FREE FOREX STRATEGIES

Forex trading strategy #7 (Simple breakout System)


The idea behind this simple Forex trading system is to capture an early move of the price when it starts to establish its new direction/trend for the day.

As we know the Frankfurt market opens at 2:00 am EST (which is 7:00 am GMT), then an hour later the other giant - London market opens at 3:00 am EST (which is 8:00 am GMT). The European session is the first major session for each coming day.

So, what do we do?
We start with 1 hour time frame, preferred pair - GBP/USD and no indicators.


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Yes there probably is... For example, when London session ends at 12 noon EST, the volume of trading drops. Therefore if during the next couple of hours the price gradually coils in a nice tight band it should be a good time to use this breakout method again.

Hi sir
is there any similar method for the noon markets?

Hi Prince1972,
Thank you. You should put your stop at 2.0490.
Today with GBP/USD you have a winner!

Regards,
Edward.

Hi Edward
thanx for sharing this good system with us
spread in Fxsol is 5 pips so if i entered long from 2.0510 " as i really did today " where i should i put the 20 pips ST ? , at 2.0490 or at
2.0495 ?
kind Regards,
Prince1972

It is ok, if that website has it, I hope they don't mind. We publish a lot of strategies here, some of them are sent by our users that claim it to be their own systems. We don't track the original source unless it is mentioned during the submission.

As long as everybody is happy and traders can learn something I think it is just fine.

Regards,
Edward.

hans-123 on strategybuilderfx.com... I think that is the original.

Hi CJA,
GMT = EST + 5:00
Thus you would have 6:00 am GMT to 7:00 am GMT.

Thank you.
I use the system as is. What are your suggetions about hourly charts? What timing and price range do you propose to use?

Cheers,
Edward.

hi Edward

nice system and good job is there any new for this system?

what about doing th same steps on 1hr frame with gbp/usd?

Thx


 

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