Hi guys - I am knew to this site (this is my first post).

I have read through this whole thread and there's now so many different variations. I have been trading this system using the 5am to 7.15 candle, so this means i don't take a trade till after 7.30 (hope that makes sense). I use the 15 min charts for this and take the range between these candles for my stop, however i never exceed 40 pips, so if the range happens to be say 64 or whatever, i still only set it at 40. I have a profit limit of 30 and that's it. For Oct i have had 14 wins and 5 losses, so total pips for the month so far is 220pips for a hours work a day.

I have also back tested this manually and get the following results:

Sept 08 ? 17 wins / 5 losses
Oct 08 ? 16 wins / 6 losses
Nov 08 ? 16 wins / 4 losses
Dec 08 ? 16 wins / 5 losses
Jan 09 ? 15 wins / 5 losses
Feb 09 = 15 wins / 5 losses
Mar 09 ? 16 wins / 6 losses
Apr 09 ? 16 wins / 6 losses
May 09 ? 17 wins / 4 losses
June 09 ? 14 wins / 8 losses
July 09 ? 18 wins / 4 losses
Aug 09 ? 17 wins / 4 losses
Sep 09 ? 18 wins / 4 losses

Not bad for an hours work.

Please correct me if you think any of this is wrong or you think that another way is better, i'm always open to suggestions on improvements etc.

FXpilot - You mention something about Quantum research that suggests that this system should continute to do well. What is that mate, if you don't mind me asking?

Well that's my first contribution, hope to get some feedback, thanks.

Hi there - i trade London time because i'm simply trying to catch the London Breakout, so on a very basic level all i am trying to do is catch the movement at the beginning of the working day in the UK (so basically when the big players are starting to trade in the morning).

I do not get involved in the daylight changes, just use 5am till 7.15am, 15min chart, using IG index quick charts, very simple. No indicators, nothing, just draw your lines at 5am and 7.15am, which actually closes at 7.30 (check clock on laptop) and that's it.

Good results, very simple, small amount of time at PC.

Thanks FXpilot - I'll take a look at the research now, cheers once again.

Sorry forgot to mention i use 7 + spread for a BUY and just 7 for a SELL.

Hi Greg - The strategy is exactly the same principle as the thread starter (1st post), please refer to that thread. However i simply use the 5am to 7.15 candle, which actually closeS at 7.30 REAL TIME. Draw your box, same as thread starter mentions in post 1, but only difference is add 7 + spread for a BUY and just -7 for a SELL.

This strategy has been taken to bits, so don't really want to get into another debate over candles, times, etc, etc. It is simply exactly the same as thread starter, but slightly different times, set SL & PT and the inclusion of a buffer. You can obviously go for more pips if you want, depends on your trading style, but beleive it or not trading can be as simple as you want it to be and that's what i like.

Thanks.

Hi Greg - I was trying to explain to people that i take the 7.15 candle on the 15min chart, which closes at 7.30 REAL TIME. For example right now i have set my box lines at 5am and 7.15, it is now as i write this, 7.25, but still haven't set my pending orders because the 7.15 candle on IG actually closes at 7.30, so hasn't closed yet. That's the best way i can describe it mate, sorry.

Hi Austin - I just trade GU and that's it. With compounding and good MM you should see decent profits.

I am confused why traders have to try and trade as many pairs as poss along with as many systems/strategies, become a master of one first, familiarise yourself with it and then take onboard another imo.

Yes more or less, i have the following:

Buy at 1.6394
Sell at 1.6337.6

TP 30pips
SL 40 pips

I use IG quick charts, so may be a slight difference, but don't worry about a pip or two, as it's not an exact science. Had a loss on Mon and a win yesterday, so lets see what today brings.

I have backtested best i can and written down in my journal why the breakout has losers some days and it's mostly down to either rangy market conditions or news announcements that didn't quite go our way.

But at the end of the day you have to accept losers as well in trading, so as long as we keep them down to a minimum, then i just accept them and move onto the next day.

