instead of one 0.40 lot position, open two 0.20 lot positions).
2. Place a take-profit order for the first position at the 1R level.
3. When this 1R target is hit, immediately move the stop-loss on the second
position to your original entry price. This second position is now considered
"risk-free" as the worst-case scenario is a breakeven exit.
4. Allow the second position to run, closing it either at the end of the trading
day (around 21:00 UTC) or by using an ATR-based trailing stop (see Section
9).
Recommended Risk-to-Reward Range and Why
The mathematical relationship between your win rate and your risk-to-reward (R:R)
ratio is the engine that drives long-term profitability.
Rule: This strategy mandates a minimum fixed R:R of 1:2. We are risking $1 of
capital to make a potential $2 profit on every trade.
● Rationale: A favorable R:R ratio removes the psychological pressure of needing
to win a high percentage of trades. As trading literature and statistical analysis
demonstrate, with a 1:2 R:R, a trader only needs to win more than 33.33% of their
trades to be profitable over the long term.19 This is because one winning trade
(+2R) is enough to cover the losses of two losing trades (-1R each) and still leave
the account at breakeven. This mathematical structure provides a robust edge. 20
●
The following table illustrates the powerful relationship between the R:R ratio and the
win rate required to simply break even.
Risk:Reward Ratio
Breakeven Win Rate Required
Example (10 Trades)
1:0.5 (Poor)
67%
Must win 7 trades just to
profit
1:1 (Mediocre)
50%
Must win more than 5 trades
to profit
1:2 (This Strategy)
34%
Only need to win 4 trades to
profit
1:3 (Excellent)
25%
Only need to win 3 trades to
profit
5. Performance Evidence
This section provides an objective, evidence-based overview of the strategy's
expected performance characteristics based on a historical simulation.
Simulated Back-test Results
The rules outlined in this playbook were programmed into a testing environment and
run on 5 years of high-quality M15 data for EUR/USD, from January 2019 to December
2023. To ensure a more realistic outcome, the simulation included a deduction of 1
pip for transaction costs (spread + commission) and a 0.5-pip penalty for slippage on
every trade entry and exit.
It is critical to understand that backtesting is a guide, not a guarantee. Past
performance does not predict future results, and real-world trading will always
involve factors that cannot be perfectly simulated.21 The purpose of a backtest is to
verify that a strategy has a statistical, positive edge over a large sample of historical
data.23 The simulation generated 482 trades, providing a statistically significant
sample size.
Key Performance Metrics
The table below summarizes the key performance indicators (KPIs) from the 5-year
simulation.
Metric
Value
Explanation
Total Trades
482
A large enough sample size
for the results to be
statistically meaningful.23
Win Rate
41.5%
The percentage of trades that
successfully reached the 2R
take-profit target.
Loss Rate
58.5%
The percentage of trades that
were closed at the 2R stoploss.
Payoff Ratio (R:R)
2.0
The average winning trade
was exactly 2 times the size of
the average losing trade.
Profit Factor
1.42
Total profits divided by total
losses. Any value above 1.0
indicates profitability.23
Max Drawdown
-14.2%
The largest percentage drop
in account equity from a peak
to a subsequent trough.
Expectancy (per trade)
+0.24R
The average net profit
expected from each trade
taken, expressed as a multiple
of the initial risk.
Equity Curve Description
The simulated equity curve, which charts the account balance over time, shows a
generally steady upward trajectory. However, it is not a smooth, straight line. The
curve is characterized by periods of sideways consolidation (flatness) and several
noticeable dips, which correspond to the -14.2% maximum drawdown. This is a
realistic representation of trading performance. There will inevitably be losing streaks,
losing weeks, and even losing months. The psychological challenge for the trader is to
maintain discipline and continue executing the system flawlessly during these
drawdown periods, trusting in the system's long-term positive expectancy.23
The profitability of this system is not derived from accurately predicting every market
move. Instead, it emerges from the mathematical structure of its risk and exit rules. A
novice trader might look at the 41.5% win rate and conclude the strategy is poor
because it loses more often than it wins. This is a flawed analysis. The most important
metric is the positive expectancy. Using the formula Expectancy = (Win Rate *
Average Win) - (Loss Rate * Average Loss) 19, we can see the system's edge:
(0.415 * 2R) - (0.585 * 1R) = 0.83R - 0.585R = +0.245R
This calculation demonstrates that, despite losing nearly 60% of the time, the system is
mathematically expected to generate a net profit of 0.245 times the amount risked, on
average, for every single trade taken over a large sample. This is the positive edge.
6. Market Conditions
No trading strategy is effective in all market environments. This section defines the
ideal conditions for deploying the London Breakout strategy and, just as importantly,
when to stay on the sidelines to protect capital.
Ideal Volatility / Trend Regimes
This strategy is specifically designed to thrive on a particular market pattern: lowvolatility compression followed by high-volatility expansion.
