Daily GBP/JPY Breakout System | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

GBP/AUD, GBP/CAD, GBP/CHF and GBP/NZD thread 126 replies

Another great Breakout GBP/JPY System (Dachel's Simple system) 62 replies

GBP/USD simple breakout system 146 replies

Gbp/Jpy Simple Daily Candle System 54 replies

Forza Palermo Breakout System GBP/JPY 48 replies

Attachments: Daily GBP/JPY Breakout System
Exit Attachments

Daily GBP/JPY Breakout System

  • #61
  • Jun 20, 2008 2:39pm Jun 20, 2008 2:39pm
just wanted to know when we will be closing todays trade
  • #62
  • Jun 20, 2008 2:40pm Jun 20, 2008 2:40pm
Quoting stanchuks
just wanted to know when we will be closing todays trade
Right before your broker closes.
I use IBFX and I'll close mine at 4 PM EST.
  • #63
  • Jun 20, 2008 5:05pm Jun 20, 2008 5:05pm
Today was a partial loss.
If a total stop out = 2% of the account, today was a loss of 0.3%. We were risking $20.50 and lost $3.00.

I'll update post #1.

For the week we gained 2.5% on our account.
  • #64
  • Jun 20, 2008 6:13pm Jun 20, 2008 6:13pm
Way to go Bill! Congratulations on a great launch to the Daily GBP/JPY Breakout!

My experience in using IBFX data, and trading on Oanda, was a net loss for the daily trades this week. I still have all wins for the weekly version.

I believe that there is enough variance between Oanda and IBFX, that it will be problematic to take the data from IBFX, and effectively trade the data with Oanda. Of course, this week was just a short test, but I don't like my results.

I already have an unfunded IBFX live account. I will fund it this week, so that I am in synch with you.

Please keep up the good work!

Bob
  • #65
  • Jun 20, 2008 9:19pm Jun 20, 2008 9:19pm
Quoting Bobcat2
Way to go Bill! Congratulations on a great launch to the Daily GBP/JPY Breakout!

My experience in using IBFX data, and trading on Oanda, was a net loss for the daily trades this week. I still have all wins for the weekly version.

I believe that there is enough variance between Oanda and IBFX, that it will be problematic to take the data from IBFX, and effectively trade the data with Oanda. Of course, this week was just a short test, but I don't like my results.

I already have an unfunded IBFX live account. I will fund it this week, so that I am in synch with you.

Please keep up the good work!

Bob
Thanks Bob, I appreciate it.
Was it that rogue doji that set you back? I'm surprised the data is that much different. I hope that was a once in a hundred years occurrence.

I'm not going to change any of the rules we're using this soon, but I am seeing some things that I think may help.

I'd like you to keep throwing out your thoughts, too.
Your idea about the 1.5 TP after a stop out is a good one. I agree with it.

Have a good weekend.
  • #66
  • Jun 21, 2008 6:01pm Jun 21, 2008 6:01pm
Thanks billbss for your work on the daily system.

I'm still not able to trade micro lots with my broker (fxcm), so the risk for daily trades its to high for me.
I guess your performance on the first entry of this thread is based on trading micro's?
Would appreciate if you could clearify on that.

As someone mentioned before, might be interesting to see how positions would have done, if not closed on the same day.
e.g. if long trade on tue has been triggered but not reached target by the time you usually close, would it hit TP or SL on the next days.

Also just curious, will you have a daily and weekly trade on monday?

LiF
  • #67
  • Jun 21, 2008 6:33pm Jun 21, 2008 6:33pm
Quoting LostInForex
Thanks billbss for your work on the daily system.

I'm still not able to trade micro lots with my broker (fxcm), so the risk for daily trades its to high for me.
I guess your performance on the first entry of this thread is based on trading micro's?
Would appreciate if you could clearify on that.

As someone mentioned before, might be interesting to see how positions would have done, if not closed on the same day.
e.g. if long trade on tue has been triggered but not reached target by the time you usually close, would it hit TP or SL on the next days.

Also just curious, will you have a daily and weekly trade on monday?

LiF
I'm not sure what a micro lot is. I trade a regular account with IBFX. I can trade fractional lots down to .01 . That equals 10 cents a pip.

I size my trades to equal a 2%(usually) risk.

For example, if I had a $10,000 account and my stop loss was 100 pips away, I would want the 100 pips to equal $200.

I would trade 0.2 lots. That's $2 a pip.

I wouldn't trade with a broker that I couldn't fine tune my trade like that with. I'm surprised FXCM doesn't allow it.

The only trade this week that could have been left to run was the one Wednesday. It lost 58 (i think) pips of a possible 111 which was the stop loss. If we had let it run, it would have been stopped out and opened up a long trade. The long would have closed Friday with about a 20 pip gain. So we would have lost about 80 pips total by letting it run as opposed to 59 by shutting it down Wednesday night. That doesn't mean its a bad idea to let them run. That's only one trade.

There won't be a daily trade Monday. It would be almost identical to the Weekly trade. I can post one and track the results, but I won't be trading it.
  • #68
  • Jun 22, 2008 9:13am Jun 22, 2008 9:13am
Thanks for the clarification,

with micro i meant th 0.01 lot (mini=0.1, micro 0.01 lot)

I opended a account with fxcm years ago, there wasn't even a 0.1 lot trade possible, guess what happened to my 2k account there
I hope they soon offer micro lots. But might open an account with another broker.

With the open trades, I was thinking about, let the open trade run till it hit TP (maybe move SL to BE) or end of week and cancel the opposite trade.
But with the results you mentioned it might not be worth to track.

Diffence between a monday daily and weekly is the 'let it run' for the weekly, so that was the reason for my asking.

