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Daily GBP/JPY Breakout System

  • #81
  • Jun 23, 2008 11:12am Jun 23, 2008 11:12am
Quoting Bobcat2
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!
I think the daily can be a money maker. We might have to fiddle with it a little.
Glad you got your account set up.
  • #82
  • Jun 23, 2008 11:16am Jun 23, 2008 11:16am
Has anyone written an EA for this system yet?
I would like to see how it trades on a EA
I would like to see the EA that will cancel the other order after the first is entered then that way you don't get stuck with a double loss. Just my opinion on how I would trade this type of break out.
I think it is a great system and can work well over time from what I have back tested just another simple way of getting a few extra pips!
M4X............ Hedging My Way To Profits!
  • #83
  • Jun 23, 2008 11:59am Jun 23, 2008 11:59am
Quoting M4X
Has anyone written an EA for this system yet?
I would like to see how it trades on a EA
I would like to see the EA that will cancel the other order after the first is entered then that way you don't get stuck with a double loss. Just my opinion on how I would trade this type of break out.
I think it is a great system and can work well over time from what I have back tested just another simple way of getting a few extra pips!
There's no EA.
Having the other breakout kick in on a stop out works like a charm on the Weekly method. It's making a ton of money.

I doubt it will help on the daily. We may wind up limiting it to one trade. I'm not going to do anything until I've watched it long enough to see what it needs.
  • #84
  • Jun 23, 2008 1:26pm Jun 23, 2008 1:26pm
Bill,

What do you think about this?

-Use the 16:00GMT & 20:00GMT 4 HR candles to determine the high & low channel (this way trades can be put on at the start of the new day for those who work day jobs)
-Set orders (L= +1 & spread above high, -1 below low
-Use only 2% percent risk for each trade (each position in channel pips will always adjust to this percentage)
-Use 1:1 (risk/reward) on 1st trade. If stopped out then use 1:2 (risk/reward) on 2nd trade
-Max of 2 trades per day
-Close out any open orders the following day

We would not have a 100 pip channel requirement and would just use the volitility of these 2 4HR candles to determine the channel. It might have a better chance of hitting the 2nd order take profit with a smaller range if the 1st order is stopped out. These are just my thoughts.
  • #85
  • Jun 23, 2008 1:58pm Jun 23, 2008 1:58pm
Quoting lcfxtrader
Bill,

What do you think about this?

-Use the 16:00GMT & 20:00GMT 4 HR candles to determine the high & low channel (this way trades can be put on at the start of the new day for those who work day jobs)
-Set orders (L= +1 & spread above high, -1 below low
-Use only 2% percent risk for each trade (each position in channel pips will always adjust to this percentage)
-Use 1:1 (risk/reward) on 1st trade. If stopped out then use 1:2 (risk/reward) on 2nd trade
-Max of 2 trades per day
-Close out any open orders the following day

We would not have a 100 pip channel requirement and would just use the volitility of these 2 4HR candles to determine the channel. It might have a better chance of hitting the 2nd order take profit with a smaller range if the 1st order is stopped out. These are just my thoughts.
That sounds good. I do know that the SL needs to be greater than 50 pips. I used a system with a 50 pip SL on this pair and it wasn't enough.

Also remember, that the smaller you make the channel, the easier it is to be stopped out as well as easier to hit profit.
  • #86
  • Jun 23, 2008 2:31pm Jun 23, 2008 2:31pm
Will close the daily in between 3 and 3:15. Will let the weekly ride.
  • #87
  • Jun 23, 2008 4:31pm Jun 23, 2008 4:31pm
GBP/JPY 100 S 211.977 211.933 44 40.99 -26.00 6/20/2008 16:25 6/23/2008 17:09
+4 for the day.
  • #88
  • Jun 23, 2008 5:44pm Jun 23, 2008 5:44pm
We had a partial loss of -0.47% of our account.
I rounded it to -$5.00 out of $20.50 risked. I updated post#1.

