Advanced system #7 (EUR/USD breakout system)
Submitted by Edward Revy on November 3, 2007 - 14:43.
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!
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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
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Hi.. My broker is using GMT time for candles. So I would need to follow the above mentioned timing which is 1GMT to 6GMT, total will be 6 candles??
Yes, you should use 1GMT to 6GMT, 6 candles in total.
Regards,
Edward.
Hi Shaun,
While testing current system I saw 3am to 8am GMT time period giving more accurate results. That's why I posted my observations here. Try using 3 to 8 am GMT.
Regards,
Edward
Hi Edward,
I am confused by the "limit order".
What is meant by the limit order? Is it a limit sell? i.e. price will go up to the limit, and be opened as a sell? What then?
Regards,
Herbert
Hi Herbert,
"Limit" here represents Profit Target value.
First we count Limit in pips, e.g. our target in pips.
(For Chance 2 we had a profit target of 52 pips)
Then we add those pips to our initial entry value to identify target price value on the chart.
Regards,
Edward
Hi, thanks for this method, but i would like to be clear in some things here, do you still put pending order if the price is between the vegas channels and the 400sma, or would that still be a valid set up?
Egudu.
Hi Egudu,
If the price is in between Vegas channels and 400 SMA, no orders should be placed.
As far as I see it we are planning to go Long with Vegas being above 400 SMA and entry price being at least 35 pips away from Vegas tunnel. Opposite for short.
Regards,
Edward
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