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Breakout + Spread!! Sure!!!

  • #741
  • Jan 8, 2008 12:24pm Jan 8, 2008 12:24pm
Quoting BeachBum
OK here we go, the great time discussion.

I have the box set to close at 7:00 GMT. If you look at my posted 5 minute chart from yesterday, you can confirm that time........
The reason I asked about time was because the box high low prices change quite a bit when changing from 1 hr to 5 min. TF's and I had not seen your later posts with the explication as to how you used them.
  • #742
  • Jan 8, 2008 3:41pm Jan 8, 2008 3:41pm
This alert is what I have been using to let me know when a breakout is occuring. (Helps with a little more sleep at 3:00am)

I give credit to MAESTR2 from the FF thread of IMRAN SAIT Post #5499. There is a vidoe attached to this post that lets you know how this indicator works. There are also different sound files that you can load for different currency pairs. I just use the main sound file and it is annoying and keeps repeating itself until you move the lines thus you can't help but wake up and pay attention.

(This is the first time I have sent and attachment with a post so let me know if I did it wrong.) Also if you have any questions after watching the video.
Attached File(s)
File Type: mq4 Chin Breakout Alert V[1].1.2.mq4   24 KB | 809 downloads
  • #743
  • Jan 8, 2008 5:00pm Jan 8, 2008 5:00pm
Quoting Abnormalone
The reason I asked about time was because the box high low prices change quite a bit when changing from 1 hr to 5 min. TF's and I had not seen your later posts with the explication as to how you used them.
If you isolate a three hour time period; ie. 5 AM to 8 AM GMT, the high and low prices for that period are fixed. It does not matter what time frame or chart you use to view that time period, the highs and lows will be the same. I suggested using the 5 minute chart because I have been using the Stochastic Oscillator as a filter for this strategy as explained in my previous posts.
  • #744
  • Jan 8, 2008 5:19pm Jan 8, 2008 5:19pm
Quoting pipstalker
This alert is what I have been using to let me know when a breakout is occuring. (Helps with a little more sleep at 3:00am)

I give credit to MAESTR2 from the FF thread of IMRAN SAIT Post #5499. There is a vidoe attached to this post that lets you know how this indicator works. There are also different sound files that you can load for different currency pairs. I just use the main sound file and it is annoying and keeps repeating itself until you move the lines thus you can't help but wake up and pay attention.

(This is the first time I have sent and attachment with a post so let me know if I did it wrong.) Also if you have any questions after watching the video.
To view the video, open the indicator with MetaEditor. Two links are listed, both on youtube, showing how to use this custom indicator.
  • #745
  • Jan 8, 2008 6:55pm Jan 8, 2008 6:55pm
Quoting BeachBum
If you isolate a three hour time period; ie. 5 AM to 8 AM GMT, the high and low prices for that period are fixed. It does not matter what time frame or chart you use to view that time period, the highs and lows will be the same. I suggested using the 5 minute chart because I have been using the Stochastic Oscillator as a filter for this strategy as explained in my previous posts.
We might be using different Breakout Indicators. Using Breakout-EAGLE_indicator (attached)when I set it for 5:00 to 8:00 on a 1hr TF it actually measures from 6:00 till 8:59. When I change to 5 min it mearures from 5:05 till 8:05. On the EURO yesterday the top price stayed the same but the bottom price changed from 1.4710 to 1.4701 when changed from 1 hr to 5 min. TF. Sounds like you might have a better indicator, if so please post it.
Attached File(s)
File Type: mq4 BreakOut-EAGLE_indicator.mq4   7 KB | 556 downloads
  • #746
  • Jan 8, 2008 8:19pm Jan 8, 2008 8:19pm
Quoting Abnormalone
We might be using different Breakout Indicators. Using Breakout-EAGLE_indicator (attached)when I set it for 5:00 to 8:00 on a 1hr TF it actually measures from 6:00 till 8:59. When I change to 5 min it mearures from 5:05 till 8:05. On the EURO yesterday the top price stayed the same but the bottom price changed from 1.4710 to 1.4701 when changed from 1 hr to 5 min. TF. Sounds like you might have a better indicator, if so please post it.
You are correct when using the attached indicator on a 1 hour chart. I have used the same indicator on the 5 minute chart only, choosing to have the box close at 7 AM GMT (the opening time for European markets) because I also wanted to use the Sto Oscillator on that time frame for optimum entries. You might want to take a close look at the 5 minute chart history to see how this setup and method works.
  • #747
  • Edited 4:19am Jan 9, 2008 2:14am | Edited 4:19am
[quote=Abnormalone Do you use 25 pip target for all pairs?
Do you use Stops and if so how big?
Do you close trades good or bad at any certain time if target not reached?[/quote]


Hey there... I use 25 pip targets for all pairs. I use 20 stops for usd pairs and 30 for jpy pairs. I stay with the trades until I do obtain my 25 pips. If they are bad, I jump out and reverse. Keeping in mind the daily average movement, I can get my pips.
  • #748
  • Edited 3:14am Jan 9, 2008 2:57am | Edited 3:14am
Quoting pipstalker
This alert is what I have been using to let me know when a breakout is occuring. (Helps with a little more sleep at 3:00am)

I give credit to MAESTR2 from the FF thread of IMRAN SAIT Post #5499. There is a vidoe attached to this post that lets you know how this indicator works. There are also different sound files that you can load for different currency pairs. I just use the main sound file and it is annoying and keeps repeating itself until you move the lines thus you can't help but wake up and pay attention.

(This is the first time I have sent and attachment with a post so let me know if I did it wrong.) Also if you have any questions after watching the video.
This is a phenominal alert... Downloaded nicely, I can't wait to see how it works. Thanks for sharing!

