I am sure some of you have heard and are using Hans Breakout system. It is in another forum. It was introduced there last year and the thread is still going strong. Hans has kept the system the same from the day it was first introduced.
I believe every forex forum should have a Hans System thread in it.
If you are using the system please post results.
Here is the system:
Simple Combined Breakout System for EUR/USD and GBP/USD with great results
<HR style="COLOR: #ffffff" SIZE=1><!-- / icon and title --><!-- message -->Simple Combined Breakout System for EUR/USD and GBP/USD
- Determine the 06.00 CET – 10.00 CET High Low on EUR/USD and GBP/USD
- Determine the 10.00 CET – 14.00 CET High Low on EUR/USD and GBP/USD
- Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies
- Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
- Set StopLoss at entry - 50 pips for EUR/USD and entry - 70 pips for GBP/USD. If the other side of the breakout is within 50 pips for EUR/USD or within 70 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)
- Move the SL to breakeven after a gain of 30 pips for EUR/USD and a gain of 40 pips for GBP/USD
- If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. There is only one turn per time frame possible
- At 24.00 CET all orders expiring and close all trades at market. On Friday we do the same at 23.00 CET.
This link displays the time in every major city in the world: www.qlock.com. I am using CET time (Amsterdam, Frankfurt).
Results October 2005:
10/03 : -22 pips
10/04: -61 pips
10/05: -103 pips
10/06: +168 pips
10/07: +156 pips
10/10: +135 pips
10/11: +61 pips
10/12: +108 pips
10/13: +97 pips
10/14: +274 pips
10/17: +178 pips
Total: +991 pips
The results this month are extreme. In general the system gives you an average return of 600 pips a month from March 2005.
On monthly basis the results are:
March 2005: +721 pips
April 2005: +940 pips
May 2005: +296 pips
June 2005: +857 pips
July 2005: +1,352 pips
August 2005: + 35 pips
September 2005: -20 pips
October 2005: +1,825 pips
November 2005: +554 pips
December 2005: +345 pips
January 2006: +73 pips
February 2006: -13 pips
March 2006: +633 pips
April 2006: +617 pips
May 2006: +1,319 pips
June 2006: +251 pips
August 2006: -322 pips
All calculations before October 2005 are done by hand, so it is possible that there is a small deviation. It is only to show the power of such a simple system.
Ps. I have attached an indicator to draw the break out lines.