I have a 75% to 80% hit rate using it this way, so plenty of profitable days to be had.

What is an EMA filter, these results seem pretty nice to me.

So in your opinion what is the best method as per backtest results?

By the way i do not cancel orders at all, just let it run.

What are your settings mate?
PT?
SL?
What time do you draw your lines?
Buffers if any?
Timeframes, i.e. 15min, 30min, 60min charts, etc, etc.
Do you cancel order once the other has activated?

Never close it, just ride it out, until your PT or SL is hit. As soon as one is activated, close the other out, that's it.

Grant thanks for doing this, but it is imperative that this is correct. I am always weary of EA's, for example on Mon of this week using my exact settings i made a loss using IG. However if i would have used say an MT4 chart or a few others i would have actually made a profit, so i ask what are these EA's taken from???

Do they account for spread?
What data is it taken from?
Are the settings EXACTLY same as my first post?

My manual backtest show reasonably consistent profits, some months better than others, but overall from Sept 08 it has been consistent. I have manually backtested this (it took me ages) using Tess charts.

In your first post you said you had carried out an EA same as my method, but then after a few questions the method was not the same it was with a 7 buffer for buy and 5 for sell. Are the times the same as mine or are they yours, i.e. 4-6am gmt (winter) 3-5 am gmt (summer). Bear in mind i do not use GMT, i.e. change with daylight savings etc, etc, it is London time always, i never change it. Plus i never close a trade, keep it open always and let it run, some you win, some you lose, that's the way it goes.

Thanks for doing an EA, but i want to ensure that the info is 100% correct, trust you understand. Cheers.

Hi Matlobien - I agree 100%. The EA's are good, but unless i physically do the backtest myself, so i know 100% that the parameters are correct then i will stick with my method for now and simply forward test it. If i start noticing things are changing i will simply tweak accordingly.

Bottom line is that done correctly and simply breakout strategies in general are profitable and more importantly consistent.

Lets see what today brings. Thanks.

Good results mate, but i can see that people are now going to start to get confused with which method this is. Can you please let us know the following:

PT=
SL=
What time do you draw your lines=
What days do you trade=
Do you close your trade at any point=
Do you have set SL and PT, or do you move SL to b/e after a certain time=

Only answer this if you want to share of course mate. Thanks.

Hi there, this is exactly my point about EA's and backtesting.

I have a loss on Mon, win on Tue, win on Wed and my order hasn't activated today mate.

Just sent you a PM mate, thanks.

Cheers Grant, just PM'd you again mate.

Emailed you i mean.

I just trade every day mate to be honest. Today wasn't too good, but these days occur.

So for this month i finish +170 for the month.

I have read through all of this thread and just have a small issue. Fed seems to have this method nailed more or less, his times are 2am and 5am GMT. Does this mean he takes into account the change in Winter and Summer months, if so what are the current timeframes London time?

Is this method still working, i.e. TP1 at 30, TP2, try bag an extra 40 if poss, but move stop to b/e. I am a little confused as to how you can move stop to b/e on the second trade immediately because if it hits 30 and moves your direction say 5 pips, are you then supposed to move your stop up/down, what if it retraces say 10/15 pips, but then moves back in your direction you would have been stopped out or am i missing something???

Excellant, thx for your explanation, i understand now, so if it hits your SL, then you just make the first TP of 30 pips.

What are the best times to trade currently. What time is that London time as i am from England?

Cheers again, much appreciated.

I agree with that mate.

You can also use the system with times set at 5am and 7am, 15min chart, instead of 7.15am and set SL at the range between the high and low, but never exceed 60 pips. It seems to work alright as well. For example the one that some people lost yesterday would have been a winner doing it this way.

I think it's a case of being flexible, keeping a journal and changing as and when required with the market conditions.

Anyway have a good weekend all, and heres to next week.

Hi Bobcat,

Thanks for your interest.

