Scalping system #2 (Morning breakouts)

Can we get an EA to place orders at the high/low of previous candle

fantastic!

Edward,

Totally agree! Of course typical risks still apply around pivot points and some big moving averages, so traders still need to be careful.

Thanks and Regards,

Alex Liu

Hi Alex,

We definitely can :)
I think back then I was thinking of capturing more pips with the market open, but then reviewed the method into a scalping strategy. 5 pips is definitely not a big asking for hourly charts at almost any active hour.

Regards,
Edward

Hello to Edward and all the kind traders on this board!

Great to see Edward active again in the forums!

My questions is do we have to limit ourselves to 8am EST for Morning Breakout Scalping strategy (http://forex-strategies-revealed.com/system-morningbreakouts)?

For every hour we could do the same thing, draw two lines bordering the price action for the last hour and then for the next hour(s) if the range breaks out of these lines, almost certainly we can get a 5 pip profit either side? I have almost never seen an hourly candle be so quiet as to not get 5 pips?

Thanks in advance for the answers! :)

Alex Liu

Thank you!

Yes, as close to the 8:00 am minute as possible. That's a preferred time.

Regards,
Edward

Good job on the site Edward!!!!
How can you place the BUY AND SELL orders on the high and the low if the 7 to 8 candle has not close yet?? ...do you place it right when the 7 to 8 candle closes??

sell the high buy the low
use rsi-10

Jampa,

It's not "sell low".
He means the low that the currency hit during the previous hour.
The currency has an:
Open = the price for which the currency opened at
High = the highest rate the currency reached
Low = the lowest rate the currency reached
Close = the closing rate of the currency

Hi Jampa,

I can't find the exact expression "sell low"..
Do you refer to:

"Sell = low - spread - 3 pips.
Sell = 1.5850 - 1 - 3 = 1.5846"

Please let me know. Thank you.
Regards,
Edward

When you say sell low, do you mean "go short" or is that the stop loss after going long?

Thank you,
Jampa

Sure,
If we take EUR/USD pair with a spread of 1 pip, where:
High was 1.5870 and Low was 1.5850.

Then our entry points will be:

Buy = high + spread + 3 pips.
Buy = 1.5870 + 1 + 3 = 1.5874

Sell = low - spread - 3 pips.
Sell = 1.5850 - 1 - 3 = 1.5846

Regards,
Edward

I'd second that last request, in actual numbers- Newbie here too.

Thanks.

Can someone give a real example with sample numbers? Let us say the high and low for the past 1 hour before 8AM EST was 1.5870 and 1.5850. What buy and sell limit orders should be in before 8:01AM?

Hi Sam,

Take the price range from 7am to 8am Eastern time.
Note its high and low values.
Set Buy stop order above the high + spread + 3 pips.
Set Sell stop order below the low + spread + 3 pips.

Regards,
Edward