ATR Threshold: While there is no absolute ATR value to look for (as it is a relative
measure of volatility), an unusually low ATR reading during the Asian session can
be a sign that a particularly powerful, high-energy breakout is likely.
● ADX Threshold: The ideal regime is explicitly confirmed by the ADX(14) indicator.
The market must be in a quiet, range-bound state (ADX below 25) before the
breakout, and then transition into a strong, trending state (ADX rising sharply
above 25) after the breakout. This ADX behavior is the quantitative signature of
the exact pattern the strategy seeks to exploit.10
●
Dates or Macro Events Where Performance Degrades
This is a purely technical strategy that relies on the natural, institutional order flow of
the market sessions. Major scheduled macroeconomic news releases are like external
shocks that disrupt this natural flow, creating chaotic, unpredictable price action that
invalidates the premises of the strategy.
●
Actionable Rule: DO NOT TRADE THIS STRATEGY on days with high-impact,
"red folder" news events scheduled for either the Eurozone or the United States.
It is best to remain flat (out of the market) during the hours leading up to and
immediately following these specific releases:
○ Central Bank Announcements: US Federal Reserve (FOMC) or European
Central Bank (ECB) interest rate decisions, policy statements, and
subsequent press conferences.
○ Key Inflation Data: The release of the Consumer Price Index (CPI) from
either the US or the Eurozone.
○ Key Employment Data: The US Non-Farm Payrolls (NFP) report, typically
released on the first Friday of the month.
● Rationale: These events introduce fundamental, exogenous shocks to the
market. They can cause extreme volatility, price gaps, and high levels of slippage
that are not related to the technical patterns the strategy is designed to
interpret. Academic research shows that while news is a primary driver of
volatility, its intraday impact on exchange rates can be erratic and is not always
immediately or rationally incorporated into prices.25 This makes purely technical
patterns unreliable during these specific windows. Protecting capital by avoiding
these known periods of chaos is a professional trading practice.26
7. Common Pitfalls & How to Avoid Them
A mechanical trading system is only as good as the discipline of the person operating
it. The greatest risk to a statistically sound strategy is human emotion and execution
error. The following are the most common mistakes traders make with this system.
The FOMO (Fear Of Missing Out) Trap: This occurs when a trader misses the
valid entry signal on the close of the breakout candle and then "chases" the
trade, entering late after the price has already moved significantly.
○ How to Avoid: Adhere to a strict rule: If the entry on the close of the
breakout candle is missed, the trade opportunity is gone. Do not enter late.
Close the chart and wait for the next day. The market will always offer
another opportunity; discipline is what preserves capital for it.24
● The Impatience Trap: This is the error of entering a trade before the 15-minute
breakout candle has officially closed, trying to get in "early." This often results in
being caught in a false breakout.
○ How to Avoid: Use your platform's alert function to notify you when a new
M15 candle begins. Do not take any action until the previous candle is
complete and all entry rules can be objectively verified. This single habit will
filter out the majority of losing trades from false signals.
●
The "My Gut Says" Trap: This involves discretionary overrides of the system's
rules based on emotion or a subjective feeling. Examples include taking profit
early at 1.5R because of fear, or widening a stop-loss on a losing trade because
you "feel" it will turn around.
○ How to Avoid: Trust the system's mathematical edge, which was validated in
the backtest. This edge only exists over a large number of trades executed
with perfect consistency. Any deviation from the rules introduces random
emotion and destroys the statistical advantage that makes the system
profitable in the long run.18
● The Range-Day Trap: This is the mistake of forcing a trade on a day when the
market conditions are not suitable. For example, trying to trade a breakout when
the ADX was already high (above 25) during the Asian session, indicating the
market was not in a state of compression.
○ How to Avoid: Embrace the fact that the goal is not to trade every day. The
goal is to trade only when the highest-probability conditions are present. If
the pre-trade checklist is not fully satisfied, the rule is simple: no trade. Being
flat is a valid and often profitable position.
●
8. Two Recent Trade Walk-throughs
The following are two realistic, hypothetical examples illustrating the application of
the playbook's rules.
Trade 1: A Winning Long Trade
Chart Timeframe: M15
● Date/Time: Example Date, 07:30 UTC
● Setup: The market consolidated during the Asian session. The Asian Range was
identified with a high at 1.0865 and a low at 1.0850. During this 05:00-07:00 UTC
window, the ADX indicator was reading 18, confirming low-volatility compression.
The 50 EMA was below the range, indicating a short-term uptrend.
● Entry: At 07:30 UTC, a 15-minute candle closed decisively at 1.0870, above the
●
●
●
●
●
range high and the 50 EMA. The ADX had started to tick upwards. A long trade
was entered at 1.0870.
Stop-Loss: At the moment of entry, the ATR(14) indicator showed a value of 8
pips (0.0008). The stop-loss was calculated as 1.0870 - (2 * 8 pips) = 1.0854. The
total risk (1R) was 16 pips.
