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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Cool system on EUR/USD, seems to be very profitable as rules stated
At 8 am Eastern time London and New York sessions overlap.
Regards,
Edward
does london and new york overlap at 8:am?
Hi,
to place a pending order: Right-click on the chart, choose Limit buy/sell.
Or when you click on blue/orange buy/sell buttons above the chart, there will be one fold called Market order and next to it the fold called "Limit order" - that's the one you need.
With 5 candle range we highlight the entire range (whatever size or look it has), no need to look for swings (I guess I confused you with my terms of Highest High and Lowest low there, just ignore it). Highlight the 5 candles on any day as shown on the first screen shot and place entry orders after 5am again every single day.
Best regards,
Edward
Hello Edward,
I recently opened a demo account at oanda to try to follow this system, but as newbie in forex with a gap of knowledge i don't even know how place +5 above the highest high and -5 below the lowest low.and stop loss as well,how can i set them all.can you explane more? another question:how can i set 2 entry buy and sell at a time during 0,1,2,3,4,5,hours.if there are five candles that moment.i'm thinking that after the first entry buy for 5:00 am then i'm going to close my position at 12:59 pm.then i'm goin to execute my sell entry for the next day at 5:00 am during 0,1,2,3,4,hours.for the lowest low.
what if there's no highest high,lowest low during 0,1,2,3,4,hours.its mean there's no trading for that particular day and wait for the next day 5:00 am.
pls.enlighten me for this system.
Thank you Edward for sharing such a wonderful setup.
hello Edward,
Thank you very much!
Leo
Hi Leo,
you have GMT+8 zone, thus to get EST hours you shoud subtract 13 hours;
00:00 to 05:00am EST would be 11am to 4pm your local time.
Regards,
Edward
hello edward,
I live in Manila,Philippines.what time should i follow according to 00:00 EST to 5:00 am EST. i hope for immediate reply. thank in advance...
Leo
SL and TP are the same as in the original rules.
dear Andreas
i think your time is the best time in this strategy but how much you take profit and stop loss
thanks
hanan
I tried the system on 8 sept 2009 and it was good on EUR/USD, GBP/USD BUT I SET MY EARLY BIRD BOX ON BRITISH OPEN (8.00 GMT) AND THE RESULT WAS OKAY. AND IT IS OKAY FOR 30 PIPS EVERY DAY.BUT MAY CASH MORE IF THROUGH THE TRAILLING STOP LOSS ---AYO FROM NIGERIA
Hi Ayo,
Thank you for your feedback and a useful observation!
Best regards,
Edward
this strategy is fantastic .what I observed is that it need to be avoided when the range is more than 40 pips. .- Ayo frm Nigeria
Have any one still try this system? Any news ideal to improve?
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