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Breakout + Spread!! Sure!!!

  • #501
  • Sep 18, 2007 9:39pm Sep 18, 2007 9:39pm
hey qwert, are you straddling the range or picking a direction to play?

thanks.
  • #502
  • Sep 19, 2007 6:59am Sep 19, 2007 6:59am
Vder, to make it very simple, just open trade in the direction where price breaks the box.
  • #503
  • Sep 19, 2007 7:13am Sep 19, 2007 7:13am
Vder, for me, I think that one should have many proven systems or strategies. You should have tried them many times before and have a high percentage of win.

What I mean is that there are many great systems out there. But they do not always work since markets changes behavior. When current strategy is working poorly, try your other strategies by backtesting first(even for the last 1 or 2 weeks of data) and see if which strategy is more successful for current market. At least this is what I do and it usually works.
  • #504
  • Sep 20, 2007 12:55pm Sep 20, 2007 12:55pm
Another italian on this 3d
Someone can help me posting the hi-lo value for EUR/USD or GBP/USD for tomorrow 21/09/07 ?
I'm living in Brazil and i'm just confused about time zone

Grazie
  • #505
  • Sep 20, 2007 10:14pm Sep 20, 2007 10:14pm
Hakuna, you'll only know the hi-lo of the day "ON THE DAY ITSELF" before the opening of London market. That means you have to monitor even for just 1 min before opening of London market to know the hi-lo.

Re time, you just have to know what time your MT4 broker use as the start of the day. My broker's start time is GMT+0, so I set the indicator time at periodBegin=0500 and periodEnd=0700. Some examples, if broker's start time is GMT+3, periodBegin=0800 and periodEnd=1000. If broker's start time is GMT-2, periodBegin=0300 and periodEnd=0500.

This strategy is a no brainer and surprisingly very profitable most of the time.
Just this week, all profit daily with total +323pips. Although very stressful since you have to monitor for many hours. I trade only GBP/USD.
  • #506
  • Sep 21, 2007 4:53am Sep 21, 2007 4:53am
Thanks Qwert
I've the same time of Italian time zone (GMT+1) so i need to set 6:00-8:00 right?
Is there any way to set another broker start time on MT4?
I'd like it to set it to GMT+0 so i don't make any error about time.
  • #507
  • Sep 21, 2007 7:36am Sep 21, 2007 7:36am
Hakuna, your time set is correct.

You can't change starting time of broker. It is fixed unless they are the ones who change the starting time to GMT+0, or you find another broker.

Anyway, even though brokers have the same starting time like GMT+0, they usually do not have the same price feeds. One reason is one may have an advance/late time of i.e. 2 mins. Even if 2 mins is only a short period of time, if price changes rapidly during these 2 mins, two brokers' opening/closing prices will have a huge difference.
  • #508
  • Sep 21, 2007 9:41am Sep 21, 2007 9:41am
Read and tested, looks great
  • #509
  • Sep 21, 2007 9:46am Sep 21, 2007 9:46am
Quoting Qwert
Hakuna, your time set is correct.

You can't change starting time of broker. It is fixed unless they are the ones who change the starting time to GMT+0, or you find another broker.

Anyway, even though brokers have the same starting time like GMT+0, they usually do not have the same price feeds. One reason is one may have an advance/late time of i.e. 2 mins. Even if 2 mins is only a short period of time, if price changes rapidly during these 2 mins, two brokers' opening/closing prices will have a huge difference.
Thanks for explanation.
Just one more question, are you using the Eagle rules (10+spread TP , SL 12 ) or another TP SL rules?
  • #510
  • Sep 21, 2007 10:03pm Sep 21, 2007 10:03pm
Hakuna, I don't use Eagle's rules of T/P & S/L anymore. Just his indicator. You can just look back at the data/price and you'll know T/P is much much more. S/L of 12 is too tight. Safer is 50 pips if you can't monitor. I remember Eagle indicated he doesn't use S/L. Since everyone kept on asking about his S/L, he just said 20 pips.
  • #511
  • Sep 21, 2007 11:56pm Sep 21, 2007 11:56pm
Thanks Eagle.
Attached Image (click to enlarge)
Click to Enlarge Name: eaglebreakout.gif Size: 73 KB
  • #512
  • Sep 24, 2007 4:49am Sep 24, 2007 4:49am
Quoting Qwert
Hakuna, I don't use Eagle's rules of T/P & S/L anymore. Just his indicator. You can just look back at the data/price and you'll know T/P is much much more. S/L of 12 is too tight. Safer is 50 pips if you can't monitor. I remember Eagle indicated he doesn't use S/L. Since everyone kept on asking about his S/L, he just said 20 pips.
Thanks
  • #513
  • Sep 24, 2007 11:01am Sep 24, 2007 11:01am
tx Eagle for the breakout method, I made 10 pips on all 6 pairs that I trade today. GU, EU, UY, UC, GY & EC.

