Advanced system#4(early bird breakout system)

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Advanced system#4(early bird breakout system)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.

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).

At 5:00 am EST set 2 entry orders: buy order - above the highest high +5 pips, sell order - below the lowest low and -5 pips.

Set initial profit target to +90 pips for EUR/USD and +140 pips for GBP/USD - both targets are way too high if to consider that daily range average for EUR/USD is only 110-120 pips and daily range average for GBP/USD is 180-200 pips.

If those targets get hit - very good! However, our profits will be determined mainly by the time factor instead of a fixed amount of pips.

So, we close all open positions at 12:59 EST (1:00 pm EST) and cancel all remaining orders. The next trading opportunity - only next day at 5:00 am EST.

Setting Stop Loss orders:

Stop loss for Buy order should be placed below the found earlier lowest low -3 pips, for Sell order - above the highest high +3 pips. If a stop loss is hit most likely traders will see an opposite position open. Stop loss should never be moved.

To your trading success!

Edward Revy,