A Basic Breakout System

Roger that.

How did you determine the SL/TP for these incentive trades?

This seems tohave a lot of potential. I will be doing some testing on that one. Thank you for sharing.

aelimian,

You obviously need to read the tutorial with more attention to detail. These questions have been answered.

E. Lang

Early entries using high breakouts for entries on individual candles, rather than full swings.

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great day! this system hit all my order.

i use 4H chart,because it seems so many noise on 1H chart

GBP/USD set long on 1.9792
USD/CHF set short on 1.0250
USD/JPY set short on 106.78
AUD/USD set long on 0.9637

i closed all under +50 pips because its Friday and yeah...its friday time to take my wife to where's she belong----> her mom

nice system...thnx
MM79

Looks good. You could have easily made 200 Pips today : )

Well done.

AUD/USD set long on 0.9637
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Yep, I took the ones in the EUR/USD, USD/CHF and AUD/USD... I go only for 50 pips. A nice day to end the week.

Regards - Xaron

Hey, Effilang...

Just found out this awesome system.... I'm really impressed with its simplicity and logical approach. Been using DIBS (another simple and solid breakout system) live on 1H for some time, next week I'm giving a demo trial to yours, on a quick visual backtest it looks great! (just love breakout systems....)

Thanks for sharing, what a magnificent presentation! Congratulations!

Cheers!

HT

Hi Folks,

4 perfect entries from today, as I posted yesterday, GBPUSD was setting up nicely on the 4 hour chart and as you can see it played out as expected.

This really is the simplest trading system I have ever traded. However, I would like to hear some ideas on setting target levels once the trade is entered.

Effi you are a trading genius

Cheers

Foggytrader

Ok, thats good to hear.

Just make sure you diversify your risk so if a trade fails others work out.

Make sure you're not trading too many of the same pairs eg: only JPY pairs or only USD pairs or only GBP pairs.

Mix it up.

Regards,
E. Lang

Thanks for sharing Effilang, I really like the simplicity of your system.

Combined with PA, this is going to be a killer.

Brillant.

Great presentation and easy to comprehend - super-clean charts - and your super-generous in sharing with us Effi. Thanks a $million.

Hi Guys

Reading through a PDF written by "Team Aphid" which uses a similar approach to this one I thought I would apply their trade management to recent set-ups. As you can see below applying their Fibonacci approach to determine the entry of different orders produced very promising results. I also added a -0.19 level to the fibo as a stop level but I would be happy to hear any other ideas of when to get out of a bad trade, perhaps if it breaks the opposite BAT line.

Below is the recommended Fibo levels, again I made the 1.618 level as an exit level, which again could be open for discussion.

Level 0 Description ‘Swing’
Level 0.382 Description ’38.2 - 2 lots’
Level 0.618 ’61.8 - 1 lot’
Level 1 ‘Enter 1 lot’
Level 1.618 ‘161.8’

Please feel free to present opinions on this approach and in particular the stop loss aspect of this system as I feel this is the area which needs to be determined.

Happy Trading

Foggy

Isn't this breakout just a variation or exactly the same as The Bat strategy from Team Aphid. The indicator is from them as well!

No, i don't think so. The only reason there is an indicator in this system in the first place is because not everyone can read price, which is why HH/HL, LL/LH and price action basics are a prerequisite on the first page.

All you're looking for, is a change in price direction through successive new HHs and a HL in an up movement, followed by a break of the high, a retracement and another break past that zone.

You can't convince me that trading the break of a HH in an uptrend is "someone's system", and you can try all you want.
Long before indicators every existed, High and Low breakouts were being traded.

You can use Fractals as advised in my other thread to achieve the same results, but i guess if i used Fractals, it wouldn't be my system either
Plus this is a Breakout Scalper with an aim of 10-50 pips. Trades are retaken in the direction of the trend every time they occur, not just once on the breakout of the band.

Regards.
Lang.

If price does not breach the green and red band, does that mean you would not take a trade? over 100 PIPs between the bands in pink.