Breakout + Spread!! Sure!!!

This expert follows the explanation of eagle (hapalkos?) in the abovementioned thread. It estimates the high and the low between periodBegin and periodEnd and sets two pending/market trades to capture breakouts. This trades will be cancelled/closed at BoxEnd/BoxEndFriday. The only parameter which would not be evident is RiskedCapitalInPercent. If you set this value to 0 it will take 1 Lot for each trade. If you set it for example to 3 else it will risk 3% of your capital per trade.

It is obligatory to utilze the following include file. Please copy it into your .\experts\include directory. The most actual version of OrderReliable I could
put my hands on to, has a bug who does not allow a fallback from pending order to market order in case of a price which is to close. This is fixed in the actual version.

This experts shall server to improve this method. Otherwise i suggest to let the discussion in this thread be too distracted as regards to expert-issues.

Thanks for the EA, will test it tomorrow,

Regards

Thanks Eagle for sharing this method. I've been using it for almost 2 weeks now and your technique really making money for me. I'm playing 3 pairs gbpusd, usdjpy & eurjpy and no additional indicators, just plain Eagle breakout. You ROCK!

THANKS ANASMI

Thanks eagle. Will try your breakout. I read in your post #182 that you will introduce a new strategy(single 5 pips + spread) when you arrive from vacation in Tunisia. Can you post your new strategy? In your post #183, you said you will give indicator of tendency for breakout. Is the indicator ready? Thank you and more pips to you!

So you keep increasing your position. But at what rate?
Do you wait for a certain amount of time, price movement, indicator based?

Susan a few questions if you don't mind.
60 pips/day is great but how do you calculate that? Per pair?
How many open trades do you have on average?
I find that a bit confusing.
Eagle opens one trade and then waits for the 10 pip target.
You open the trade and then keep adding near the "30min ema30"
That could mean you add 10 lots to an initial breakout. Right?

What exactly is your profit target? Or how do you exit.
When you wrote 'many weeks/months' I assume you don't mean you are holding your position that long but that in that time you have a feeling when you leave the trade open overnight.
When does 'overnight' start? At boxend?

Is the 70MA on M30 a SimpleMA ?
Is the 10MA on M30 a SimpleMA ?
MA 30/70/100/200 used on D1 and up are all SimpleMA?

Message #318
The 1st picture shows a short trade.
Do we enter at the breakout of the eagle box or do we wait for the price to go below 70MA?

Can you post the PDF of Philip Nel or a link to it.

Ok, so you know I take 3 positions of which the thrird I let ride. Well let ride is basically that. Once my 3rd position goes profitable by x many pips, everybody has to determine there own, then on my third position I'll move stop to b/e.
And I'll leave my stop at b/e till the next week. The reason for this is, because If you look at a 4hr chart, you'll notice the currencies I trade trend well. Say we're in a bulltrend and I took a position on Tueasday last week with the stop now at b/e. So for the week I'll keep an eue out to make sure that the currency does not retrace more than 61.8% from my position to the highest point of this week. What will normally happen is a currency will reatrce like 50 pips in the new wekk then continue in the same direction, bullish. Once it has done so, I then move my stop up to 15 pips below the low of this week. And leave it there till next week has made a new low then move it up. And so on and so on. That is why you'll end up with many many small positions, if I get stopped out so be it, I have some profit on that small ansd when I get stopped out I'll definately have a short position from higher up in place allready, if not many many small positions. So in other words, I'll be hedged to the teeth, and no matter what happens, I'm making the cash.

As for how long I'll keep it? Till I'm stopped out.

This is a lifetime goal, well I say goal but it's not actually. I goal has a start and end point, there is no end point to this. What you'll have to do, is create some sort of record for yourself whereby you can keep track of these many many orders. Maybe like what I've done. I bought a massive whiteboard for each currency and placed it on the wall. Then on the y-axis numbered it, choose your own way, then everyday just add in with a peice of paper and stick you position on there.

