FREE FOREX STRATEGIES

Advanced system #7 (EUR/USD breakout system)


We've created a new page for discussions of the new Forex System that was kindly posted by our Visitor. Thank you for taking time and efforts to share this Forex system with us!

Edward

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What is ur comment on this similar system
time frame 1 hour
ema(144) and ema(169) and sma(400)
System uses highest high and lowest low of candles from 1.00 GMT to 6.00 GMT
conditions needed to make trade:
1- Entry price must be away from Vegas tunnel and/or SMA(400) at least 35 points (rebound zones)
2- Orders are set after the close of candle 6.00 GMT

Put buy stop order at the highest high + 5 pips
Put sell stop order at the lowest low - 5 pips
Stop loss orders are put at lowest low - 3 pips and at highest high + 3 pips consecutively
Limit orders = stop loss count value + 15

Forex system comment
http://img89.imageshack.us/img89/1611/ddzd5.gif

Pair Eur/USD
chance 1
no short orders because price is near vegas tunnel
Long order was not taken on 1.4267+5=1.4272 because it is not hit
Chance 2
No short orders again for same reason
Long order was taken on 1.4276+5=1.4281
stopp loss =1.4247-3=1.4244
limit=(1.4281-1.4244)+15=52 pips
limit is at 1.4281+52=1.4333
Chance 3
Short order was not taken as 1.4315-5=1.4310 was not hit
Long order is taken as 1.4338+5=1.4343 was hit
entry: 1.4343
stop loss at 1.4315-3=1.4312
limit= (1.4343-1.4312)+15=46
limit is at : 1.4343+46=1.4389

Thank you from
Edward Revy
and my best Forex strategies Team
http://forex-strategies-revealed.com/

First of all, let me thank you for this great post.
From the screen shot example the strategy looks solid. I would even say, I'm a bit baffled by its precise math at some points...
Let me test it this week and then I'll gladly provide my comments on it. (Also most likely we will move this topic to a separate page).

Thank you once again,
Happy trading!
Edward.

I'd like to clarify time zone settings:
Was it GMT or GMT+2 used above? From the screen shot it looks as GMT+2 (that's what I get when I try to set up and match it to my own charts...)
Also while testing the system I found it to be working much better (yielding more profitable trades) with GMT+2...

The system is very good and the math behind it is even better.
I've been thinking this week about filters we could add to eliminate additional losing trades, but despite numerous attempts and tests I haven't found the way to improve the system yet.

I'll keep testing and also I want to invite all users to participate in this discussion. Any ideas and comments will be appreciated.

Kind regards,
Edward.

Hi Edward,

Thank you for sharing yet another promising system. Please confirm the time period in GMT. Does GMT+2 mean 0300am to 0800am. Thank you.

Hi,
If you use GMT zone, then you would need 3am to 8am GMT.
If you are in GMT+2 then your hours are 1am to 6am GMT+2.

Regards,
Edward.

Hi Edward,

Thank you for your quick response. I seek further guidance in understanding this system. Please confirm that limit orders as described above are placed at the close of the 0800GMT candle. The reason why I ask is because this coincides with the opening of the London Market which can be quite volatile. I would think that it would be safer to wait until the end of the first hour of London market opening prior to placing trades. This would mean that the time range waould be from 0300GMT to 0900GMT. I will backtest and compare results. I await your expert opinion. Thank you.

Hi again,

Actually, the close of 8am GMT candle would mark one hour of trading since London open. That's why I believe it will be enough for us to plan entries on the close of 8am GMT candle. However, while testing the system I also took a glance at the range you've mentioned (3am to 9am GMT) and found it profitable as well. It would be great to learn about backtesting results. Looking forward to hearing from you!

Regards,
Edward.

hello Edward,
Thanks for this wonderful opportunity.
Pls I'm in GMT+1 does that means I would need price between 2:00am-7:00am?
Pls clarify.
Muyiwa.

You are welcome.
Yes, that's correct timing for GMT+1 zone.