Thanks for your always clear and competent answers.

LiF
  • #69
  • Jun 22, 2008 2:43pm Jun 22, 2008 2:43pm
Here are the numbers for the Daily Breakout.
They are the same as for the Weekly.
I will track the results although I will not personally trade it. I'll trade the Weekly only.
It's too many eggs in one basket:-)

BUY = 212.97
Stop Loss = 211.69
Take Profit = 214.25

SELL = 211.69
Stop Loss = 212.97
Take Profit = 210.41
  • #70
  • Jun 22, 2008 4:15pm Jun 22, 2008 4:15pm
Those of us that dont use NorthFinance, how or whatdo we then enter? as at 5pmEST the sell stop has already being hit, the platforn i use starts by 6pmEST
Do i just enter it as an immediate execution or still a pending trade?

Thanks in Advance
  • #71
  • Jun 22, 2008 4:23pm Jun 22, 2008 4:23pm
Quoting stanchuks
Those of us that dont use NorthFinance, how or whatdo we then enter? as at 5pmEST the sell stop has already being hit, the platforn i use starts by 6pmEST
Do i just enter it as an immediate execution or still a pending trade?

Thanks in Advance
Do you mean on Sunday?
I would enter whenever I could. If the sell stop has already been hit, see if price retraces back above the sell stop price before it hits the TP. If it does then enter the orders. If not, forget it. There isn't much else we can do.
  • #72
  • Jun 22, 2008 4:35pm Jun 22, 2008 4:35pm
yes on sunday
it seem to be retracing, i still have like 30mins to wait, but i dont think it will reach the sell stop
I think i will just enter it as an as immediate execution trade
Or what do you say to this?
  • #73
  • Jun 22, 2008 4:38pm Jun 22, 2008 4:38pm
Quoting stanchuks
yes on sunday
it seem to be retracing, i still have like 30mins to wait, but i dont think it will reach the sell stop
I think i will just enter it as an as immediate execution trade
Or what do you say to this?
I wouldn't. I never have done that. This is also the Weekly breakout number.
Wait and see if it hits the TP before it retraces. If it does, forget it.
That's what I would do.
  • #74
  • Jun 22, 2008 4:51pm Jun 22, 2008 4:51pm
Thanks

Just checked it out now, its gone above the sell stop now, i pray it stays that way so i can place both trades and allow it to trigger

billbss please how do you paste other peoples comment? am new to this forum
  • #75
  • Jun 22, 2008 5:06pm Jun 22, 2008 5:06pm
Quoting billbss
Here are the numbers for the Daily Breakout.
They are the same as for the Weekly.
I will track the results although I will not personally trade it. I'll trade the Weekly only.
It's too many eggs in one basket:-)

BUY = 212.97
Stop Loss = 211.69
Take Profit = 214.25

SELL = 211.69
Stop Loss = 212.97
Take Profit = 210.41
billbss....I'm using IBFX demo and seem to have come up with a little different numbers than you for the Daily. On my IBFX chart the previous two 4 hr candles have a High 212.72....Low 211.69= 103 pip range. Based on your daily system instructions, the Buy Stop should be 212.72 + 1 + 9 spread = 212.82. How did arrive at 212.97 for your Buy Stop? Also the Low is 211.69, so shouldn't the Sell number be 211.69 minus 1 = 211.68? Please tell me how I went wrong here!
  • #76
  • Jun 22, 2008 5:18pm Jun 22, 2008 5:18pm
Quoting GRPip
billbss....I'm using IBFX demo and seem to have come up with a little different numbers than you for the Daily. On my IBFX chart the previous two 4 hr candles have a High 212.72....Low 211.69= 103 pip range. Based on your daily system instructions, the Buy Stop should be 212.72 + 1 + 9 spread = 212.82. How did arrive at 212.97 for your Buy Stop? Also the Low is 211.69, so shouldn't the Sell number be 211.69 minus 1 = 211.68? Please tell me how I went wrong here!
The numbers were taken from North Finance's chart.
IBFX stops trading on Friday before 20:59 GMT.
I use IBFX during the week. I'll have to use North Finance on Sunday.
  • #77
  • Jun 22, 2008 5:27pm Jun 22, 2008 5:27pm
Here's the indicator Bill that shows the pip value in USD.
Attached File(s)
File Type: mq4 Market-Value.mq4   3 KB | 514 downloads
  • #78
  • Jun 23, 2008 6:22am Jun 23, 2008 6:22am
Hi Bill,

My live account with IBFX is a "Mini". If I enter a trade @ 0.1, that amounts to 10 cents per pip. On Mini accounts, IBFX allows trades as low as 0.01 which amounts to only 1 cent per pip. I often trade new startegies with a live account at the 1 cent per pip. Even though both the exposure and profit potential are both very small, it keeps me more interested in the trade...after all, it's still money! The other reason I favor this 1 cent approach is that I am trading off the live server that gives me real time results as opposed to the demo that runs off a different server which can lead to skewed results by comparison.

On the daily trade, I am currently only at 10% of the amount that I trade on the weekly trade, because the results on the weekly are obviously much better proven. So...let's get the daily on par with the weekly results!
  • #79
  • Jun 23, 2008 10:59am Jun 23, 2008 10:59am
This trade has been on since yesterday evening. After triggersd it had a pullback but continued to the sell slowly going down.
This test your patience. Lets just wait and see.


Good luck to all.
  • #80
  • Jun 23, 2008 11:10am Jun 23, 2008 11:10am
Quoting smurf
This trade has been on since yesterday evening. After triggersd it had a pullback but continued to the sell slowly going down.
This test your patience. Lets just wait and see.


Good luck to all.
It doesn't want to move. It feels about like I do today
1 trader viewing now