Advanced system #4 (Early bird Breakout System)
Submitted by Edward Revy on May 27, 2007 - 03:54.
Another advanced morning strategy tightened to the timing factor and only two currency pairs.
Trading setup:
Time frame: 1 hour.
Currency pair: preferred but not limited to EUR/USD and GBP/USD.
This Forex breakout system uses no indicators.
Trading rules:
The system is called "early bird" because it requires a trader being ready to trade Forex as early as 5:00 am EST.
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Thank you, Charles!
Your version of a breakout trading system is very interesting. We value your contribution. Great job!
Edward.
This system is somewhat similar to the one I'm currently trading. So, if you don't mind, here is my version:
Only GBP/USD and EUR/USD. At 7:00am GMT look back at the previous hourly candle.
Long Entry = close price of 6:00 candle + 5 pips.
Short = close price of 6:00 - 5 pips.
Stop loss = 10 pips away from the close of 6:00.
Take partial profits at 9:00am GMT.
If by 11:00 am GMT the market has given a lot of move - close all profitable positions. If the market traded lazily, close at 16:00 GMT.
Charles
Your calculations would be next:
EST = GMT - 5. So, if you add 5 hours to EST time you'll get GMT time.
Now yours is GMT + 8... So, you add another 8 hours.
Thus, to convert any EST time to GMT + 8 you need to add 13 hours to EST time:
5:00 am EST = 5 + 13 = 18:00 (GMT+8)
You are welcome!
Edward.
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