I 100% agree with you, i just take 30 pips per trade and that's me done for the day. Nice early finish, then got rest of the day to do your own thing, or work or whatever.

You can either stick with 40SL and 7.15 candle or use 60SL and 7.00 candle, or even a combination of the two. But remember it's not always 60SL, it's the range between the high and the low. So if the range was 44 for example, then your SL would be 44, if it was 27, it would be 27SL, however if the range is over 60, so say 76 or whatever, then it's not a 76SL, it would be 60. I would never but an SL over 60 pips because then you are risking too much for the initial 30 pips you are trying to take from the market.

You will loose some if you stick with 40 because the market may retrace over 40 pips then go onto make a profit (happens a lot). But then again the losers that shoot in the opposite direction, using 40 pips will potentially save you 20 pips, if that makes sense.

For example this month using 30PT and range between high and low for SL(never exceeding 60 pips), using 7.00am candle i have made: 17 wins, 5 losses = 229 pips for the month. Some months this strategy is better, sometimes it's the other. Just got to be flexible i guess mate.

Hope that helps. (sort of, LOL)

Just have a play, keep records and see what suits you.

Sorry made a mistake, it was 15 wins, 6 losses = 139 pips.

Yep, not bad mate.

I set my SL to 60 today due to the big move earlier, but didn't need it anyway.

Unfortunate mate, i don't trade GJ.

Another 30 pips bagged, well done everyone, just stick with it.

Yep good result, stay grounded though, we are due a loser.

But 3 out of 3 this month is a good start nonetheless.

Haha - how i love these 20 page debates over trading times.

For my strategy i am simply catching the breakout of the London open, which is at 8am, so my lines are drawn at 5am and 7.15am LONDON TIME.

Buffer 10 for long, buffer 7 for short, now using the range as my SL, never exceeding 50 or 60 depending on the market condition with a PT of +30.

Can't get simpler than that cheekos.

Happy trading, i look forward to all the posts about where my lines are drawn again, LOL.

Hi -
1 - About 4 months live.
2 - IG Index
3 - Right back to Sep 08
4 - Tess (TUFXP Software) - manual backtest.

Remember the strategy is only 50% of my trading. If there are high impact news announcements out then i monitor the trade and may move my SL where appropriate. I may even exit a trade if i think its going to go the other way, just so i at least take a bit of profit. I sometimes set my SL to the ranges of the high/low and i may even take a few more pips if the indicators are showing me that we are in a potential trend. I will also lower my risk sometimes depending on what announcements are out.

Imo having a system is great, but you have to use a bit of common sense as well. Combine that with a decent breakout method and you should bring in consistent profits per month.

For example Thur i moved my stop to b/e due to the high impact news announcement that came out and we were still in a trade and luckily didn't need it as it went on to make 30pips and on Fri i came out at b/e because the market was trending and it was NFP, i also lowered my risk for this day as well.

I personally think if you stick to a pretty decent breakout method, mix a little common sense in there and you should be ok.

Hope that helps and these are simply my opinions of course, doesn't mean it's right, it's whatever suits you.

Yes and yes.

Tufxp isn't for me either, but it is working for some. Cashmaster system seems to be pretty consistent with TUFXP.

Hope you all bagged your 30pips.

Sorry missed this post, got lost in the thread.

Thanks for the tip mate, but to be honest although the spread seems lower by a pip, i actually really like IG's platform and i have had no problems with them in the past. Plus their customer service is good or has been for me anyway.

But thx anyway, much appreciated.

P.S. Careful today, BIG drop happened already.....................

Guys -I think one of the best posts on here is post 211 by Strada.

Read it, it will help you with questions on times, where to plot your lines, buffers, etc, etc. Basically use whatever suits you and don't get too bogged down with the exactness of breakouts. For this breakout there are so many different permutations, so just do your own research and use the basic principle of the very first post.

No need to over complicate, it's so very simple.

Couldn't agree more with that Reas.

