Scalping system #2 (Morning breakouts)
Submitted by Edward Revy on April 22, 2007 - 10:03.
The closer time gets to 8:00 EST in the morning the less movements can be seen on the chart. It is a well known fact that once the Forex market “hears morning bell” at 8:00 am it is going to really move – stretching well doing morning exercises :).
What is needed from traders? Only to place 2 orders: above and below the last candle’s high and low at 8:00 am EST and join morning stretching having your 5 pips safely.
This is a scalpers’ breakout method, for which waiting long equals losing of precious time. If you want to join big traders your buy/sell orders must be above and below the price range created from midnight to 8:00am EST.
Currency pairs: EUR/USD, GBP/USD.