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Daily GBP/JPY Breakout System

  • #41
  • Jun 18, 2008 2:13pm Jun 18, 2008 2:13pm
Quoting smurf
I am taking a loss of 61 for today. Any suggestions for tonight?

Today did not make the 100 range. Even with in the last 12 bars.

Will it be a good time to sit this on out or go back 16 bars.


Fxcm using 16 bars is as follows.

BUY 211.59
TP 212.88
SL 210.30



SELL 210.30
TP 209.01
SL 211.59


ANY THOUGHTS FOR TONIGHT?
It should have been 12 bars. Go back 8. If that doesn't make 100 then go back another 4.

It still didn't make 100 on IBFX. I added 23 to the H and subtracted 23 from the L.


My loss was 58. I updated post#1 to show it.
  • #42
  • Jun 18, 2008 2:21pm Jun 18, 2008 2:21pm
Quoting billbss
It should have been 12 bars. Go back 8. If that doesn't make 100 then go back another 4.

It still didn't make 100 on IBFX. I added 23 to the H and subtracted 23 from the L.

Where did the 23 come from? Just asking.
  • #43
  • Jun 18, 2008 2:25pm Jun 18, 2008 2:25pm
Quoting smurf
Where did the 23 come from? Just asking.
After going back 12 bars
H= 211.46
L= 210.92

That's a range of 54. It is 46 pips less than 100.
I added 1/2 of the 46 (23) to the H.
Then subtracted another 23 from the L.
That gave me a range of 100.
  • #44
  • Jun 18, 2008 2:27pm Jun 18, 2008 2:27pm
we have news from uk tomorow morning Retail Sale @4:30 est and should be bulish, so hopefully will break up and will hit 212.80 double top, thats where i place my tp, but thats me.
  • #45
  • Jun 18, 2008 2:32pm Jun 18, 2008 2:32pm
Quoting billbss
After going back 12 bars
H= 211.46
L= 210.92

That's a range of 54. It is 46 pips less than 100.
I added 1/2 of the 46 (23) to the H.
Then subtracted another 23 from the L.
That gave me a range of 100.

That was my range. Do i add subtract spread along with the 23.
  • #46
  • Jun 18, 2008 2:36pm Jun 18, 2008 2:36pm
Quoting smurf
That was my range. Do i add subtract spread along with the 23.
There's no specific way to do it.
That is how I interpreted it.
First I make the range equal at least 100. Then I add 1+ spread to the H and subtract -1 from the L.
  • #47
  • Jun 18, 2008 2:40pm Jun 18, 2008 2:40pm
fxcm chart

buy 211.71
sl 210.71
tp 212.71


sell 210.71
sl 211.71
tp 209.71


Is this correct for tonigt?
  • #48
  • Edited 2:58pm Jun 18, 2008 2:45pm | Edited 2:58pm
Quoting smurf
fxcm chart

buy 211.71
sl 210.71
tp 212.71


sell 210.71
sl 211.71
tp 209.71




Is this correct for tonigt?
I don't know. What were your H and L after counting back 12 bars? What is your spread?
  • #49
  • Jun 18, 2008 3:04pm Jun 18, 2008 3:04pm
hi 211.71 with the 23
lo 210.71 with the 23

buy 211.79 1 plus 7 spread
sl 210.62
tp 212.96 117 range


sell 210.63 1 minus 7 spread
sl 211.80
tp 209.46 117 range
  • #50
  • Jun 18, 2008 3:12pm Jun 18, 2008 3:12pm
Quoting smurf
hi 211.71 with the 23
lo 210.71 with the 23

buy 211.79 1 plus 7 spread
sl 210.62
tp 212.96 117 range


sell 210.63 1 minus 7 spread
sl 211.80
tp 209.46 117 range

You don't subtract the spread from the Low. You only add it to the High.
Your SELL should be 210.70
Your total adjusted range should 109.
  • #51
  • Jun 18, 2008 3:15pm Jun 18, 2008 3:15pm
Quoting smurf
hi 211.71 with the 23
lo 210.71 with the 23

buy 211.79 1 plus 7 spread
sl 210.62
tp 212.96 117 range


sell 210.63 1 minus 7 spread
sl 211.80
tp 209.46 117 range


Thank you bill for your help. I done something wrong. I will see what i did wrong. my eyes are crossing. I will use your numbers and figure out where i went wrong.
  • #52
  • Jun 18, 2008 3:18pm Jun 18, 2008 3:18pm
Quoting billbss
You don't subtract the spread from the Low. You only add it to the High.
Your SELL should be 210.70
Your total adjusted range should 109.

I will try it when my eyes focus again. I thank you again.
  • #53
  • Jun 18, 2008 3:21pm Jun 18, 2008 3:21pm
Quoting smurf
Thank you bill for your help. I done something wrong. I will see what i did wrong. my eyes are crossing. I will use your numbers and figure out where i went wrong.

The only thing you did wrong was subtract the spread from the Low.
When you did that the SL and TPs were wrong because you had created a range that was 7 pips too large.

Leave the BUY price like it was.
Set your SELL price at 210.70.

Then recompute your TPs.
  • #54
  • Jun 18, 2008 8:02pm Jun 18, 2008 8:02pm
hi bill to do this on a daily basis is no difference than the other system called the 8 hr gbpjpy remember that one wasnt so profitable keep that in mind
  • #55
  • Jun 18, 2008 10:29pm Jun 18, 2008 10:29pm
Quoting harold4x
hi bill to do this on a daily basis is no difference than the other system called the 8 hr gbpjpy remember that one wasnt so profitable keep that in mind
Nicotina's system?
It was profitable while I was doing it. It may still be. I haven't checked it in a while.
This is different in a couple of ways. The range times are different. That system had a 50 pip SL, which I thought was too small.
You may be right, in that this one won't be profitable, at least in it's present form. We'll just have to see.
  • #56
  • Jun 19, 2008 9:01am Jun 19, 2008 9:01am
Profit hit.
Post #1 updated.
  • #57
  • Edited 6:24pm Jun 19, 2008 1:12pm | Edited 6:24pm
It's early but as slow as the market is moving, I think I'm safe in posting today's numbers.
If it changes in the next hour, I'll edit this.

BUY STOP = 213.36
SL = 211.85
TP = 214.87

SELL STOP = 211.85
SL= 213.36
TP = 210.34


EDIT: Corrected
  • #58
  • Jun 20, 2008 7:50am Jun 20, 2008 7:50am
Well, We Are In A Sell.
  • #59
  • Jun 20, 2008 7:54am Jun 20, 2008 7:54am
Very Similar to the Nicotina system...I also had some success with it, I think I read back in the day, that one was based loosely on Pipboxer...

I will watch eagerly to see how this variant works out! There is definately something to this method.

Good Luck
  • #60
  • Jun 20, 2008 7:54am Jun 20, 2008 7:54am
Quoting smurf
Well, We Are In A Sell.
Yep. I think the best we can do today is partial profit. Friday's are usually slow and IBFX closes at 4PM Eastern. I don't think it'll move down 150 pips in the time that's left.
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