36# Early Bird Trading System
Submit by Joy22 12/01/2012
Timeframes: 1 Hour
Currency pairs: EURUSD, GBPUSD
Trading sessions: ANY
Entry rules
Find the Highest High and the Lowest Low for the candles from 05:00 GMT to 10:00 am GMT. (We should have 5 candles for each hour: 6, 7, 8, 9 and 10). At 10:00 am GMT, place a buy stop order above the highest high +5 pips and place a sell stop order below the lowest low -5 pips.
The 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.
Take
Profit is set 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.
Stop Loss :
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.
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