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Weekly Gbpjpy Breakout System

  • #141
  • Mar 29, 2008 8:27am Mar 29, 2008 8:27am
Can you please post the buy and sell entry orders for this week to check it with mine
  • #142
  • Mar 29, 2008 8:38am Mar 29, 2008 8:38am
Quoting howard
The blue line is Gann H/L it has nothing to do with this method, the red lines show the breakout channel and blue thin lines show 1X channel width for those who want to take profits at this level. According to the rules however the the profit level should be at 2X channel width and that is what I do.

The breakout channel indicator is in this thread, you can download it.

I was two thirds correct then!!
  • #143
  • Mar 29, 2008 8:53am Mar 29, 2008 8:53am
Quoting pino2
Can you please post the buy and sell entry orders for this week to check it with mine
Using North Finance (as in harold4x's backtesting) the signals on my server are:

Buy 199.70 (you will need to add your broker's spread to this)

Sell 197.52

Is this what you have?
  • #144
  • Mar 29, 2008 9:22am Mar 29, 2008 9:22am
Quoting purenirvana
Using North Finance (as in harold4x's backtesting) the signals on my server are:

Buy 199.70 (you will need to add your broker's spread to this)

Sell 197.52

Is this what you have?
Thanks purenirvana, yes same figures here using FXCM
  • #145
  • Mar 29, 2008 3:24pm Mar 29, 2008 3:24pm
can we use the last 8 hours instead of using the last 2 candles, will it give us the same result?
  • #146
  • Mar 30, 2008 7:43am Mar 30, 2008 7:43am
Quoting hshoukry
can we use the last 8 hours instead of using the last 2 candles, will it give us the same result?
8=2x4
It is the same
Regards
  • #147
  • Mar 31, 2008 5:32am Mar 31, 2008 5:32am
Nil balance here this week, went short stopped out, went long +100
  • #148
  • Mar 31, 2008 11:25am Mar 31, 2008 11:25am
Quoting hshoukry
can we use the last 8 hours instead of using the last 2 candles, will it give us the same result?
Actually, it depends on your broker. Some, like IBFX, close earlier than North Finance (broker used by the originator of the system). Also, you would need to keep in mind the server time of your broker as well. To be precise, you should be using the high and low of the GMT 1400 to GMT 2100 bars (unless something got screwy with the daylight savings time calculations).

Overall, I've found it easier to just get a demo account with NF and pull the numbers from there (last 2 4H bars of the previous week). They also provide the advantage of opening an hour earlier on Sunday than IBFX -- something that would have made a huge difference just 2 weeks ago... So, if you are really serious about puting a big portion of your account at risk with this system, you might want to consider having an account that doesn't introduce the bugs IBFX does with their week start and end times... not to mention NF has a much lower spread.
  • #149
  • Edited 3:29pm Mar 31, 2008 3:10pm | Edited 3:29pm
Quoting bullrock
My question is why limit this to a week. If say on Tuesday the TP has been hit. Why not take the previous 2 - 3 4H bars and start over? To potentially execute 2-3 TPs in a week?
I have been backtesting this system on daily basis, it seems to work really good. I have been trading it on demo for the last 4 weeks and the result is !!! good I can say.

I use the last 2-3 candles on the 1 hr time frame to determine the proper range. I wait for the first hour to end, Then I set my orders. I use febo levels to determine my targets.

BK
  • #150
  • Apr 1, 2008 8:15am Apr 1, 2008 8:15am
I had been working on similar system when I found this thread. I have modified the indicator in this thread so that you can have it on the H1 TF. This way you can choose how many hourly bars you want to consider. If there is a gap I suggest that we consider the first hour of the new week as well, this can be set by choosing "true" in the "gap" selection. This indicator works only for H1 and H4 TF's (by switching to H4 TF you get the original indicator).
In the top left you can see how far away the price is from the box top and bottom and how wide the channel is. The box is always a minumum 100 pips wide. Also you can see the average range of the week.
I have found that if the box is taken for the first hour of the new week and the last hour of the previous week it gives a very good range for the breakout. Regarding the average range of the week I'm still testing to see how this can be used in this strategy. One thought is what happens if the price has traveled X pips and turned around - how far is it likely to go to the otherside depending on how much is left on the average range.

Red = Range, Blue = 1X TP, Aqua = 2X TP
Attached Image (click to enlarge)
Click to Enlarge Name: sample.gif Size: 20 KB
Attached File(s)
File Type: mq4 WeekEndChannel.mq4   4 KB | 727 downloads
  • #151
  • Apr 1, 2008 9:35am Apr 1, 2008 9:35am
I've made EA for this system and test it on 4H with 1xTP.

System works but only in 2006,2007,and by now in 2008.
2000-2005 it waste all account whith high speed. I stopped research by now. We need something to bind system to volatility of current market


Quoting bkoori
I have been backtesting this system on daily basis, it seems to work really good. I have been trading it on demo for the last 4 weeks and the result is !!! good I can say.

I use the last 2-3 candles on the 1 hr time frame to determine the proper range. I wait for the first hour to end, Then I set my orders. I use febo levels to determine my targets.

BK
  • #152
  • Apr 1, 2008 11:19am Apr 1, 2008 11:19am
Quoting Dezil
I've made EA for this system and test it on 4H with 1xTP.

System works but only in 2006,2007,and by now in 2008.
2000-2005 it waste all account whith high speed. I stopped research by now. We need something to bind system to volatility of current market
I think that GBPJPY depends on mostly carry trades, as long as we have a 4% gap of interest rate, volatility of this pair will still rocking. We should find out why this pair was less volatile in those years, what were the main causes? Should find out from traders who ve' been in the market for a while. Thats the first fact.

The second fact is that more people got in to the forex in the last two to three years. Thats for sure had alot of effect in the market, I guess.

I think this pair is still has alot to give for this system this year.

Good Luck,


BK
  • #153
  • Apr 2, 2008 4:11am Apr 2, 2008 4:11am
I like this idea.

But from last week to this week a lot of things can happen, and sunday open may always has gap.

I would rather use this week first 8 hour bar as break out point.
  • #154
  • Apr 4, 2008 11:20pm Apr 4, 2008 11:20pm
Try Test On North Finance I Show +2300 For 2005 Thats As Far Back As I Went
  • #155
  • Apr 9, 2008 4:03am Apr 9, 2008 4:03am
Nil balance again on GBP/JPY, but was successful with Eur/JPY +100
  • #156
  • Apr 9, 2008 5:45am Apr 9, 2008 5:45am
Quoting gloworm
Nil balance again on GBP/JPY, but was successful with Eur/JPY +100
The GBP/JPY trade is still open.
  • #157
  • Apr 9, 2008 11:31am Apr 9, 2008 11:31am
Not here it aint
  • #158
  • Apr 9, 2008 11:53am Apr 9, 2008 11:53am
The high & low of my channel was 203.47/202.15, I think any diffs must be in bar timing & /or broker diff. It went long for me then stopped & went short & gave +100.
  • #159
  • Apr 9, 2008 10:21pm Apr 9, 2008 10:21pm
Hit profit.

That's 11W / 2L since January.
  • #160
  • Apr 28, 2008 7:18am Apr 28, 2008 7:18am
Quoting billbss
Hit profit.

That's 11W / 2L since January.
Hi Billbss,
What is your T/P?
1x chanell or 2x chanell?

Thanks
Veni, vidi, vici...
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