Advanced system #4 (Early bird Breakout System)

Hi Fellows:

Well, It looks like nobody checked here/ or no body answered to the last post during the last 16 days. Any way I do not like to trade with EA, because it gets the FUN out of trade :) But EAs are good tools to test a trade backward and to analyze different scenarios. In case of Early Bird, for example it would be good to examine different scenarios for TP without concerning historical Res./Sup. and Pivot lines, or Fibos, and another scenario with these indicators and so on ...

It will help to tune and optimize the system, it can work for different days of the week, or new's days.

For example, I test the system by observation and manual trade, and I think it would be better to decrease the take profit to 50-70 pip on Monday and Friday for GBPUSD, and 30-50 for EURUSD.

There could be many other scenarios which it needs team of traders and programmers ... I am a programmer but I did not work with MQL4, before I start to play with it I was wondering if any body is expert in it so we can save many time and effort ...

It would be great to continue the collaboration here, but if one have a private message feel free to let me know, I regularly check this great website with massive potential ;)

Cheers
Kav

P.S. Lets make another LINUX in ETrade ;)

Hi Kav,

Thank you for your cheerful comments! :)
Myself, I don't have an EA for this method, otherwise it would be shared.
I haven't learned how to code for MT4 yet.

Hopefully, we will hear from people who can do that.
(Some of my speculations: If I could code, I would probably be so busy coding everything I could find... We'll be lucky if someone would actually agree to code the system for us and just share it).
But for now it is manual testing.

Best regards,
Edward

Hi,
what do you do if both orders run in sideway market?
Best regards,

Hi :

As strategy said , it would be better to close everything after 8:00 pm(+2GMT).

Edward (and other fellows) , I had some observation and it seems to me that our High and Low lines (range lines) are more important than pivot lines, historical Res/Sup, and Fibos. There were many cases that price passed pivot, fibs, and Historical Res/Sup easily AFTER BREAKING range lines. What do you thing?

BR
Kav

Thanks,
This systems re all great and very rewarding i have been trading this particular system in two ways.
acording to the graph,you should agree with me that you are using london market as the preference for the direction of the Price base on price action, however, we would have missed trade for london sesssion that open at 8 gmt or 3 am EST time.

My version

similar to early bird

open your chart at Tokyo open, draw a vertical line 12 am EST or 5 am GMT

also at tokyo close draw a vertical line 3 am EST or 8 am GMT
draw horizontal line on the lowest low and highest high of the two vertical line.
if the price break any of the horizontal ( low or high)by 10 pips follow the direction.
Close all entry b4 12: 30 GMT.

Secondly is to trade US open
Drwa same vertical line at 2pm ESt and 4 pm EST and also look for hig and low the follw the direction whenm price break any of the two by 10 pips.

I hope you all understand and happy Pipping jooooooooooooooo.

one more thing if the distance btw the highest hih and lowest low is more that 60 pips pls be carefull and do the money managements very well i will post the money managements that i use and really helpfull i will post it latter.

the early bed nd US open trade systems are very rewarding for PATIENCE pipper

my name olamicash
same in yahoo and msn msnger

Olamicash, What you r saying is actually another system not the Early Bird that We r discussing here, What you said is is known as "Hans123".

With early bird we define the today's Top Res/Sup lines, which in my point of view is more accurate than Hans123, although in both systems you need to analyze the market with different indicators (Historical Res/Sup, Pivot Lines, Fibos, Candle stick, ...)

And as Edward once mentioned NEWS are very important, since they define the market direction for a day or more. And it is better to decrease the risk and put positions in that direction.

A current example could be for today 15, Dec, 2008. News and oil price (17 Dec OPEC Meeting) show a Bullish market for GPD/USD(although one or two Fundamental news are bearish, But they are not as strong as OIL and unapproved automaker's bailout) So the market is Bullish, and We must have a BUY Stop Pending order above1.5064-1.5075 .

Cheers
Kav

Oh by the way, below are the approximately right open/close market times:

New York opens 8:00 am to 5:00 pm EST

Tokyo opens 7:00 pm to 4:00 am EST

Sydney opens 5:00 pm to 2:00 am EST

London opens 3:00 am to 12:00 noon EST

Reference: http://www.forexmarkethours.com/

Cheers
Kav