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Weekly Gbpjpy Breakout System

  • #341
  • Jun 21, 2008 12:20pm Jun 21, 2008 12:20pm
Quoting Bobcat2
Bill,

I am located in SW Wisconsin, right on the border with Iowa. Minnesota, Iowa and Illinois are all within an hour's car ride from here.

Generally the summers here are hot and sweltering from about the beginning of July until the end of August. Years ago I lived in the Daytona Beach, Florida area within a mile of the oceanfront, and the summers there were no worse than here.

Where are you located? Family man?

Bob
I'm in Texas- near Dallas.
I have two sons. They're both grown and gone. One lives in Boulder Co. and the other in NYC.

I spent a little time in Madison, once- beautiful place.

Do you have kids?
  • #342
  • Jun 21, 2008 12:22pm Jun 21, 2008 12:22pm
Quoting smurf
I am in middle Tenn. It is hot now but, we are surviving the heat.
Hi Smurf,

I lived in Morristown, Tenn. for awhile back in the 60s.

Do you live in Nashville?
  • #343
  • Jun 21, 2008 3:21pm Jun 21, 2008 3:21pm
I started reading your method yesterday. Congratulations, it looks like a winner.

I do have a question, though. If I'm understanding your method correctly you're adding the spread to your long entry price plus one pip, correct? For some reason that seems odd to me. I would think you'd want to add the spread to your TP. That way you're in your long trade sooner and the spread gets covered in your long profits. Am I wrong in my thinking or is there something I fundamentally misunderstand about trading in general?
Hi, my name is Barry and you can keep your doctor...
  • #344
  • Jun 21, 2008 3:46pm Jun 21, 2008 3:46pm
Quoting cisco
I started reading your method yesterday. Congratulations, it looks like a winner.

I do have a question, though. If I'm understanding your method correctly you're adding the spread to your long entry price plus one pip, correct? For some reason that seems odd to me. I would think you'd want to add the spread to your TP. That way you're in your long trade sooner and the spread gets covered in your long profits. Am I wrong in my thinking or is there something I fundamentally misunderstand about trading in general?
It isn't my method. Nomask is the originator of it.
I'll try to answer your question though.

If you look at a chart, the bars you see are the BID price.
The bid price is what you sell at- always.

You buy at the ASK price. The difference between the bid and ask price = the spread for that particular pair.

The ask price is always greater than the bid price.

If the chart shows a price of 212.00 that is bid price.

If the spread on the pair is 7 pips, then the corresponding ask price is 212.07.

Let's say I'm looking at a chart. I have decided to buy 1 pip above the high of a bar. My spread is 7 pips.

The charted High of the bar I want to buy 1 pip above is 212.54. = bid

The corresponding ask price for 212.54 is 212.61. (212.54+7)

I add 1 to it and place my BUY STOP order for 212.62.

You don't need to figure in the spread for a sell order. You always sell at the bid price, which matches the chart prices.

I hope that made sense.
  • #345
  • Jun 21, 2008 5:07pm Jun 21, 2008 5:07pm
Bill,

Yep...family man, too. 5 children and 3 grandchildren. Coincidentally, my eldest son and wife just moved to "Frisco" (not certain of the spelling) on the north side of Dallas. Both he and his wife are praise and worship musicians, but are pursuing other livelihoods for the moment.

We are located right on the Mississippi River, and have thankfully been spared from the terrible flooding devastation taking place in our neighboring state of Iowa. Destruction in the BILLIONS! These folks need our prayers! Many have lost everything, and most are without flood insurance.

Makes me wonder why we are rebuilding Now Orleans at its old location which is BELOW the level of the Mississippi River? Yes, we need to help those unfortunate victims...but it seems we are reinviting a future disaster.

Almost as ill-conceived as our self-imposed ban on drilling for oil and oil shale extraction...all the while our economy goes deeper and deeper in the crapper as our dependence on foreign oil worsens.

I apologize for promoting my views on this thread...really unwarranted, but I am mad as H***, and I'm not going to take it anymore!

