Advanced system #4 (Early bird Breakout System)
Submitted by Edward Revy on May 27, 2007 - 03:54.
Another advanced morning strategy tightened to the timing factor and only two currency pairs.
Trading setup:
Time frame: 1 hour.
Currency pair: preferred but not limited to EUR/USD and GBP/USD.
This Forex breakout system uses no indicators.
Trading rules:
The system is called "early bird" because it requires a trader being ready to trade Forex as early as 5:00 am EST.
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Hi,
to place a pending order: Right-click on the chart, choose Limit buy/sell.
Or when you click on blue/orange buy/sell buttons above the chart, there will be one fold called Market order and next to it the fold called "Limit order" - that's the one you need.
With 5 candle range we highlight the entire range (whatever size or look it has), no need to look for swings (I guess I confused you with my terms of Highest High and Lowest low there, just ignore it). Highlight the 5 candles on any day as shown on the first screen shot and place entry orders after 5am again every single day.
Best regards,
Edward
does london and new york overlap at 8:am?
At 8 am Eastern time London and New York sessions overlap.
Regards,
Edward
Cool system on EUR/USD, seems to be very profitable as rules stated
Hi Edward,
When we say +5 pips,we will add 5 pips to the recent price above the highest high?
Buying after 5:00 am the previous day and Selling the next day.this is correct?
or Buying and Selling at the same day at the same time.
Leo
Hi Leo,
When we Buy we add 5 pips above the highest high within 5 candle range.
Same, when we Sell, we enter 5 pips lower than the lowest low found within the same 5 candle range in the morning.
Buying and Selling is attempted on the same day. After 5am we place both orders: 1 is to Buy should the price break above the 5 candle range +5 pips, and 1 order to Sell should the price break below the 5 candle rage +5 pips - all happen on the same day. As the new day starts the new 5 candle range will be found and new Buy and Sell orders will be set.
Best regards,
Edward
Hi,Edward
You doing great job in this site and the best its free for everyone.My question is,can we combinate this system with others indicators?Thank you,regards Mirek
Hi Mirek,
yes, we can, as long as indicators improve our odds of being right.
I haven't suggested any indiators here yet, but even a simple moving average to help us get a feel of the trend would work. Try SMA 200 for a major trend and SMA 50 for a mid-term trend.
Place breakout orders only in the direction of the trend.
Best regards,
Edward
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