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?
Read entire post >>>
Hi Sam,
Take the price range from 7am to 8am Eastern time.
Note its high and low values.
Set Buy stop order above the high + spread + 3 pips.
Set Sell stop order below the low + spread + 3 pips.
Regards,
Edward
Can someone give a real example with sample numbers? Let us say the high and low for the past 1 hour before 8AM EST was 1.5870 and 1.5850. What buy and sell limit orders should be in before 8:01AM?
I'd second that last request, in actual numbers- Newbie here too.
Thanks.
Sure,
If we take EUR/USD pair with a spread of 1 pip, where:
High was 1.5870 and Low was 1.5850.
Then our entry points will be:
Buy = high + spread + 3 pips.
Buy = 1.5870 + 1 + 3 = 1.5874
Sell = low - spread - 3 pips.
Sell = 1.5850 - 1 - 3 = 1.5846
Regards,
Edward
When you say sell low, do you mean "go short" or is that the stop loss after going long?
Thank you,
Jampa
Hi Jampa,
I can't find the exact expression "sell low"..
Do you refer to:
"Sell = low - spread - 3 pips.
Sell = 1.5850 - 1 - 3 = 1.5846"
Please let me know. Thank you.
Regards,
Edward
Jampa,
It's not "sell low".
He means the low that the currency hit during the previous hour.
The currency has an:
Open = the price for which the currency opened at
High = the highest rate the currency reached
Low = the lowest rate the currency reached
Close = the closing rate of the currency
sell the high buy the low
use rsi-10
Post new comment