Sorry my friends...I hope to return to sanity at the beginning of the week! LOL

Blessings!
  • #346
  • Jun 21, 2008 5:10pm Jun 21, 2008 5:10pm
Bill, thanks for the explanation.
Hi, my name is Barry and you can keep your doctor...
  • #347
  • Jun 21, 2008 5:15pm Jun 21, 2008 5:15pm
Quoting Bobcat2
Bill,

Yep...family man, too. 5 children and 3 grandchildren. Coincidentally, my eldest son and wife just moved to "Frisco" (not certain of the spelling) on the north side of Dallas. Both he and his wife are praise and worship musicians, but are pursuing other livelihoods for the moment.

We are located right on the Mississippi River, and have thankfully been spared from the terrible flooding devastation taking place in our neighboring state of Iowa. Destruction in the BILLIONS! These folks need our prayers! Many have lost everything, and most are without flood insurance.

Makes me wonder why we are rebuilding Now Orleans at its old location which is BELOW the level of the Mississippi River? Yes, we need to help those unfortunate victims...but it seems we are reinviting a future disaster.

Almost as ill-conceived as our self-imposed ban on drilling for oil and oil shale extraction...all the while our economy goes deeper and deeper in the crapper as our dependence on foreign oil worsens.

I apologize for promoting my views on this thread...really unwarranted, but I am mad as H***, and I'm not going to take it anymore!

Sorry my friends...I hope to return to sanity at the beginning of the week! LOL

Blessings!
I know Frisco well. It used to be named Lolaville. It was a little wide place in the road not too many years ago. It's really booming now.

Those floods are terrible. I feel sorry for those people.
I read that whole towns were destroyed. I am praying for them.

I agree with just about everything you said. You're a good man to be as mindful of our problems as you are.

Have a great weekend,
Bill
  • #348
  • Jun 21, 2008 7:48pm Jun 21, 2008 7:48pm
Great thread everyone. I have a question about the weekend gap. How do you trade this if price is above or below the breakout channel when the market opens Sunday? Do you take a trade as soon as the price hits either side?

Bill,

That is a very good trade record. Do you limit your trades to only 2 stop outs per week?

Thanks, Lcfx
  • #349
  • Jun 21, 2008 8:04pm Jun 21, 2008 8:04pm
Quoting lcfxtrader
Great thread everyone. I have a question about the weekend gap. How do you trade this if price is above or below the breakout channel when the market opens Sunday? Do you take a trade as soon as the price hits either side?

Bill,

That is a very good trade record. Do you limit your trades to only 2 stop outs per week?

Thanks, Lcfx
Weekend gaps- I will wait to see if price comes back to the channel. If it does I will place my orders.

If it gaps and hits what was to have been the TP, I consider it a trade I was too late to get in on and forget it until next week.

Two stop outs a week, is all.
  • #350
  • Jun 21, 2008 9:11pm Jun 21, 2008 9:11pm
Quote
Weekend gaps- I will wait to see if price comes back to the channel. If it does I will place my orders.

By how many pips does it need to return back into the channel before the orders are valid? On the MM side, are you adjusting the position size that your risk is 2% for each trade?
  • #351
  • Jun 21, 2008 9:31pm Jun 21, 2008 9:31pm
Quoting lcfxtrader
By how many pips does it need to return back into the channel before the orders are valid? On the MM side, are you adjusting the position size that your risk is 2% for each trade?

It needs to return by any amount at all- 1 pip. If it's 1 pip back in the channel and breaks out again, that's a trade.

I do 1% each side. The most I can lose on the whole deal is 2%.
If the performance continues at the present rate, I'm going to increase it to a total of 3 or 4%.
  • #352
  • Jun 21, 2008 10:06pm Jun 21, 2008 10:06pm
Quoting billbss
Hi Smurf,

I lived in Morristown, Tenn. for awhile back in the 60s.

Do you live in Nashville?
Yes. I do live in Nashville.
  • #353
  • Jun 21, 2008 10:28pm Jun 21, 2008 10:28pm
Hi everybody,
I have been banned for 2 weeks, but right now I am back.. so this week setup:

Buy : 212.72
SL: 211.69
TP: 213.75

Sell: 211.69
SL: 212.72
TP: 210.66

Hope its right....

Billbss, thanks for your daily breakout thread...
Veni, vidi, vici...
  • #354
  • Jun 21, 2008 11:19pm Jun 21, 2008 11:19pm
Quoting sikacek
Hi everybody,
I have been banned for 2 weeks, but right now I am back.. so this week setup:

Buy : 212.72
SL: 211.69
TP: 213.75

Sell: 211.69
SL: 212.72
TP: 210.66

Hope its right....