Yep, fingers crossed eh.

Hi my entry was:

Short: 1.6540.3 with a SL of 48.9.

Loss today, but still up for the month with 8 trades, 6 wins, 2 losses.

Plenty of days left to trade, so imo going well.

Sorry forgot to mention that PT was -30 from entry....

You will probably find that you will have a much higher hit rate if you put your SL to the range of the high and low line instead of 40, but never exceeding 60 and still only going for the +30 pips at a time.

You should average about 180ish pips per month and because it has a pretty good hit rate you could go for 5% of cash balance.

Just a thought.

Good luck.

By the way the above is using my trade times, don't want anyone to get confused as it may not work on other trade times, not sure.

Ok here are my rules Bobcat and for any other traders out there that are interested. This may not suit all of you, so just take a look. If you like them use them, if you don't, then maybe you can adjust them to suit your own style of trading.

15min timeframe using IG index quick charts
Draw vertical line @ 0500 (which closes at 0515) - London Time
Draw vertical line @ 0700 (which closes at 0715) - London Time
PT = +30
SL = The range of the high and low line, but never exceeding 60 pips.

Let the trades run all day if you have to, however if they have not activated by say 1700hrs London Time, then cancel, them but this is very rare indeed.

Don't trade on NFP days and any other high volatility days as you will end up losing more than you win.

I use 5% of my cash balance because it has an average hit rate of around 78%, but on Fri i lower my risk to just 2%.

Use a bit of common sense as well guys. If there is a high impact news announcement at say 0930 and it gets to say 0927 and your trade has been messing about at around 20-25ish pips and the feeling is that the news is going to make the trade go in the opposite direction, then just take your profits - best be safe than sorry!!!

This month we have had 8 trades, 6 wins, 2 losses, +87. Trade not activated today yet, but remember i have lowered my risk.........

That's it i think. Hope that helps and if you guys can think of any way to make it better than please reply with your comments, cheers.

Happy pipping.....................

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Bugger i always do this. For the Long, use buffer of 10 and the Short use 7, sorry. ARGGHHHH!!!!!

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+30 today, so for the month so far we have 9 trades, 7 wins, 2 losses.

Koco - Please refer to previous posts, all info is there for you. I trade GU.

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Hi there - There are a few other posts above from me that said that you may get better results using the strategy this way. However the other way also works, it's all a bit ying & yang, sometimes the other strategy will work best, sometimes this one. I just think that this way you will have a higher hit rate imo.

Why don't you do a bit of manual backtesting so you feel comfortable with which ever one you use. Only then should you risk your hard earned cash on it.

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Thanks mate, much appreciated.

I have been keeping an eye on that thread with interest.

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Re: EA's.

Imo the strategy is only 50% of your trading, i also use a few indicators now and then and a bit of common sense to manage the trade, so the EA will not show that. However don't get me wrong the EA can give you an idea of past results for sure.

Thx.

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Hi those aren't my rules??? Today was valid.

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Very anoying today, just missed my TP by 2 pips, then shot up, however still in the trade as set my SL to the range of the high and low.

Get down GU, lol.

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Loss in the end on the GU, no worries always another day.

So this month 10 trades, 7 wins, 3 losses.

Lets hope toomorrow is better.

Happy trading..........

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Koco - you need to chill mate and be patient. The system is running at 7 wins, 3 losses if followed mechanically. For an hour or two in the morning is good going & still plenty of days left yet in the month.

You can't get anoyed and upset everytime you have have a loss, because losses happen, that's trading for you mate

If you don't have faith in the system, don't trade it and find another strategy that suits your style of trading.

I have been consistently profitable since trading it this way, so if you want, take my word, if not do a bit of manual back testing and see.

For you to get anoyed like this over a loss, seems to me like you may be trading with too high stakes for your comfort level.

Just keep trading it mechanically and i bet by the end of the month it is in profit. Oh and lower your stakes if you have to........

