Advanced system #7 (EUR/USD breakout system)
Submitted by User 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!
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
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Hi, i found this strategy very interesting...
So which is the best hours to calculate the trades?
01-06GMT or 03-08GMT?
Regards,
D.
Hi Barry,
It is 6am.
The number of pips are calculated manually - basically what you see on the chart is your reference: find the difference between price level at which the last candle has registered and price level which has been reached by the tunnel.
Regards,
Edward
HI
SORRY I MIGHT SOUND STUPID BUT HOW DO I CALCULATE NUMBER OF PIPS FROM TUNNEL
BARRY
WHEN U SAY ORDES SET AT 6.00 AFTER CNDLE CLOSE IS THAT 6 AM OR PM
THX
BARRY
Hi Senya,
it does work for GBPUSD.
I would adjust buy/sell stop as well as stop loss, since GBPUSD often has wider spreads.
Adjustments would be as follows:
Put buy stop at the highest high + 7 pips
Put sell stop order at the lowest low - 7 pips
Stop loss orders are put at lowest low - 5 pips and at highest high + 5 pips consecutively
Regards,
Edward
Hello, thanks for sharing this strategy,
Just wanted to ask, does it work for GBPUSD?
Any adjustments needed?
Senya
A position must be opened after 6am GMT. If you have an old position left from the previous day, you adjust its stops and targets according to a new day range from 1 to 6am GMT.
what should you do with an open position at 1 GMT? at 6 GMT? raise the stop? The target?
You leave the other one. The stop you placed will take care of it. After all, you never know which trade will turn into profit and which one meets the stop.
Ivano
Nice and cool system, but i want to ask if the first one the trade trigger should we cancel the other or we leave it like that .
The two purple lines represent the tunnel. White dashed line is 400SMA.
Hi,
Can i know which indicator is the vegas tunnel?
Regards
Trulynx
It'll be 20pm to 1am ET
my broker is using ET-US time, what is going to be the correspondent time in ET for 1amGMT-6amGMT
Hi,
it would be interesting to hear about any backtest result. Anyone so far?
Great site.
Regards,
Luca
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