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Please, detailed explanation needed

  • #1
  • First Post: Jun 11, 2007 11:59am Jun 11, 2007 11:59am
I am a beginner. I am trying to learn as much as possible. If you know of a website I could learn a lot from, as a beginner please let me know.
Below I found this. I have no idea how to do the time part can you explain this to me so a 6th grader could understand it, lol.
Thanks Jonathan

Simple Combined Breakout System for EUR/USD and GBP/USD

  1. Determine the 06.00 CET – 10.00 CET High Low on EUR/USD and GBP/USD
  2. Determine the 10.00 CET – 14.00 CET High Low on EUR/USD and GBP/USD
  3. Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies
  4. Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
  5. 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)
  6. Move the SL to breakeven after a gain of 30 pips for EUR/USD and a gain of 40 pips for GBP/USD
  7. 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. This rule is a result of all previous rules. You can skip this rule if you want.
  8. At 24.00 CET all orders expiring and close all trades at market. On Friday we do the same at 23.00 CET.

Thanks, Jonathan
  • #2
  • Jun 11, 2007 1:15pm Jun 11, 2007 1:15pm
Thanks for the tip. I have read and am continuing to read babypips.com I have written or printed all of it down, also a website I found explaining candlestick method. But non of these explain how to find and do this time, which was my original question.
In learning the basic, its also important to learn the applications, to better understand the basics and how they are applied.
Thanks,
Jonathan
Thanks, Jonathan
  • #3
  • Jun 11, 2007 2:58pm Jun 11, 2007 2:58pm
The following system is sometimes referred to as the Hans123. It is very dangerous to use because it will create HUGE drawdowns on your account, relying on one or two outstanding days to put you back in the money. If you miss those days, then what?

I concur with sergiu's advice: learn the basics before you even think about trading, or you'll end up in the 95% category of losers!

And while you're at it, you might want to learn how to Google "CET" to answer your first question about "time part".

Quoting exitand4getit
I am a beginner. I am trying to learn as much as possible. If you know of a website I could learn a lot from, as a beginner please let me know.
Below I found this. I have no idea how to do the time part can you explain this to me so a 6th grader could understand it, lol.
Thanks Jonathan

Simple Combined Breakout System for EUR/USD and GBP/USD

  1. Determine the 06.00 CET – 10.00 CET High Low on EUR/USD and GBP/USD
  2. Determine the 10.00 CET – 14.00 CET High Low on EUR/USD and GBP/USD
  3. Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies
  4. Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD
  5. 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)
  6. Move the SL to breakeven after a gain of 30 pips for EUR/USD and a gain of 40 pips for GBP/USD
  7. 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. This rule is a result of all previous rules. You can skip this rule if you want.
  8. At 24.00 CET all orders expiring and close all trades at market. On Friday we do the same at 23.00 CET.

  • #4
  • Last Post: Jun 11, 2007 3:29pm Jun 11, 2007 3:29pm
Yes thank you google. That was the answer to my question. I never asked about how to solve the problem.
Actually I wanted to know how to do the time thing on my trading software.Even if the problem would create a loss for me, I am on demo so it doesn't matter at all. The best way to learn is fail, as long as it is on a demo. Every one has their own learning curve.
Thanks,
Jonathan
Thanks, Jonathan
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