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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No, you won't be profitable with such trading.
Kind regards,
Edward
Edward plz can u send this example in diagram , if u dont mind ,
plz , bcoz i am new to forex
Hi Edward or anyone in the know!!i am new here just gettin into scalping, you mention to have your 5 pips safely in the morning for breakfast, should that include my spread or exclude it. To explain a bit better lets say i work on a spread of 2 for example, should i be aiming to take profit at 7 pips (2pipspread+5tp) or do you mean total of 5 pips meaning (2spread+3tp).
Also for reassurance can you advise me what number of pips i should use for stop loss,
many thanks adam
It's either 7 pips for stop and 12 for profit (with spread).
Or 10 pips for stop (as suggested by Edward on the page 1) and then you need about 15 pips for profit.
What is the best broker for these morning breakout strategies regarding spread, software, tight stop losses and so on? Oanda? Any backtesting results?
I can't give such recommendations, since I don't know much about the other brokers.
Regards,
Edward
Hi edward or anyone who can help?
I really like the morning breakout strategy, however i just need a little help, i am a newbie to all this and am trying to get to grips with it all. when you say to capture 5 pips at 8am do you mean that then i should be trading with the gbp/usd as that is the london session and to trade the eur/usd i would need to trade be the Frankfurt session which i believe is at 7am? Please correct me if i am wrong, and if so which do you believe to be the better pair to trade??
Thanks adam
Hi Adam,
start trading both pairs at London open.
EURUSD and GBPUSD are equally good for this method.
Kind regards,
Edward
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