This is link to the video that was referred to------>
Inserted Video
  • #749
  • Jan 9, 2008 3:10am Jan 9, 2008 3:10am
Just found this great thread!

Questions;
1.What pairs are most people trading with this method?
2. What timescales?
3. The dreaded time question - I am using StrategyBuilder and am in the UK. Strategybuilder works on GMT +2 and I am using the Breakout 6-9 indicator. This means that for GBP/USD the first bar on 15 min chart is 9:15.
Is this correct?
Really appreciate help form anyone out there on these - I dredged through the thread and got more confused than emlightened!
  • #750
  • Jan 9, 2008 4:03am Jan 9, 2008 4:03am
Beachbum's great posting made me look at a different approach to my system. I also changed a few indicators and added a few thanks to the great additions by the traders on this thread.

I am including my Template and indicators that I use. With the Breakout system, my times are set from 6-9 which does reflect the same time frame as BeachBoy's if charts were compared time wise. I am using the Chin Breakout Alert, xpMA, StochHistogram and Stocastics.

This is the EUR/JPY 5 min chart.
Attached Image (click to enlarge)
Click to Enlarge Name: New System.png Size: 26 KB
Attached File(s)
File Type: ex4 BreakOut-EAGLE_indicator[1] with autospread.ex4   7 KB | 795 downloads
File Type: mq4 BreakOut-EAGLE_indicator[1] with autospread.mq4   7 KB | 915 downloads
File Type: ex4 Chin Breakout Alert V[1].1.2.ex4   13 KB | 796 downloads
File Type: mq4 Chin Breakout Alert V[1].1.2.mq4   24 KB | 896 downloads
File Type: ex4 xpMA.ex4   10 KB | 690 downloads
File Type: mq4 xpMA.mq4   10 KB | 814 downloads
  • #751
  • Jan 9, 2008 4:07am Jan 9, 2008 4:07am
Two more indicators and template on this post. This is the Eur/USD 5 Min chart
Attached Image (click to enlarge)
Click to Enlarge Name: New System 2.png Size: 27 KB
Attached File(s)
File Type: ex4 StochHistogram.ex4   3 KB | 726 downloads
File Type: mq4 StochHistogram.mq4   3 KB | 770 downloads
File Type: tpl breakout.tpl   106 KB | 1,035 downloads
  • #752
  • Jan 9, 2008 4:11am Jan 9, 2008 4:11am
This is the EUR/USD 5 min chart... nice move
Attached Image (click to enlarge)
Click to Enlarge Name: New System 3.png Size: 25 KB
  • #753
  • Jan 9, 2008 4:17am Jan 9, 2008 4:17am
Quoting lavenham
Just found this great thread!

Questions;
1.What pairs are most people trading with this method?
2. What timescales?
3. The dreaded time question - I am using StrategyBuilder and am in the UK. Strategybuilder works on GMT +2 and I am using the Breakout 6-9 indicator. This means that for GBP/USD the first bar on 15 min chart is 9:15.
Is this correct?
Really appreciate help form anyone out there on these - I dredged through the thread and got more confused than emlightened!
The 3 pairs I am trading are the EUR/JPY, GBP/USD and EUR/USD. Time frames I traded the above charts with are the 5M. Since your using a different system and a different broker, you need to find the time of the London open on your system. The first 5 minute bar on my chart is the opening of the London Session. You should look at my time frames on my chart and draw a line up and this should help you to determine the time frame. If you use the breakout indicator I posted, the time frames are 6-9.

I hope that this helps.

In my opinion, this thread rates 5 stars... everyone that agrees, vote on the upper frame of the top page.
Attached Image
  • #754
  • Jan 9, 2008 5:59am Jan 9, 2008 5:59am
Many thanks for your help.
Noticed the posts by Spiritbreezer (p23 onwards). Have you looked at these? They started simple but rapidly got complex. Any thoughts?
Looking at your approach it looks simple and works - what can I say!
  • #755
  • Jan 9, 2008 7:56am Jan 9, 2008 7:56am
Quoting lavenham
Many thanks for your help.
Noticed the posts by Spiritbreezer (p23 onwards). Have you looked at these? They started simple but rapidly got complex. Any thoughts?
When simple becomes complex........................something is wrong.
  • #756
  • Jan 9, 2008 10:46am Jan 9, 2008 10:46am
Hi guys
Try the following set 3:00-6:00 and backtest it
It's great for EURUSD !
  • #757
  • Jan 9, 2008 11:28am Jan 9, 2008 11:28am
Quoting BeachBum
When simple becomes complex........................something is wrong.
Generally. wise words. Only everyone wanted to contribute with their one flavour. Nothing wrong with that this is what these froums are for. To get ideas. Also the basis of this system lies on one of the oldest trading concepts that works. It can make huge amounts of pips if applied wisely and if someone can fit it to its one personality. The ideas here are for to play around with and to fit to your personality.... Just my 2 cents. These kind of BO systems can be applied profitably.
.
  • #758
  • Jan 9, 2008 11:45am Jan 9, 2008 11:45am
Quoting madscalp
Hi guys
Try the following set 3:00-6:00 and backtest it
It's great for EURUSD !
This is fantastic... can you test the EUR/JPY and GBP/USD? These are the pairs most watched with this system

Thanks
  • #759
  • Jan 9, 2008 3:30pm Jan 9, 2008 3:30pm
Quoting WHTenn
This is fantastic... can you test the EUR/JPY and GBP/USD? These are the pairs most watched with this system

Thanks
great
it's really nice for both
W/L = almost 8/1 with 15 pips and more
it misses a good filter and it will be the holy grail http://www.forexfactory.com/images/icons/icon10.gif
  • #760
  • Jan 9, 2008 3:35pm Jan 9, 2008 3:35pm
it works also for gold and oil
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