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?
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Great explanation Edward! I love scalping strategies alot. I made some EAs that use scalping strategy. Here you can see my latest scalping EA back testing reports (with 3 best optimized setting).
I plan to develop the OCO one.
Thanks for your times to share it here.
Regards,
admin[at]Viking234[dot]biz
where is your back testing reports?
Hi Gibson what pair do you trade????
Edward,
something is a bit confusing. You say "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." But in the first part you say the previous candle, and then you further delineate what candle you are speaking of in the Q&A section, the hour candle of 7-8am EDT (not EST during "summer hours", correct?).
Are these two different setups? Or are we not really setting our limit orders based upon the London session, but rather just the last hour of it?
Just want to be clear for future readers of this setup, thanks again!
Keith
Hi Keith,
Originally, we evaluate only one hour, which is 7-8am Eastern time (in summer would be EDT). There was another interpretation made by user - CJA - who saw it as trading on the breakout of morning range created by candles from midnight to 8am Eastern Time. That is optional.
Regards,
Edward
Hold up, are you sure it is the high and low or the open and close of the time frame?
Yes, it is high and low.
Dear Edward,
I'm new here. I'm still did not understand the entry. The only I know it based on high and low 7am EST candle. But the entry is blur for me. Pls help me.
From,
Sam
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