Advanced system #4 (Early bird Breakout System)

Hi jerjen,

thank you for the indicator!
May be it was written based on our rules, or may be not. ;)

Yes, that's a nice way to visualize entries and profit targets. Besides, in the settings field you can set what hours to use, so it is totally flexible!

Now, that you've got an indicator doing the job, you have time to review other studies, such as Pivot levels, major trend lines, other horizontal S/R levels you can find and then agree/or disagree and adjust suggested profit targets accordingly.

Thank you for sharing and
Happy trading!

Edward

Hi Edward!

Thank you for a good site. This has been helpful for my Forex studies. I have come across a Custom Indicator for Meta Trader which is a lot similar to this system. Can you take a look at it.

Buy/Sell @ 5 pips above/below the highest high and lowest low for the 5 candles.
T/P 1 = 15
T/P 2 = 30
T/P 3 = 45

I think time is GMT (1).

EarlyBirdBox_1.mq4

jerjen

Could any of those guys that made EA share with us please? I would like to try to do some testing.

emeded

Thank you, I really appreciate it, but I'd be feeling rather awkward accepting gifts :) Your feedback and your trading success is the best gift for me. Thank you!

Regards,
Edward

Dear Edward ,

I love your system, it help me double my account every months .
I want to give you some presents from my country.
Can you give me your address ?
Send it to my email : boyswisdom[at]gmail.com

Thanks you very much !

Hi Andreas,

Thank you for sharing your backtesting results. I've noticed that certain strategies might be affected with time, especially so breakout strategies.
I don't have a confirmed version of why this happen, but I'm truly glad you were able to figure out a winning combination each time!

I've heard traders saying before that this breakout method failed to deliver results recently, so it just might be the time to save the concept and adjust the hours, as you did.

Thank you once again!
Happy trading,

Edward

Dear Edward,

I have implemented your EarlyBird strategy in a MetaTrader Expert Advisor and had very good backtesting results using 5:00 CET as opening time and 13:00 CET as closing time.

The backtesting result surprises me a little bit, because you suggest to use 5:00 EST and 13:00 EST.
Translated into Central European Time (CET) this would be 11:00 and 19:00 but using these two times produced horrible backtesting results.

Do you have any explanation for that strange result?

Thanks in advance,
Andreas

HELLO EDWARD...NICE PLACE TO LEARN FOREX THROUGH THE SYSTEM THAT YOU SUGGEST. THANKS A LOTS

Dear Mr. Edward,

Thanks a lot for your explanation regarding the daily news.

Best Regards,
Manikandan

Hi Antony,

New York (EST) and London (GMT) both have switched to daylight saving time.
So, you still have 5 hours difference between New York - EDT (Eastern Daylight Time) and London BST (British Summer Time).
Thus, you start trading at 5am EDT or 10am BST.

Best regards,
Edward

Hi Edward,

In the Trading Rules you mentioned:
"Find the Highest High and the Lowest Low for the candles from 00:00 EST to 4:59 am EST. (We should have 5 candles for each hour: 0, 1, 2, 3 and 4 EST)".
We start to put 2 "Stop Orders" at 5:00 EST (= 10:00 GMT)

Since in Canada we are now in Daily Saving Time, I confused whether we should follow the EST or GMT ? As you know now 5:00AM EST = 9:00 GMT.

Thank you for your explanation.

Regards,
Antony

Hi Manikandan,

In economic calendar you look to compare the numbers: Previous, Forecast and Actual.

Different economical data have different parameters in which numbers are displayed.

You have:
+/- xx - whether it is rising or falling, you have +xx or -xx accordingly.
+/- xx % - same, but when data is displayed in percents, for example, interest rates: -0.25% from previous rate can be forecasted, but the actual numbers can come as -0.20% from previous rate).
+/- xx B - B stands for billions
+/- xx M - millions
+/- $ xx - various money assets, for example: data from U.S. Treasury about capital flow
+/- xx K - thousands
+/- xx K (R+) - R+ is when data after the Actual release has been revised into a positive/higher value, R- is a revision into the lower value.

Best regards,
Edward

Dear Mr. Edward,

I am a new visitor to www.dailyfx.com/calendar site.

There is details in "ACTUAL / FORECAST / PREVIOUS" column.

Eg. +/- xx
+/- xx %
+/- xx B
+/- xx M
+/- $ xx
+/- xx K
+/- xx K (R+) and if any i missed.

Could you please brief me all otherwise please guide me where i can
get the details.

Thanks in advance.

Best Regards,
Manikandan.

It is indeed just a time-based breakout strategy. There are plenty of those available, but they have the same idea in common: the setup tries to catch the hours of a less active trading session and, as the market decides on major direction for the day, traders join in on a break out of a price range.

News announcements only spice up the breakouts, however, one should remember that in order to keep profits during news breaks, a profit goal should be set in advance as a pending order, otherwise an attempt to exit with a market order will have very slim chances for success.

Other than that the breakout method is a set-and-forget type of trading, which needs no additional technical or fundamental research.

Regards,
Edward

Dear Edward, I am new to Forex and was amased by this simple strategy. but let me ask you, does it really apply blindly, without any affecting factors? I mean it is all time-based strategy, without any market analysis, news, etc..

Thanks for your great help. I am looking forward to applying it