Thread early bird breakout system

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Thread early bird breakout systemThread: Early bird Breakout System

Join Date Dec 2006 Posts 10

Early bird Breakout System

i came across this and was wondering if anyone can code this for the marketscope and allow real trades

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.

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.