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Weekly Gbpjpy Breakout System

  • #21
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  • Jan 24, 2008 8:06am Jan 24, 2008 8:06am
reason i altered was to reduce risk trying to get twice as much is hard so 1:1 reward was my way to go and results proved good
  • #22
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  • Jan 24, 2008 8:33am Jan 24, 2008 8:33am
Quoting harold4x
reason i altered was to reduce risk trying to get twice as much is hard so 1:1 reward was my way to go and results proved good
that also makes sense...more conservative way to trade the method
  • #23
  • Quote
  • Feb 16, 2008 8:07am Feb 16, 2008 8:07am
Quoting nomask
hi all...i've been working on a weekly breakout system for a while...just finished 1 year manual backtest so i can share it now...
basically we are taking last 2 candle's on 4 hour chart of the previous week as a breakout boundary..
entry at the break either way...
stop loss at the out of break out
target profit 2x stop loss...
when the price hits stop loss in a way our we increase target profit x3 stop loss in opposite direction...
no trailing stop...
trade ends with sl -tp or end of the week...
1 year result is monthly average 714 pips...
spreadsheet and chart attached....
good luck

Quoting harold4x
i have done a manual backtest for year 2005 ihave altered his plan just a bit i use the same 2 candles on north finance charts if they didnt total 100 pips i would go to 3rd candle to increase range and it that didnt do it i would equally add the difference to top and bottom. my target and stop is the size of the range not double max trades for the week is 2 they only happen if 1st stop is hit here are the results 5 weeks we broke even where stop was hit but reversal won. the rest are 36 wins for 3600 and 14 losses for 1400 total pips for 2005 2200 this is significant since the market was a lot differnt and not as volitile many systems crashed during this year 2006 was also tough but only for half of year so when i get time i will check it out this could be a nice set and forget for me
nomask and harold4x,

In your testing, if the TP was hit on one side first, did you keep the other trade on in case the price reversed or did you remove the other trade and call it a week?

Thanks,

Glen
  • #24
  • Quote
  • Feb 21, 2008 11:52am Feb 21, 2008 11:52am
Interesting system. Nice to try with micro lot first for few weeks. Thanks.
"People sometimes mistake luck with skill"
  • #25
  • Quote
  • Feb 25, 2008 11:17am Feb 25, 2008 11:17am
Quoting harold4x
i have done a manual backtest for year 2005 ihave altered his plan just a bit i use the same 2 candles on north finance charts if they didnt total 100 pips i would go to 3rd candle to increase range and it that didnt do it i would equally add the difference to top and bottom. my target and stop is the size of the range not double max trades for the week is 2 they only happen if 1st stop is hit here are the results 5 weeks we broke even where stop was hit but reversal won. the rest are 36 wins for 3600 and 14 losses for 1400 total pips for 2005 2200 this is significant since the market was a lot differnt and not as volitile many systems crashed during this year 2006 was also tough but only for half of year so when i get time i will check it out this could be a nice set and forget for me

I wanted to bump this to let everyone see it again.
It hasn't received the attention it deserves.
I've had about 5 straight winning weeks with this using harlod's rules. I made another 120 pips this morning.
  • #26
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  • Feb 25, 2008 11:47am Feb 25, 2008 11:47am
Me Too Bill It Is Kind Of Nice Isnt It
  • #27
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  • Feb 25, 2008 12:25pm Feb 25, 2008 12:25pm
thanks for the bump. i am checking it out. NoMasks other systems are winners also.
  • #28
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  • Feb 25, 2008 12:32pm Feb 25, 2008 12:32pm
by the way bill the backtest for 2006 was a +1300 not bad for a tough year but 2007 saw an increase to +4100
  • #29
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  • Feb 25, 2008 12:36pm Feb 25, 2008 12:36pm
Quoting harold4x
by the way bill the backtest for 2006 was a +1300 not bad for a tough year but 2007 saw an increase to +4100
That's good to know, harold.
I know it's been making money for me.
  • #30
  • Quote
  • Feb 25, 2008 1:50pm Feb 25, 2008 1:50pm
Quoting billbss
I wanted to bump this to let everyone see it again.
It hasn't received the attention it deserves.
I've had about 5 straight winning weeks with this using harlod's rules. I made another 120 pips this morning.
Hi Bill,

Congrats on the 120 pips this morning. What's your criteria to enter another trade or are you still in this morning's trade with a trailing stop loss? Do you enter more than 1 trade per week?

