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Attachments: 7am-9am Big Dog USD Breakout Strategy
Exit Attachments

7am-9am Big Dog USD Breakout Strategy

  • #201
  • Sep 4, 2008 10:06am Sep 4, 2008 10:06am
Because the original poster said to cancel the other order once one got hit.

http://forexfactory.com/showpost.php...1&postcount=95

So the original poster was wrong?

Scott


Quoting CTGUY
Why did you stop trading? When the first breakout doesn't work and reverses, you take the opposite side when it breaks out as it did with the above pairs.
Prices are never too high to begin buying or too low to begin selling.
  • #202
  • Sep 4, 2008 10:07am Sep 4, 2008 10:07am
Quoting thehenryfam
CTGUY, thanks for the insight. A few questions:

1) What other pairs, if any, are you trading? And have you incurred losses like the rest of us today? I traded the GBP/USD only today since I have a very active new system I am trading at the same time. I don't want to get too overwhelmed with a screen full of trades. I didn't incur a loss. When the trade reverses, I then capture it when it breaks out on the other side as it did today. Many traders think that if the breakout is short and doesn't work out, they quit as I see from the above postings. I jump out of the trade and then jump back in again. I trade up to 3 pm.

2) What are you using for a stoploss? Surely it can't be the opposite high or low. I use a 15 S/L when I trade.

3) Are you placing your order at 9 AM ET or 9:15 AM ET? There seems to be some confusion about that. I place my order in on the breakout of the 9:15 am candle as shown in the picture attached.

Thanks,
Scott
Hey Scott...
Attached Image
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #203
  • Sep 4, 2008 10:08am Sep 4, 2008 10:08am
Quoting Money Duck
You guys may want to add an offset (cushion) to your pending orders.

Pairs tend to test highs and lows and then may move the opposite direction, so putting your orders exactly at the high and low for the period you are marking as a breakout is a bit risky.

Use an offset of 5-10 pips. Would have turned your losing GBP/USD trades into a positive one today.

Also, you can see I use FIBs for targets. Pulling FIBs from the high to low in this case.

Also used fibs which plotted the move nicely.
  • #204
  • Sep 4, 2008 10:12am Sep 4, 2008 10:12am
Quoting thehenryfam
Because the original poster said to cancel the other order once one got hit.

http://forexfactory.com/showpost.php...1&postcount=95

So the original poster was wrong?

Scott
Hey Scott... This was his perception. The originating poster only knew of the system a few days before posting the system. I have found several days when one can jump in on both sides of the trade.

I hope this helps.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #205
  • Sep 4, 2008 10:14am Sep 4, 2008 10:14am
Quoting fxpilot
Hi Guys,

Another great system. Thanks for sharing. My small input would be to trade this system only in the direction of the 4 hour trend. It has worked beautifully for me for many months. For example, today would have produced an excellent trade on the GBPUSD. TP +50 pips. Yesterday was a no trade day for me. Sept 2, no trade also. Booked +100 pips on Monday.

Trading with the trend will keep you out of many trades, but the trades that are triggered have a higher probability of success. Happy trading.

fxpilot
I take a peak at the 1 hour and 4 hour if the spread in the breakout box is too big.

Gread imput fxpilot.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #206
  • Sep 4, 2008 10:15am Sep 4, 2008 10:15am
Quoting CTGUY
Hi there and welcome to the forum

Here is a current pic of the Big Dog System on the GBP/USD chart right now.

I actually trade this system looking for 10 pips ... but if the trade is moving nicely, I stay in it as I am doing now. When it hits 30 pips, I then use a 15 trailing stop. I do trade both sides if the trend reverses. I don't stay in the trade after 3 pm est.

This is one of two great systems I trade.

Good Luck

Could you tell us why you set a t/p of 10 pips? (original poster said t/p of 30-50 pips)

thanx...
  • #207
  • Sep 4, 2008 10:15am Sep 4, 2008 10:15am
Ok, good to know. Thanks.

Scott

Quoting CTGUY
Hey Scott... This was his perception. The originating poster only knew of the system a few days before posting the system. I have found several days when one can jump in on both sides of the trade.