Chin up

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Hi Austin - I have been thinking about this myself mate as it seems viable. However due to the fact that you could potentially lose both trades, thats double the risk i am thinking of trading my first trade (proper trade if you like) at 5% risk and keeping the opposite trade open at only 2%. This way if it does lose, your only losing 2% of cash balance on top of the 5% already lost and if it makes a profit, then it reduces the loss of the first trade by a percentage.

Hope that makes sense

mmmmmmm

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So a loss today, that puts us on +86ish pips for the month trading it mechanically with 9 days left to trade.

Koco - I here you mate, trading is the most frustrating thing in the world, just keep the faith and when a loser occurs, just move on.

Keep the faith and keep disciplined and the pips will come.

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+30 pips bagged already for me.

Good luck traders............

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Looking good, +30 for me.

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Can't help being a pip muncher, lol.

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No probs, i changed my box lines to 5am and 7am which closes at 7.15. Today Short was 16531.8, just made the +30 pips.

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Max 60 SL mate, not 40 and lines are drawn at 5 and 7 London time. From 1st Oct o now i'm on about +320 pips, but remember i don't trade mechanically all of the time, i exit trades where i feel appropriate, so your back test will not match my actual results.

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Exactly, use the basic principle and adjust accordingly to suit your trading style and that's it.

Happy trading and good luck today!

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+30 again, that's 5 wins on the bounce now, so pressing on nicely

No trade tomorrow due to Thanks Giving in the USA, so should be no volume in the markets.

Good luck if you do.

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Of course!!!

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Hope you all got in on that one, again another +30, that's 7 on the bounce now guys.

Koco - If your about mate, I told you, just stick with it and it will be in profit at the end of the month.

Have a good weekend guys.

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I agree with you there Dubai. If you are trading GU breakout, then it would be common sense to try find another currency that is not correlated, GJ would be a bad choice.

I will look into this also.

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Hi Matt how are your results looking using my method, but with 85 EMA? Cheers

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Cheers mate, nah still hovering around.

Thanks for results, much appreciated

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Cheers mate, just read your post, many thanks, we should all work together in this.

Grant's system is also very good, i use that a lot and it is working great!

I must say again, just keep it very, very simply.

Draw lines at 5 and 7 or 7.15, doesn't matter all that much tbh. Set SL at 40 or to the range of boxes, but no more than 60 pips, take 30 pips profit. If the order hasn't activated by say 5ish London time, cancel orders. Be aware of high impact news announcements, but don't be scared. My results are based on trading it this way 100% robotically, with a bit of common sense thrown into the pot, i.e. NFP days are dodgy and some others, but even then you can trade and just lower your risks.

I think people are so into trying to eliminate losers (which is fair enough), but losing is part of the game, it's how you handle them that counts!

Accept it - Deal with it - Move on

Happy Pipping cheekos!!!

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I have +120 with an SL of 40 for Dec, so not bad considering it's generally not a great time to trade.

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Hi Indy - Thanks for your post. When you say you don't condone what DT did, what was that? Sorry if i have missed something.

Thanks for your input - good work.

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Yes wins, just trade it mechanically and you will prevail.

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Sorry i don't post much anymore guys, just wanted to share my simple method which is a take on the original anyway, so not my own. I think you should be making decent profits if trading it mechanically now, i know i am.

I also trade Grants strategy the simple way and that is also bringing in the profits.

Happy pipping traders.

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Yeah traders discretion, the range for the SL, but never exceeding 60 or just 40, whatever sits with you well.

Hi Grant, hope your well mate, we had a loser on Mon using my strategy, so 2 wins, 1 loss.

Adios

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Hi - i close the opposite side, but i am looking at keeping both open, will monitor for 3 months then let you know my findings. Just 10 and 7 buffers.

Win today.

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Hope you guys enjoyed trading my strategy this week,1 loss, 4 wins, +80 for the week.

Have a cracking weekend!

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Sorry do not understand your question?

