Advanced system #4 (Early bird Breakout System)

just a quick question please.....GMT 7.00 AM JUNE 26 2007 IS 11.OO PM PACIFIC JUNE 25 2007..AM I CORRECT EDWARD? MANY THANKS...SO CONFUSED WITH PLUS AND MINUS 5 AND EST AND SO ON.
TOMMY

Yes, it is correct.
You are welcome.

Hi Edward,

Which broker allows me to set buy order at a certain price (like +5 pips above the highest high)?
Because the platform I am using now can only accept buy order at current price?

Regards,

Frank

Hi Frank,

Every broker should have this option. Make sure you select Buy Stop/Sell Stop Order instead of Market Buy/Market Sell Order.
If you don't find it ask your broker about those Orders.

Just in case your research does not bring any results, try, for example, Oanda broker. There at least you will get a clear picture of the times when you are going to enter immediately with a current price (Market Order) and when you are just setting a Buy Stop / Sell Stop Order and waiting for the price to meet the conditions.

Good luck!
Edward.

Hi Edward,

Are there any conditions where we should not place any BUY STOP or SELL STOP?
For example, if the range between HIGH and LOW in the 5 candles exceed a certain number?
What are the things that we should check to avoid reaching a STOP LOSS?

Thanks,
Raven

Hi Raven,
You have a very good question on which I don't have an answer ready...
I tried to keep this strategy light and used it as is. I can't really think of a quick solution. I'll think about it and post any good ideas later.
Do you have any suggestions?

Hi Edward,
I like this strategy because it seems very simple, involving no indicator and no fundamental analysis.
How important is the fundamental analysis and indicator to forex trading?
Can I depend on this strategy to trade EURUSD daily?

Thanks,

Raven

Hi Raven,

As fas as I know EUR/USD and GBP/USD are the most popular pairs to trade morning breakouts. Sure you can try it.

There are many different opinions about importance of fundamental analysis. To me, if you really know how do it right you would probably say it is paramount. However, fundamental approach to the currency market is not an easy task for many traders, therefore they don't recognize it as an effective method of studying the market. And there is nothing wrong with it. You can survive without fundamentals if you cannot use it, it is a fact.

As about indicators, they do help to see the market. But nobody says you cannot trade without them. In fact a lot of solid and well performing trading systems use no indicators at all.

Regards,
Edward.