Then finally have a thickish red paper to uses as a horizontal ruler to place on your board every 4hours and move it to where price is.

Have a look at a 4hour chart and see what the results would be say since beginning of this year if you were able to just get 1 position in the right direction and then kept moving your stop up and up.

Thanx for the question by the way.

Hi

Yeah the ma are simple. I like them that way. But any ma with any price setting will work, if you adapt your trading style top it.
I enter the tarde at the breakout of the box yes.
Here is the name of the Phillip Nel strategy, just go to the trading systems page and it will be on the top ten 4 Hour Strategy (300+ Pips per Month) and the PDF is on the first page.

Thanx for the questions.

Susan,
Thanks for the answers. I hope you don't mind answering some more...
So you open 3 positions. Do you open them all at once (at the 1st signal)?
Or in another way. I ask because earlier in this thread you said you added several times at
"30min 3EMA" You just enter 3 positions there or for example after a retest of the EMA?

Quote

Disliked

Ok, so you know I take 3 positions of which the thrird I let ride. Well let ride is basically that. Once my 3rd position goes profitable by x many pips, everybody has to determine there own

I understand things are personal, but can you give me a guideline on where you set your targets? (for 1st and 2nd)

Are they just fixed numbers? Fib line? Stoch crossover? MA crossover? etc

Hi, I take 3 positions at the same time when I get the signal yeah. I'll then only add one position at the 30ema every time. This stop will be 10 pips other side. It will be my supp in bull trend or res in bear trend.

As to profitt taking, I'll close my first position as close to 15/20 as possible. You'll gather where after a while. You'll see pivots in the way, ma's in the way etc. The reason for this small first target, is because that is my spread plus some money in the bank. I can then take my second position and move the stop to b/e. So I therefore have 1 position open with stop at b/e and the third I'll keep the stop where it originally was when I took the 3 positions at the first time.

So you know how to work the 3rd positions stop as I explained yesterday. So worst comes to worst, your 3rd position gets stopped out. But you have had 3 positions in the market, of which their spreads has been paid for, and the second one is at b/e, so you'll have one position stopped out. Now most people take one position and get stopped out.

But as you get better and better you'll not get stopped out as often, you'll have your spread paid for, you'll have one position you'll need to manage all day whilst adding to it, and the 3rd positon you'll leave as is till next week.

Take care

Hello all,

When I first saw this thread I was amazed by the simplicity and I thanked Eagle for sharing his idea. Then, there was lots of debate about the setting of the inputs (time window used to capture the first 3 bars) and a few of us even attempted to back test the system. Since that time a few souls have continued with some interesting concepts (which I seem too stupid to understand) and it also seems that the originator has left the scene....

But even after all this, I have found myself drawn back to the original concept. I respect those of us who can understand all sorts of fancy lines, indicators, and MTF charts. But I need something very simple so that I can make my 10 to 15 pips a day (and then use the magic of compounding to reach "freedom").

So, here are my thoughts after spending many, many, many hours of trying "this and that":

It is best to never lose sight of the fact that "the trend is our friend" and that most of these these pairs do have a "break out" of some sort after the start of London trading.

With the above in mind, I started thinking about ways to place these "break out" trades with some sort of "compass" that would only allow me to enter "high probability" trades. Here is what I am doing:

1) On 1 hour chart add original "Eagle" indicator with time inputs of 5 and 8 GMT.

2) Add the following MAs... 5 ema = Green, 12 ema = Red, 24 ema = Blue.

3) Add RSI (default setting of 21).

Each morning (I live in EDT of USA) I get my sorry ass out of the rack at 05:00 (EDT) (09:00 GMT), open up the charts, and apply a pre-made template containing the above items. Then I scan the pairs looking for this magic combination..... Once spoted, I go to a 30 minute chart for a trigger to enter. VERY SIMPLE.

