Despite the fact that the CCCF system is quite simple, it can be used by both novice traders and experienced ones. This system is based on the breakouts of the Cons indicator box. The euro-dollar currency pair is taken as a trading instrument, and the time period can be any in the range from five minutes to four hours. According to the developers, it is best to use this strategy on fifteen-minute charts.
First, we place the Cons indicator on the Eurodollar chart. Leave the settings as standard. We will enter the market if the following conditions are met:
1. In the case when the Cons indicator has formed a box with minimum and maximum levels, then we place pending orders behind these highs and lows. At the same time, in the case when a buy order is placed, an order of the BuyStop type will be applied with a stop loss at 50 points and a take profit at 110 points. And in the case when a sell order is placed, we use SellStop with a stop loss of 50 points and a take profit of 280 points from the opening price of the order.
2. When one of the orders is triggered, we will delete the second in the case when the first one is closed by take profit. If the take-profit is not realized, then after the second pending order is closed, we place the first one in its place.
And in this case, the stop loss and take profit orders are made slightly less than in the first case, namely, the stop loss is set at 15 points, and the take profit at 80 points (for selling) and for buying take profit at level of 250 points and stop loss at 50 points.
3. It should be remembered that when closing any position by take profit, the second pending order must be deleted. In this case, if a new box is formed, the open order must be removed, and the work with the new box is dealt with in a completely new way, that is, pending orders are set again as at the very beginning. At the same time, the developers of the strategy do not recommend entering the market when the breakout is made several times at the same level.