Thanks,

Phil
  • #31
  • Quote
  • Edited 3:02pm Feb 25, 2008 2:13pm | Edited 3:02pm
Quoting thunderwolf
Hi Bill,

Congrats on the 120 pips this morning. What's your criteria to enter another trade or are you still in this morning's trade with a trailing stop loss? Do you enter more than 1 trade per week?

Thanks,

Phil
I do it as harold outlined and using the method he used in his backtesting.

On Sunday evening, I place both a buy stop order and a sell stop order.
If one of them gets hit, I ride it out until I either hit the PT or SL.
I don't replace it.
If it hits the SL, that automatically puts me in the opposite trade. - If I was long, it puts me short and vice versa.

I ride that trade out until SL or TP.

If I'm in a trade, I close it out Friday evening before my broker closes.

I only take 2 trades a week. The second trade only occurs, if I get stopped out on my first trade.

If I hit the PT on the first trade, I cancel the other order.
  • #32
  • Quote
  • Feb 25, 2008 2:30pm Feb 25, 2008 2:30pm
Thanks for Reply Bill,

So last 2 candles of last week had a 121 pip range on IBFX charts. High candle 211.10 + 9pip spread = 211.19. I take it that 212.40 would be your TP target which you obviously reached so now you're done for the week with this system? Is this correct?

Thanks again,
Phil
  • #33
  • Quote
  • Feb 25, 2008 2:49pm Feb 25, 2008 2:49pm
But what are the hours of bars 4h?
  • #34
  • Quote
  • Feb 25, 2008 3:00pm Feb 25, 2008 3:00pm
Quoting thunderwolf
Thanks for Reply Bill,

So last 2 candles of last week had a 121 pip range on IBFX charts. High candle 211.10 + 9pip spread = 211.19. I take it that 212.40 would be your TP target which you obviously reached so now you're done for the week with this system? Is this correct?

Thanks again,
Phil
Yes, I'm done for the week. I hit the PT this morning.

I don't use IBFX to check Friday's candles, although I place the trades on IBFX. I use a North Finance demo as harold suggested.

The Friday candles are different on the two. They begin at different times and end at different times and usually have different values.
  • #35
  • Quote
  • Feb 25, 2008 3:01pm Feb 25, 2008 3:01pm
Quoting eagle
But what are the hours of bars 4h?
Download a North Finance demo. Use it's last two Friday bars.
  • #36
  • Quote
  • Feb 25, 2008 3:22pm Feb 25, 2008 3:22pm
Quoting billbss
Yes, I'm done for the week. I hit the PT this morning.

I don't use IBFX to check Friday's candles, although I place the trades on IBFX. I use a North Finance demo as harold suggested.

The Friday candles are different on the two. They begin at different times and end at different times and usually have different values.
Hey Bill,

That clarifies everything up for me! Hope your Mom is fully recovered from her fall this past winter and is enjoying good health.

Take Care,
Phil
  • #37
  • Quote
  • Feb 25, 2008 3:54pm Feb 25, 2008 3:54pm
Quoting thunderwolf
Hey Bill,

That clarifies everything up for me! Hope your Mom is fully recovered from her fall this past winter and is enjoying good health.

Take Care,
Phil
Mom's fully recovered and is doing fine.
Thank you for asking.
  • #38
  • Quote
  • Feb 25, 2008 5:45pm Feb 25, 2008 5:45pm
bill although i used nf to do backtests it really doesnt matter which platform you use the high and lows will be about the same also if there is a gap like yesterday i waited till a 4 hr candle closed within the high low range before i put my straddle on
  • #39
  • Quote
  • Feb 25, 2008 5:56pm Feb 25, 2008 5:56pm
Quoting harold4x
bill although i used nf to do backtests it really doesnt matter which platform you use the high and lows will be about the same also if there is a gap like yesterday i waited till a 4 hr candle closed within the high low range before i put my straddle on
I did the same thing yesterday.

I didn't figure it mattered which data feed one used. It may matter with IBFX though. They close earlier on Friday than most others. Their last 4H candle is a short one.
  • #40
  • Quote
  • Feb 25, 2008 6:07pm Feb 25, 2008 6:07pm
sometimes nf data is screwed up i use my own platform from rjofx what has impressed me is the profit in 2005 and 2006 last year shows the robustness when markets get wide ranges i think this little strategy out performs that other gbpjpy 8 hr deal by a lot
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