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Forex strategy "Early bird Breakout System"

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.

 

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. 

 

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