Advanced system #4 (Early bird Breakout System)

OK Edward, thank you very much for your helpful reply.
Best Wishes
Tom

Hi Tom,

Over 50 pips for EUR/USD and over 70 pips for GBP/USD would be considered as a very wide stop. You may or may not use these fixed numbers. It all depends on risk tolerance, overall charts analysis and finally profits prospective you have.
I'd personally use fixed numbers only as a reference while focusing primarily on support/resistance levels that lie behind my stop and ahead of my price target. Complex chart evaluation, which includes different types of technical analysis: trend lines, fibonacci, pivots, chart patterns allows to visualise possible price reversal points and evaluate risks accordingly.

Well, Advanced strategies block started as my favourite strategies collection. Thus, initially you'd expect higher return with those trading methods or at least ideas taken from those methods. However, as our collection grew it became apparent that many great strategies joined the group of Forex Simple strategies, making it highly competitive in terms of profitability. Now each trading collection has the best Forex trading strategies to suit everyone's trading style.
A simple way to navigate the site would be to start with Advanced collection, test it, then move onto Simple one and pick up additional ideas to improve chosen methods or even create new ones. On top of that Complex and Scalping techniques should help making trading experience and research more exciting!

Happy Forex trading!

Regards,
Edward

Hi Edward,

I am a newbie to fx and I am impressed by the Early Bird breakout strategy. I will continue to virtual trade it and give feedbacks on it in future. From your reply to users that traders should avoid wide stop trades when those 5 hours (from 0:00 to 4:59 Est) were volatile. Could you let me know roughly how many pip spread would it have to be to constitute 2 very wide stop losses such that we avoid trading on that day?

Another question which is a general question and not specifically on Early Bird is, I see on the site there are Simple, Complex and Advanced strategies. Of course, no strategy is loss-proof and advanced strategies need detailed knowledge of technical indicators to use, and my important question is, do the advanced strategies generally have higher chances of profit compared to complex and simple strategies?

Your response will be very much appreciated. Thank you for creating this website to help fx traders improve their trading. I am very grateful to you all.

Tom

Dear Edward and all staff at forex-strategies-revealed.com,

I am a new comer to this site and have only just started fx virtual trading and still have a lot to learn. I've read most of the strategies here and I have to say and have backtested some of those strategies especially the Early Bird breakout, that so far I am very impressed by the strategies put out by kind fellow traders.

I have to say a Big Thank You to all your contributions and looking forward to more useful strategies from everyone. Cheers.

Tom

Message to Charles who submitted a variation of this strategy. Just want to get clear on your entry time. You say 7.00AM GMT. What about during British summer time (BST) would it then be 7.00AM BST? IN other words, its the same time throughout the year before London opens, Thanks

thanks for your answer, Edwuard

Juan

Hi Juan,

Risk is determined not only by the distance of a Stop placed, but also by the size of the lot traded. Even with a scalping strategy, where Stop can be set to -10 pips, trading with large lots can quickly vaporize an account.

Therefore, first of all, make sure that your trading lot size is reasonable and then try:
advanced#4 and 5,
scalping#4,
simple#17
and any other appealing to you strategies.

Best regards,
Edward

Hi Edward, first of all, congratulations for the job you are doing here. I´d like to ask you, in your opinion which is the less risky strategy or system?

Thanks and good luck
Juan

First of all, thank you for your comment and research.
I have a clear understanding of the situation you've described, but so far wasn't able to find a solution for it.

It appears to be that time when we have to accept losses, at least for now, till we find the way around.

Thank you.
Regards,
Edward

Hello again, Edward.
Just a comment/question on some things I've observed while giving this method a test run. I understand your saying that ideally we want to see a tight range with the 5 candles so as not to risk a huge spread between the high & low, however my experience seems to be that the greatest moves & therefore greatest profits occur when setting this style trade up when there's been lots of price movement. Even though there's a "higher risk", the price always picks one direction and goes with it, never threatening my other entry order or stop loss for the active trade. This method has been successful 100% of the time for me, except for when I set it up after 5 very close "ranging" candles. Twice now I have lost with a position such as that as it seems to eventually hit one of the entries & then continue bouncing back and forth in the opposite direction, eventually hitting a stop. I was wondering if perhaps you had any tips to clarify when we should enter for certain with this method, and when we should stay away.
Thank you again, Edward!

Hi Edward,
Thank you for all you have done for us through this medium to enhance our trading times. I set my trade as described here for the breakout strategy but my profit will never run if my position is hit. what do think/suggest is happening?

My regards
Chabal

Good point.
In this case I'd pull Fibonacci retracement levels and set a stop behind 0.618 level.
Or in case there is any daily pivot level closer to our entry - then behind that pivot.

Regards,
Edward

Hi,usually there are rallies amd to place the stop order in recent high or recent low has a lot of pips because there are not highs or lows, the last high are pretty high or recent low is pretty low, in these cases where should I place the stop orders?

Thank you and Regards,

thank u very much...i been using this system and get good profit...simple and excellent....thanks

Thank you so much for your good good reply

Regards

Manzoor