Another great Breakout GBP/JPY System (Dachel's Simple system)
Hello everybody.
Im posting my new strategy here, this is my first post in this site and I wish you happy pips with it.
I used (IBFX) to perform the back test.
Here's the deal.
1. Open the 4 hour chart
2. Take the Hi and Lo of the second candle of the day (GMT)
3. Place an Buy order 10 pips above the Hi and 10 pips below the Lo
(you can use the Eagle Breakout Indicator for easy visualization)
4. When the price hit an order cancel the other.
5. You should place your SL at the other side of the channel.
(don't enter the trade if the channel is more than 200 pips)
6. You should place the TP at the size of the channel.
7. Close the trade at the end of the week if given the case.
8. If your trade is still on by the next breakout stay in until you lose or win.
This baby gave me in my manual backtest in 2007 around 4658 pips. This sitem can be improved if someone want to try a diferent strategy or maybe a Breakeven or SL. Anyway I guess is a very profitable system. Try it on a demo or backtest to check by yourself. Any sugestion is welcome as weel as for backtest for other currencies and other years.
Well I guess that's all for now, I leave you my monthly results.
Im not shure at all but I strongly recommend to stay with the 4h chart. So the second candle of the day will work. Anyways if you use the indicator will be easier.
Im not shure at all but I strongly recommend to stay with the 4h chart. So the second candle of the day will work. Anyways if you use the indicator will be easier.
I don't need an indicator to find the 0400 4H candle, if that's the one it is.
seems like a nice bar to look for the daily trend, just through backtest observation seems very nice, also looking for a one trade reversal on the day system as well as long as it stops and reverses before the 12H or 16H candle closes. same risk as initial, but look for 1.5 times the candle length, that way you still make some profit. also looks very achievable at most risk of 3% per trade, looks to be consistent monthly with the exception of about 2-3 slow days, which would be losses, some breakeven days thrown in, and the rest winners. looks like a nice method, will be forward testing it, multiple pairs would work as well i am guessing, even better for the ones that dont have the JPY as a currency in the cross!
You and I are both on Central Daylight Time. If I read the IBFX 0400 candle on a 4 hour chart, that candle spans from 11PM CDT until 3AM CDT?
If I am incorrect, you may demote me to the beginner's circle! LOL
Hey Dachel! Thanks for your version of the GBP/JPY Straddle Breakout. There are many versions out there on the web, but yours is a fresh approach...will try!
You and I are both on Central Daylight Time. If I read the IBFX 0400 candle on a 4 hour chart, that candle spans from 11PM CDT until 3AM CDT?
If I am incorrect, you may demote me to the beginner's circle! LOL
Hey Dachel! Thanks for your version of the GBP/JPY Straddle Breakout. There are many versions out there on the web, but yours is a fresh approach...will try!
Another great Breakout GBP/JPY System (Dachel's Simple system)
Another great Breakout GBP/JPY System (Dachel's Simple system)
0400 IBFX Candle