I read through the whole thread more than once, maybe I'm stupid but I could not found consensus on the Begin and end time for the 3 hour period. Eagle said in one post that the begin time is 3 hours before London open, so my last bar is the one just before London open - 3am to 6am GMT, my time GMT+2.
  • #514
  • Sep 25, 2007 9:50am Sep 25, 2007 9:50am
Quoting chona109
Thanks Eagle.
okkkkkkkkk
  • #515
  • Sep 25, 2007 9:52am Sep 25, 2007 9:52am
Quoting Fx1618
tx Eagle for the breakout method, I made 10 pips on all 6 pairs that I trade today. GU, EU, UY, UC, GY & EC.

I read through the whole thread more than once, maybe I'm stupid but I could not found consensus on the Begin and end time for the 3 hour period. Eagle said in one post that the begin time is 3 hours before London open, so my last bar is the one just before London open - 3am to 6am GMT, my time GMT+2.
  • #516
  • Sep 25, 2007 10:10am Sep 25, 2007 10:10am
Quoting eagle
Voleva sapere da te qual'è l'orario che usi per calcolare il massimo e minimo.
La prima barra è quella delle 3am e l'ultima delle 6am (ora inglese), quindi in totale 4 barre?
  • #517
  • Sep 25, 2007 10:11am Sep 25, 2007 10:11am
Eagle, could you please send me this information? It all looks great...and who couldnt use 10 pips a day?
  • #518
  • Sep 25, 2007 10:42am Sep 25, 2007 10:42am
Quoting Hakuna
Voleva sapere da te qual'è l'orario che usi per calcolare il massimo e minimo.
La prima barra è quella delle 3am e l'ultima delle 6am (ora inglese), quindi in totale 4 barre?
esattamente.totale quattro barre.
grazie
inglese sono zero
  • #519
  • Sep 25, 2007 12:25pm Sep 25, 2007 12:25pm
Quoting Fx1618
tx Eagle for the breakout method, I made 10 pips on all 6 pairs that I trade today. GU, EU, UY, UC, GY & EC.

I read through the whole thread more than once, maybe I'm stupid but I could not found consensus on the Begin and end time for the 3 hour period. Eagle said in one post that the begin time is 3 hours before London open, so my last bar is the one just before London open - 3am to 6am GMT, my time GMT+2.
Eagle uses the indicator set on "start time 06:00" "end time 09:00" and he's on GMT+1 , so you need to set the indicator on 07:00 10:00, 4 bars.
QWERT uses only 3 bars, so your time should be 07:00 09:00.
Bye
  • #520
  • Sep 25, 2007 1:12pm Sep 25, 2007 1:12pm
Tx Hakuna and Eagle
I used Babel fish to translate

It wanted to know from you qual' is the timetable that it uses in order to calculate the maximum and minimum. The first bar is that one of 3am and the last one of 6am (the English hour), therefore in total 4 bars

I just want to know, do I set the last bar to 1hour before London open, thus it stops measuring ON London open

In that case GMT +2 would be 4am GMT to 7am GMT, 4 bars but it end on [9am GMT +2] which is London open at [8am GMT+1].

Basically, does this indicator work so that it Stops at London Open, I think if we can get that figured out then the time zone would not be such a problem. All just need to set their indicator to stop at 1 hour before London.

Once again tx for the pips Eagle, and the explanations by all
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