Billbss, thanks for your daily breakout thread...
Hey,
I've been wondering where you've been. Good to see you back.

These are the numbers from NF.

BUY = 212.97
Stop Loss = 211.69
Take Profit = 214.25

SELL = 211.69
Stop Loss = 212.97
Take Profit = 210.41
  • #355
  • Jun 22, 2008 9:38am Jun 22, 2008 9:38am
On my Alpari Demo I got the same numbers.

If someone uses Alpari I found that I have to take h/l from the last 7bars on 1H Timeframe instead of the last 2 on 4H.

This week I used high/low for the last 11 hours before closing to get the range > 100.

LiF
  • #356
  • Jun 22, 2008 11:12am Jun 22, 2008 11:12am
Hi all,
I try to modify the original rule and get the very good result after backtesting from Jan year 2008.
I love this FF forum because all the people here willing to help each orther. of course i also learn alot from FF.
That why i want sharing my own rule with your guys
TF = 1H
find the last three bar hi/low (bid price) value when the market price closed on friday.
Buy entry signal = hi price + 50pip
Sell entry signal = low price - 50pip
Tp = 150pip
S/L = 100pip
for week 24 june 2008,
buy signal = 212.63, T/P = 214.13, S/L = 211.63

Sell signal = 212.20, T/P = 210.70, S/L =213.20

Thanks.
  • #357
  • Jun 22, 2008 11:28am Jun 22, 2008 11:28am
Quoting HLAng
Hi all,
I try to modify the original rule and get the very good result after backtesting from Jan year 2008.
I love this FF forum because all the people here willing to help each orther. of course i also learn alot from FF.
That why i want sharing my own rule with your guys
TF = 1H
find the last three bar hi/low (bid price) value when the market price closed on friday.
Buy entry signal = hi price + 50pip
Sell entry signal = low price - 50pip
Tp = 150pip
S/L = 100pip
for week 24 june 2008,
buy signal = 212.63, T/P = 214.13, S/L = 211.63

Sell signal = 212.20, T/P = 210.70, S/L =213.20

Thanks.
Thank you for sharing this.
What are the results of your backtest from January?
  • #358
  • Jun 22, 2008 11:49am Jun 22, 2008 11:49am
Quoting HLAng
Hi all,
I try to modify the original rule and get the very good result after backtesting from Jan year 2008.
I love this FF forum because all the people here willing to help each orther. of course i also learn alot from FF.
That why i want sharing my own rule with your guys
TF = 1H
find the last three bar hi/low (bid price) value when the market price closed on friday.
Buy entry signal = hi price + 50pip
Sell entry signal = low price - 50pip
Tp = 150pip
S/L = 100pip
for week 24 june 2008,
buy signal = 212.63, T/P = 214.13, S/L = 211.63

Sell signal = 212.20, T/P = 210.70, S/L =213.20

Thanks.
HLAng,
Thanks for sharing your system, but I guess that there is something wrong with the figures you posted above.

Your buy signal = 212.63 (High + 50 pips which means 212.13 + 50 pips to give us 212.63
and your sell signal = 212.20 (low - 50 pips which means 212.70 - 50 pips to give us 212.20

This means that low price was higher than high price!?
Can you please just check this?
  • #359
  • Jun 22, 2008 1:05pm Jun 22, 2008 1:05pm
Quoting billbss
Hey,
I've been wondering where you've been. Good to see you back.

These are the numbers from NF.

BUY = 212.97
Stop Loss = 211.69
Take Profit = 214.25

SELL = 211.69
Stop Loss = 212.97
Take Profit = 210.41

Hi Billbss,
I see your High and Low is from last 3 4H candles..
I just took 2 4H candles, added spread (10 pips for H, 1 for L) and that is more then 100 pips.. so what you think?? your entry or my entry?
Veni, vidi, vici...
  • #360
  • Jun 22, 2008 1:52pm Jun 22, 2008 1:52pm
Quoting sikacek
Hi Billbss,
I see your High and Low is from last 3 4H candles..
I just took 2 4H candles, added spread (10 pips for H, 1 for L) and that is more then 100 pips.. so what you think?? your entry or my entry?
I honestly don't know.
I have always made it be 100 before I added the spread and the 2 pips.
That was my interpretation of how to do it. I'm not sure it matters and I'm not sure which way is right.
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