Today's numbers:

BUY STOP = 212.15
SL = 211.04
TP = 213.26

SELL STOP = 211.04
SL = 212.15
TP = 209.93

Somebody please check my arithmetic and keep me honest...LOL
  • #89
  • Jun 23, 2008 6:14pm Jun 23, 2008 6:14pm
Quoting billbss
We had a partial loss of -0.47% of our account.
I rounded it to -$5.00 out of $20.50 risked. I updated post#1.

Today's numbers:

BUY STOP = 212.15
SL = 211.04
TP = 213.26

SELL STOP = 211.04
SL = 212.15
TP = 209.93

Somebody please check my arithmetic and keep me honest...LOL
hi billbss,
IBFX - last 3 4H candles less then 100 , add 5 pips for H&L
HIGH - 212.00 LOW 211.10

BUY STOP , SELL STOP -

good luck to all
Veni, vidi, vici...
  • #90
  • Jun 23, 2008 6:32pm Jun 23, 2008 6:32pm
Quoting sikacek
hi billbss,
IBFX - last 3 4H candles less then 100 , add 5 pips for H&L
HIGH - 212.00 LOW 211.10

BUY STOP , SELL STOP -

good luck to all
I think we're saying the same thing

Unadjusted H = 212.00
Unadjusted L = 211.10
----------------------------------------
Add/Subtract 5

H = 212.05
L = 211.05

-----------------------------------------
Adjust with spread and +/- 1 pip (9 pip spread)

BUY STOP = 212.15
SELL STOP = 211.04

That right?
  • #91
  • Jun 23, 2008 6:35pm Jun 23, 2008 6:35pm
Quoting billbss
I think we're saying the same thing

Unadjusted H = 212.00
Unadjusted L = 211.10
----------------------------------------
Add/Subtract 5

H = 212.05
L = 211.05

-----------------------------------------
Adjust with spread and +/- 1 pip (9 pip spread)

BUY STOP = 212.15
SELL STOP = 211.04

That right?
yap, that was just confirmation...mean YOU RIGHT
Veni, vidi, vici...
  • #92
  • Jun 23, 2008 7:23pm Jun 23, 2008 7:23pm
long order ON.. see ya at 213.26
Veni, vidi, vici...
  • #93
  • Jun 23, 2008 7:31pm Jun 23, 2008 7:31pm
Quoting sikacek
long order ON.. see ya at 213.26
That's not good for my weekly trade
  • #94
  • Jun 23, 2008 7:45pm Jun 23, 2008 7:45pm
Quoting billbss
That's not good for my weekly trade
will be fine... we go all the way up to 216.. so Sell - lost but BUY go hit 2x profit..IMO

Veni, vidi, vici...
  • #95
  • Jun 23, 2008 7:47pm Jun 23, 2008 7:47pm
Quoting sikacek
will be fine... we go all the way up to 216.. so Sell - lost but BUY go hit 2x profit..IMO


I can handle that.
Are you in the weekly trade?
  • #96
  • Jun 23, 2008 7:52pm Jun 23, 2008 7:52pm
Quoting billbss
I can handle that.
Are you in the weekly trade?
yes, currently -49 pips

and also swap is killing me..
Veni, vidi, vici...
  • #97
  • Jun 23, 2008 8:07pm Jun 23, 2008 8:07pm
bill, i sent PM message , check this out...
Veni, vidi, vici...
  • #98
  • Jun 23, 2008 8:21pm Jun 23, 2008 8:21pm
Hey Bill ,
I was reading this thread and you mention that you only trade the "weekly"
what doing you mean? I'm still reading this thread and trying to understand.

Ed
  • #99
  • Jun 23, 2008 8:26pm Jun 23, 2008 8:26pm
Quoting edlow
Hey Bill ,
I was reading this thread and you mention that you only trade the "weekly"
what doing you mean? I'm still reading this thread and trying to understand.

Ed
There is a weekly version of this breakout system.
http://www.forexfactory.com/showthread.php?t=66210

I said I only traded the weekly today- Monday

I trade this one during the week for very small amounts. Its still being tested.
  • #100
  • Jun 23, 2008 8:33pm Jun 23, 2008 8:33pm
Thanks Bill I will read it. You also stated to use the 1 hour charts starting at 21:00Gmt and take the H & L from 8 bars going back. If it doesn't add up to 100 pips, how many more bars would you go back?

Ed
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