Green, Red, and Blue lines are stacked in this EXACT order when price is near the break out point of the "Eagle box". I get a further confirmation from RSI and enter .

Long = GREEN, RED, BLUE in decending order and RSI is over the 50 level (pointing up).

Short = is opposite of above.

My problem is coming up with an acceptable SL. Any suggestions would be very helpful. If we can find a way to have an acceptable level of risk in order to have a high probability of making our daily quota of pips......We could all end up on "easy street" .

All comments welcome (good and bad) and it would be great if Eagle returned with the other ideas that he had mentioned.

Thanks for reading.

Skygod,
Eagle hasn't left the scene. He's spending his pips on holiday
I agree, don't overcomplicate. But are we overcomplicating?
Eagle is a nice concept. But not perfect. (nothing ever will be)
So we start looking for improvements. You want to go back to basics. But are you really doing that?
No. You are trying to build a compass.
Absolutely nothing wrong with that. But is not the original concept anymore. And your aim is exactly the same as that of Spiritbreezer.
She tries to filter out the (potential) bad trades. You try exactly the same with "high probability".
The only thing where Spiritbreezer has a high aim is the number of pips. She wants whenever possible earn some bonus pips on top of the 10 you aim at.
And yes you are very right that a average 10 pip profit plus compounding will make you a very good income. (although 'good' is very subjective)
The most important word in the previous sentence is 'average'. You win some and lose some. So your winners need to be bigger than 10 pips bring back the average to 10 pips. If you can guarantee 10 pips on every trade change your nick to Tradinggod...
And even if your lifestyle requires 10 pips/day try to reach at least 100 pips a day and put the 90 on a savings account. Nothing guarantees that this system will still work after 10 year.

If your setup works I wouldn't get out of bed that early
What about a simple indicator that checks the setup, and if the setup is found play some sound. No sound = stay in the rack :-)
I know a trader that works in a similar way. He has his PC connected to some amps and has speakers in most rooms of his house and in his garden. When a setup met all speaker start to bleep and he goes to his trading room. Sometimes he never gets in his room. Then he had a nice day in his garden.
Nice story. But a very important one imo. Humans, even Skygods, need good sleep. You need to be fresh when analyzing charts. So you need to be out of bed more that 5 minutes before the box completes.

GBPUSD H1 10,14,16 May -> missed trades because of the filter.
The filter seems to get confused at times without real direction in the market.
Otherwise take a look how the EMAs can grab pips beyond the yellow target.
The RSI doesn't seem to add much to the EMA filter. There are times it keeps us out of a bad trade. But also keeps out of winning trades. If a indicator performs medicore/neutral it just adds unwanted complexity.

BTW none of the above was meant negative. (I can't express myself very well in English...)

I want to complement you on your compass. at first sight is looks very good and simple to use.

hi all
i'm new to this system,whould u please tell me where can i find the complete rules and possible template ?
thx

Everything you ask for is in this thread already.. Get a cup of cocoa and enjoy the read... You will then know the little stuff that is so important and the thinking behind the process.

ciao amico,come va'?ho visto che in questo mia strategia hanno un po' modificato tutto...vogliono rendersi la vita piu' difficile... spero che abbiano buoni guadagni con tutto il cuore .
una domanda: ma per un ea bisogna naturalmente avere metatrader live e quindi depositare da loro. ma e' sicuro?io uso fineco ma e' scarsissimo come piattaforma .
ho un buon incrocio di ema che mi ha fatto guadagnare e funziona bene a 60min.
fammi sapere
best regards amico
eagle

Sky,

Can you please post some visuals from your above post? Thanks.

can somebody explaine what we should do buy or sell at GTM+5 by original rules? I mean by which signal we should buy or sell ?

I'm new here at forex factory, I say hello to everybody from around the world! I'm looking for nice strategies and this seems to be OK, just I need to read more about it and understand it well.
ciao Eagle sono italiano anch'io! A presto