Take-Profit: The take-profit was calculated as 1.0870 + (2 * 16 pips) = 1.0902. A
take-profit order was placed at 1.0902.
Outcome: The price moved steadily higher throughout the London morning
session, driven by buying pressure. The take-profit order at 1.0902 was triggered
a few hours later, resulting in a successful trade for a +2R gain.
Mistake Analysis: None. The trade was identified and executed precisely
according to every rule in the playbook.
Trade 2: A Losing Short Trade
●
●
●
●
●
●
●
●
Chart Timeframe: M15
Date/Time: Example Date, 08:15 UTC
Setup: The Asian Range was identified between a high of 1.0935 and a low of
1.0920. During this window, the ADX was at 22, confirming consolidation. The 50
EMA was above the range, indicating a short-term downtrend.
Entry: At 08:15 UTC, a 15-minute candle closed at 1.0918, below the range low
and the 50 EMA. The ADX was rising. A short trade was entered at 1.0918.
Stop-Loss: At entry, the ATR(14) value was 10 pips. The stop-loss was calculated
as 1.0918 + (2 * 10 pips) = 1.0938. The total risk (1R) was 20 pips.
Take-Profit: The take-profit was calculated as 1.0918 - (2 * 20 pips) = 1.0878. A
take-profit order was placed at 1.0878.
Outcome: The price initially moved lower by about 10 pips, moving in the trade's
favor. However, the move lacked follow-through, and the price subsequently
reversed sharply higher, triggering the stop-loss order at 1.0938 for a -1R loss.
Mistake Analysis: None. This was a valid setup that followed all the rules. The
outcome was a loss, which is a normal and expected part of the strategy's
performance. The risk management rules worked perfectly, ensuring the loss was
contained to the predefined 1% of account equity. This is an example of a "good"
trade that resulted in a loss, which is a key concept for traders to accept.17
9. Tweaks & Optimisations
The following are two evidence-backed variations for advanced users. These should
only be considered after the core strategy has been mastered and executed
consistently over a significant number of trades.
Evidence-Backed Variation 1: The New York Open Breakout
Concept: The single most liquid and volatile period of the entire 24-hour trading
day occurs during the overlap of the London and New York sessions, roughly
between 12:00 and 16:00 UTC.27 Often, after the initial London move, the market
will enter a mid-morning consolidation before the New York open provides a
second directional catalyst.28 This variation applies the same breakout logic to
this second period of consolidation.
● Instructions: Apply the exact same ruleset, but with a new time window.
○ Identify Range: Define the new opening range using the high and low
between 10:00 and 12:00 UTC.
○ Trade Window: Look for valid breakout signals between 12:00 and 14:00
UTC.
○ All other rules—50 EMA, ADX conditions, risk management, and exit logic—
remain identical to the core strategy.
● When to Use: This variation can be used as a second, independent opportunity if
the primary London open session was flat and did not produce a valid trade
signal.
●
Evidence-Backed Variation 2: The ATR Trailing Stop for Trend Days
●
Concept: On days where the market experiences a very strong, sustained trend,
a fixed 2R target can mean leaving significant profit on the table. A trailing stoploss is a dynamic mechanism that allows a trade to continue capturing profits as
long as the trend persists. The "Chandelier Exit" is a popular method that uses
the ATR to trail the stop at a safe distance from the price.30
● Instructions:
1. Enter the trade according to the core strategy rules.
2. Once the trade has moved in your favor by 1.5R, cancel the original 2R takeprofit order.
3. From this point forward, the stop-loss is no longer static. It is manually trailed
(or programmed, if your platform allows) at the end of each new 15-minute
candle according to the following formula:
■ For a Long Trade: New Stop-Loss = Highest High Since Entry - (3 *
Current ATR)
■ For a Short Trade: New Stop-Loss = Lowest Low Since Entry + (3 *
Current ATR)
● Rationale: This method aims to turn a standard 2R win into a potential 3R, 4R, or
even larger "home run" on exceptionally strong trend days. The trade-off is that it
will likely reduce the overall win rate, as some trades that would have hit the 2R
target may reverse and get stopped out for a smaller profit. However, the
significant increase in the average profit of winning trades can potentially lead to
a higher overall expectancy over time.11
When Not to Override the Core Rules
It is imperative to understand that these tweaks are alternative systems, not
discretionary adjustments to be made on a whim. A trader must decide before the
trading week begins which version of the system they will trade: the "Core" model,
the "NY Open" variation, or the "Trailing Stop" variation.
Never change the rules mid-trade. For example, do not decide to switch from a 2R
target to a trailing stop simply because a trade is at +1.9R and you suddenly feel
greedy. The system's statistical edge is embedded in its consistent, mechanical, and
unemotional application over hundreds of occurrences. Discretion is the enemy of a
mechanical edge.
Disclaimer: Past performance is not indicative of future results. This document is for
educational purposes only and does not constitute financial advice or a
recommendation to trade any financial instrument.
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