Daily GBP/JPY Breakout System | Page 6 | 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

  • #101
  • Jun 23, 2008 8:34pm Jun 23, 2008 8:34pm
Quoting edlow
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
4

But you don't start at the 2100 bar. You start at the 2000 bar. The 2000 bar ends at 21:59.
  • #102
  • Jun 24, 2008 2:52am Jun 24, 2008 2:52am
Profit...but not according to Hoyle.

Some semblance of my sanity has returned, but not completely as...I ended up meddling with the rules, once again. I put a manual trailing stop on the daily GJ trade @ 50 pips profit, and eventually was closed out with a 55 pip gain.

One useful item I always use in trading is Tom Yeomans' TradeTime Currency Meter. I am in no way affiliated with Tom, other than having traded the news with him for about 4 months. This meter weighs the strength of each individual currency against all of the other 8 major currencies, and displays the results on a graph. I always refer to this meter as it is helpful in determining the strength of a trend, and helps me spot price highs and lows. I am not advocating that it will make you wealthy. However, it aids me by helping me stay in trends, and alerts me when to close out a trade. This is not a free tool (it is not an indicator). I derive no benefit from introducing it to you. As I say, it is a very useful tool, not an indicator, nor a trading system. If you are interested simply google it or send me a PM.

Hope y'all have a profitable evening!
  • #103
  • Jun 24, 2008 2:42pm Jun 24, 2008 2:42pm
fxcm

buy 212.15
sell 211.05
range 110


Have been in the buy since last night. I will close out around 3
  • #104
  • Jun 24, 2008 4:07pm Jun 24, 2008 4:07pm
IBFX

buy 212.92
SL 211.60
TP 214.24

sell 211.60
SL 212.92
TP 210.28
Veni, vidi, vici...
  • #105
  • Jun 24, 2008 4:20pm Jun 24, 2008 4:20pm
Closed out with +29 for the daily. Closed yesterday with +4. total for the week 33.

fxcm todays trade is:

buy 212.91
sl 211.70
tp 214.12


sell 211.61
sl 212.82
tp 210.40

Lets ride it out and see.
My range is 121.
  • #106
  • Jun 24, 2008 5:48pm Jun 24, 2008 5:48pm
Hi!

If anyone else is trading with Oanda, here are the data entries from the Oanda Platform:

BUY = 212.98
SL = 211.64
TP = 214.32

SELL = 211.64
SL = 212.98
TP = 210.30
  • #107
  • Jun 24, 2008 6:10pm Jun 24, 2008 6:10pm
Appreciate it.
  • #108
  • Jun 24, 2008 6:53pm Jun 24, 2008 6:53pm
Partial win today- It amounts to a rounded $5.00 out of $20.40 risked. Post#1 updated.

Today's numbers from IBFX


BUY STOP 212.92
SL 211.60
TP 214.24

SELL STOP 211.60
SL 212.92
TP 210.28
  • #109
  • Jun 24, 2008 10:19pm Jun 24, 2008 10:19pm
Quoting billbss
Partial win today- It amounts to a rounded $5.00 out of $20.40 risked. Post#1 updated.

Today's numbers from IBFX


BUY STOP 212.92
SL 211.60
TP 214.24

SELL STOP 211.60
SL 212.92
TP 210.28
thx for the signal
Lazy Forex
  • #110
  • Jun 25, 2008 7:03am Jun 25, 2008 7:03am
buy order ON..everebody start

Veni, vidi, vici...
  • #111
  • Edited 4:15pm Jun 25, 2008 4:04pm | Edited 4:15pm
It looks like we lost 36 cents out of $20.50 risked.

I'm going to call it break even. I don't want to have to put cents in the results. If it had been 51 cents, I'd call it $1.



Today's numbers- IBFX (9pip spread)

BUY STOP = 213.38
SL=212.27
TP = 214.49

SELL STOP = 212.27
SL = 213.38
TP = 211.16

Somebody check me.
Thanks
  • #112
  • Jun 25, 2008 4:14pm Jun 25, 2008 4:14pm
I end up with +7 pips + juicy triple interest.. I love wednesday

today entry: IBFX (3 4H candles)

High: 213.20 (+ 8 pips + 9 pips spread +1)
Low: 212.36 (- 8 pips - 1)

BUY: 213.38
SL: 212.27
TP: 214.49

SELL: 212.27
SL: 213.38
TP: 211.16
Veni, vidi, vici...
  • #113
  • Jun 25, 2008 4:20pm Jun 25, 2008 4:20pm
Quoting billbss
It looks like we lost 36 cents out of $20.50 risked.