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I only trade this strategy and 1 other so 2 trades per day, sometimes only 1 trade per day so i risk 5%, but that's your decision depending on your attitude to risk and how many other strategies you use.

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Grants method using 85 EMA.

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There are a lot of no trades using Grants method, so mine compliments it quite well or bcoz the box times are earlier on Grants i may come in on Grants method and it may retrace and them mine activates the other side and makes a profit or whatever. Sometimes they both make a profit, sometimes they both lose. Sometimes Grants gets to +25 so move SL to B/E and it may retrace then mine might activate and come in. Swings and roundabouts really, but if they both make an average of +150 pips per month with 5% risk i'm a happy young man for a mornings work.

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Excellant

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Don't think too much about it, losers happen you will never eliminate them.

5 wins and 1 loser, cracking.

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I would personally prefer not to be greedy and take the original profit.

For example using my way (Sculls BO), my target is +30 and that's it. Go play golf, watch a movie, spend time with the kids, sunbathe or snowbathe if you live in the UK, go by a new car (ok maybe not). But you get my idea.

Imo you don't need to go for max pips, just go for a decent amount of pips and that's all you require, no need to over complicate with moving SL's and splitting position sizes etc, etc, you are just making more work for yourself.

Depending on your cash balance, just achieving +150 pips on average per month is plenty with a 3% or 5% risk, this is what Sculls method achieves on a monthly basis and has done for over a year.

Enjoy it, take the losses and accept the winners.

Just my opinion - thx.

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SL at moment is 40, PT is 30, box lines are 5 and 7 London local time, which closes at 7.15 real time.

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Just to add, this month, 6 trades, 5 wins, 1 loss, so +110 for the month so far.

Good luck with the rest of your week guys.

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Greg i do not know where you made the mistake, but it is def 5 wins, 1 loss.

Mon - -40
Tue - +30
Wed - +30
Thu - +30
Fri - +30
Mon - +30

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As stated in my very first post many moons ago, i use IG charts, so my short activated and it then shot up and went long. It all depends on your broker and spread i guess. I trade this live and my results for the month are my actual live results using IG.

Not to worry, depending on your broker we may always get different results, but if you use IG they will be same as mine. You may even get better results than me using a different company, i don't know.

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Exactly what i was going to say Mat, some of the losses will be 20, 30, 40,50 etc, etc, but using 60 shows the worst case scenario. I am using 40 standard at the moment and it seems to be working well.

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I do for myself, you have to (pips mean nothing, real hard cash is everything), but for newbies reading this i just wanted to point that out or else a flood of posts will come in all in confusion.

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-40 for me as well, however on this occasion if your SL was to the range it would have been +30.

Oh well battle lost today, but as long as you win the war, it'll be alright.

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Hi Al - No i don't, i just trade this particular strategy as mechanically as poss as this is what my results are based on. I may use a bit of common sense now and then for exit levels etc, but generally just trade it mechanically. It's on +30 for the month so far using IG charts.

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Hi guys i am going to stop replying to questions for a bit as i seem to be getting the same ones everyday, trust you understand. I must have been asked approx 7 times now what my settings are and it's starting to drive me a bit nuts.

Also people are asking why i have a win and they have a loss or vica versa. If you follow the strategy as per my details mentioned many times before and you still get different results then it is simply that your your broker/spread betting company is different to mine and the spread has caused a different result and that is it. I have gone over everything i think i need to re: my strategy and i have helped best i can, but i can't keep answering the same questions over and over again, for my own sanity if anything.

Don't want to sound like an arse, but everything you need is in this thread.

I am currently working on another strategy that since Sept 09 has brought in approx 400 pips per month, trading 0800hrs till 1500rs and +200 pips, trading 0800hrs to 1200hrs, with an SL of 15 and the PT can be anything from say 10 pips to 150 pips per trade depending if the indicators line up. I will be sharing this with the forum soon.

Thanks for your understanding.

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