HC-05 CANNOT BE DISCOVERED

I HAVE ENTERED AT MODE BUT WHEN THE LED IS BLINKING FAST, THE MODULE CANNOT BE DISCOVERED IN ANY DEVICE. THE DEFAULT BAUD RATE IT GIVES ME IS 4800. THIS IS THE CODE I AM USING. I ALSO TRIED 9600 BUT NOTHING HAPPENS.

#include <SoftwareSerial.h>
SoftwareSerial EEBlue(10, 11); // RX | TX
void setup()
{

Serial.begin(4800);
EEBlue.begin(4800); //Default Baud for comm, it may be different for your Module.
Serial.println("The bluetooth gates are open.\n Connect to HC-05 from any other bluetooth device with 2799 as pairing key!.");

}

void loop()
{

// Feed any data from bluetooth to Terminal.
if (EEBlue.available())
Serial.write(EEBlue.read());

// Feed all data from termial to bluetooth
if (Serial.available())
EEBlue.write(Serial.read());
}

May be your module was set to ROLE as master or was CMODE to binding an specific address module. Check AT commands thru a direct Serial USB converter to computer. See HC-05 BT AT commands documentation.

akatsoula:
I HAVE ENTERED AT MODE BUT WHEN THE LED IS BLINKING FAST, THE MODULE CANNOT BE DISCOVERED IN ANY DEVICE.

This reads as nonsense. If you have entered AT mode, the LED will not be blinking fast.
If you have entered AT mode, the module will never be discovered by any device until you get out of AT mode.

THE DEFAULT BAUD RATE IT GIVES ME IS 4800.

This is incoherent, possibly because English is a second language but, however it is read, it is also not true. If you are in AT mode, the baud rate is 38400. It is not a default, it is the only baud rate. If you are in communications mode, the default baud rate is 9600. The only way Bluetooth will run at 4800 is when you (successfully) configure it in AT mode. Don't be surprised if nobody asks you why you would do that - or to the serial monitor, for that matter.

You might find the following background notes useful.

http://homepages.ihug.com.au/~npyner/Arduino/GUIDE_2BT.pdf
http://homepages.ihug.com.au/~npyner/Arduino/BT_2_WAY.ino