I'm going to call it break even. I don't want to have to put cents in the results. If it had been 51 cents, I'd call it $1.



Today's numbers- IBFX (9pip spread)

BUY STOP = 213.38
SL=212.27
TP = 214.49

SELL STOP = 212.27
SL = 213.38
TP = 211.16

Somebody check me.
Thanks
You edited 5:15 PM your entry.. i did it 5:14

btw same numbers..
Veni, vidi, vici...
  • #114
  • Jun 25, 2008 4:54pm Jun 25, 2008 4:54pm
+4 for today. Total for the week +37

fxcm

buy 213.46
sl 212.38
tp 214.54


sell 212.29
sl 213.37
tp 21121
  • #115
  • Jun 26, 2008 7:56am Jun 26, 2008 7:56am
Out of curiosity, has anyone tested this with a 4 hour breakout, instead of two four hour candles? I have a bunch of thoughts.

1. Maybe the breakout is too wide for a daily ATR. Although lately, the range has been reduced. That said, if the range becomes more volatile again, it could create whipsaws.
2. It seems as though we are making small gains with the current range, but until ATR picks up, it seems risky.
3. I know there are a ton of GBP/JPY systems on FF alone. If we only take a 4 hour breakout, is that mirroring someone else's system closely.
4. Another thought I had was that the majors trend more when the exotics stay flat... due to the USD being the driver. I'm gonna look into a possible hedge of playing two currency pairs with this strategy. ...The GBP/JPY and a major. Of course, TP's and SL's will have to be adjusted.

*These are just thoughts. I am brainstorming. Before I start backtesting the four hour scenario on the daily, I just wanted to see if I was reinventing the wheel. If noone else has done the work, I will be glad to share my findings.
  • #116
  • Jun 26, 2008 8:20am Jun 26, 2008 8:20am
Quoting lilydat
Out of curiosity, has anyone tested this with a 4 hour breakout, instead of two four hour candles? I have a bunch of thoughts.

1. Maybe the breakout is too wide for a daily ATR. Although lately, the range has been reduced. That said, if the range becomes more volatile again, it could create whipsaws.
2. It seems as though we are making small gains with the current range, but until ATR picks up, it seems risky.
3. I know there are a ton of GBP/JPY systems on FF alone. If we only take a 4 hour breakout, is that mirroring someone else's system closely.
4. Another thought I had was that the majors trend more when the exotics stay flat... due to the USD being the driver. I'm gonna look into a possible hedge of playing two currency pairs with this strategy. ...The GBP/JPY and a major. Of course, TP's and SL's will have to be adjusted.

*These are just thoughts. I am brainstorming. Before I start backtesting the four hour scenario on the daily, I just wanted to see if I was reinventing the wheel. If noone else has done the work, I will be glad to share my findings.
There is a 4H GBP/JPY breakout system that just hit the forum. It uses a breakout of the 0400 GMT 4H bar. I can't think of anything else along these lines.
I wouldn't let that stop me from testing. Test away.

I don't think what we're doing now is risky. I think the worst that can be said about it, is that it's slow and shows little profit (so far).

What's risky with this pair is being stopped out. It can move 30-50 pips just with noise. When you get stopped out, you lock in that loss.
  • #117
  • Jun 26, 2008 8:27am Jun 26, 2008 8:27am
Thanks Bill... I will update everyone of my findings, and try to test it in a all market conditions. I will be manually backtesting, so give me some time.
  • #118
  • Jun 26, 2008 8:44am Jun 26, 2008 8:44am
Quoting lilydat
Thanks Bill... I will update everyone of my findings, and try to test it in a all market conditions. I will be manually backtesting, so give me some time.
That sounds great. I appreciate your interest.
  • #119
  • Jun 26, 2008 12:30pm Jun 26, 2008 12:30pm
buy order just hit SL.. hope for nice ride down.. set 2x TP on Sell order...
Veni, vidi, vici...
  • #120
  • Jun 26, 2008 12:48pm Jun 26, 2008 12:48pm
Quoting sikacek
buy order just hit SL.. hope for nice ride down.. set 2x TP on Sell order...
That monster's been ugly this week.
It's looking like the third double stop out this year on the weekly.
The other two times it happened, it got caught in news spikes.
This time it's just drifting up and down.

Still 23 W weeks and 3 L weeks ain't bad.
0 traders viewing now