Breakout Straddle!

As many of you know, a lot of pairs exhibit regular patterns that can be used to harvest pips (love that term lol). After following a few threads and doing some research, I have successfully played the following system for the past week. While this is a relatively short-term testing frame of reference, if you eyeball the charts over the past while, you will notice that this can be quite profitable if done correctly.

This is not MY system as I'm sure it has been thought of before. For those newer to the game, I am putting my findings down here for use and to see if anybody has some suggestions or input into making it better. If you decide to try this out, you do so at your own risk!

Most GBP pairs break out around 2:00am EST. In many cases it is preceded by a false breakout in the opposite direction to the main one. I have been finding success with the following straddles:

GBP/USD

At 11pm EST I straddle the current price as follows:

Straddle: 25pips
Stop-Loss: 25pips
Take Profit: 55pips

GBP/JPY

Straddle: 35pips
Stop-Loss: 35pips
Take Profit: 85pips


I have also noticed that EURUSD starts to make a move around 1:00-1:30am EST. I am not usually up at this time of the night, but I backtested a few months and found the following:

Place straddle at 1:30am (30m chart) based on the closing candle.

Straddle: 20pips
Stop-Loss: 15pips
Take Profit: 30pips

Does anybody know if there is an EA available that can place orders, S/L & T/P based on the price at a specific time? This would be the cat's a$$ and would help with the GBP pairs as well (placing straddle at around 2:00-2:30am would do a lot to minimize losses due to the occasional false breakout).

I hope this is of value to somebody! And any suggestions/critiques are welcome...

Take care,

Daemien

This ought to do ya.

Wow! I'd say - it has everything I could have asked for and then some!!

Thanks a lot C.E.O. I'm on Oanda atm but think i'm going to be switching to an MT4 account so I can take advantage of these things.

Take it easy,

Derek

Anytime. Now just find some good settings and share

BTW, dont know if you know or not but your 1am move would be the Frankfurt open followed by the London at 2. You discovered the big ben strategy. Another variation is to do a box breakout. mark the high/low from 00gmt to 8 gmt(my broker times) When a 15m candle open above/below, go with it. Theres an EA somewhere floating around for that......I think.

hi CEO,thanks for sharing this EA.what is the best setting u used so far?

Daemien, have you tried to backtest it?
Seems interesting enough to try, it will be a shame if it won't work, because it looks promising

Is the EA corrupt...the file is empty...

hello,

you might find this thread useful as well (its called the "daily breakout strategy"). I'm not sure if i'm allowed to post links so it may be removed. http://www.forexfactory.com/showthread.php?t=9286

ps, what are those times in the first post converted to GMT ??

anthony

Hi CEO,

I knew about the london open but haven't heard of the Big Ben Strategy. The box breakout sounds interesting (I've been looking at box strategies lately)..

And in regards to your previous post - of course I'll share That's more or less the intent of this thread...

Thanks for the input!!

Take care,

D.

I haven't done full backtesting at this time although I did go through the charts starting 1 Jan. While I didn't keep a pip count, there were a lot more winners than losers except possibly on the GJ.

I will be looking a bit more closer this coming week. Shiftwork kinda sucks but it's part of my job

Take it easy,

D.

Hi Anthony,

Thanks a lot for the link! I'll check that thread out (Oh no - not another thread to track lol)

EST is 5 hours behind GMT, so 2am EST is 7am GMT (this time of year anyways).

Take care,

D.

Here iit is in pdf format

Thanks Tradeit! Looks interesting...

D.

CEO could you explain exactly how to get the EA to work. I understand Jannis trying to protect his hard work and protect his code. It's great that he's willing to share. When I click on your attachment my computer opens it with MS word. I would love to try it but don't know how. Thanks in advance for your help.

Paparich

Daemien

Do you have an EA that can place trades at a specific time and price?

Hi ET,

Post #2 in this thread by CEO has an exceptional EA that will do the trick.. I have been playing with it the last two evenings - just have to make sure it's working ok & find some appropriate settings.

Good luck!

D.

Hi Daemien,

THanks for the GMT times.

THere are quite a few pages on that thread, but work backwards and I think there might be an EA or 2 in there.

Trav's strategy idea sound pretty good, I'm not sure what the testing results are though.

Cheers, Anthony

I like this idea.

I want to open 2 market orders at a given time. No stops. Buy and sell order at market at given time. The ENewsLucky set 2 stop orders. :-(