I hope this helps.
Prices are never too high to begin buying or too low to begin selling.
  • #208
  • Sep 4, 2008 10:21am Sep 4, 2008 10:21am
Quoting mahir79
I agree with henryfam question. Mr CTGuy, todat it looks like long trade there was some minor spike at the high of today cs between 7 to 9AM New York time. But you went short instead at the low of today cs.
Mind explaining the logic? and what is yout SL?
Hey there... Here is the reason why I shorted... I looked at what I call THE BIG PICTURE. By looking at the 4H chart, you obviously know the direction of the trend. I don't want to go against it.

Here is my analogy... and my friends can tell you that I love my analogies. If your about to jump on the interstate with your car, are you safe by going in the same direction of the traffic flow, or do you want to drive opposite of where everyone else is going? Hence.... The Big Dog System.

S/L is 15. I make it short sweet and simple.

Look at my attachment.... would you say that I was safe in assuming that I was taking a good trade?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 4h.png Size: 27 KB
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #209
  • Sep 4, 2008 10:23am Sep 4, 2008 10:23am
Quoting trujillo1980
Could you tell us why you set a t/p of 10 pips? (original poster said t/p of 30-50 pips)

thanx...
Hey there... it is not the pips that makes you money, it is the size of the lots.

Good Luck
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #210
  • Sep 4, 2008 10:26am Sep 4, 2008 10:26am
Quoting sonicdeejay
Finally, the big dog master has spoken...


Sonic
LOL... you kill me my good friend. It was the mega emails and wonderful pm's that asked me to return and I did. You were one of my buddies that talked me into doing so.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #211
  • Sep 4, 2008 10:26am Sep 4, 2008 10:26am
One hour chart seems to be better than TF 15mn but you must open your stop order at 11:00am NYTime only.

EUR breakout is the blue range and NY breakout is the silver range.
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd.gif Size: 22 KB
  • #212
  • Sep 4, 2008 10:27am Sep 4, 2008 10:27am
Sorry if I am being a bonehead here. Just want to make sure I've got this straight.

As I understand the system, we place a buy or sell stop a few pips higher or lower than the high or low of the 8 bars that comprise the period between 7 AM and 9 AM ET. Thus I am usually placing my buy/sell stop orders between 9:00 AM and 9:05 AM. Is this correct?

How many pips cushion are you using above and below the high and low of the two hour period? I had mine set to 3 today and was triggered long on the GBP/USD. Is 5 enough? Or should we maybe consider 10?

Also, being that your risk:reward is 15:10, you have to win better than 60% of the time to be profitable. Has that been the case for you with this system?

Thanks again.

Scott

Quoting CTGUY
3) Are you placing your order at 9 AM ET or 9:15 AM ET? There seems to be some confusion about that. I place my order in on the breakout of the 9:15 am candle as shown in the picture attached.
Prices are never too high to begin buying or too low to begin selling.
  • #213
  • Sep 4, 2008 10:28am Sep 4, 2008 10:28am
Quoting Thierry89
One hour chart seems to be better than TF 15mn but you must open at 11:00am NYTime

EUR breakout is the blue range and NY breakout is the silver range.

Great observation
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #214
  • Sep 4, 2008 10:29am Sep 4, 2008 10:29am
I don't trade this method. I was just quoting the first post and the fact that 15 pips is pretty miniscule.

Quoting thehenryfam
So what were you using on which pairs today, and was your SL hit yet?

Scott
  • #215
  • Sep 4, 2008 10:31am Sep 4, 2008 10:31am
The same observation with GBP/USD
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd.gif Size: 24 KB
  • #216
  • Sep 4, 2008 10:33am Sep 4, 2008 10:33am
Absolutely it's just the idea. But breakout blocks are as old as dirt. Surely this can't be the first time you've seen a breakout box, Sonic. I know you've been around longer than that. All I was commenting on was that a 15 pip sl is very tight, in my opinion.

Quoting sonicdeejay
The beauty of the system is the idea behind it...Not all the rules..U can change accordingly to make it profitable...Am I seeing an ex-Kantor??

sonic
  • #217
  • Sep 4, 2008 10:34am Sep 4, 2008 10:34am
Quoting Thierry89
One hour chart seems to be better than TF 15mn but you must open your stop order at 11:00am NYTime only.

EUR breakout is the blue range and NY breakout is the silver range.


How is it better? I thought this system was simply a range over a specific time period, not a specific amount of bars. Therefore the timeframe used would be pretty much irrelevant.
  • #218
  • Sep 4, 2008 10:36am Sep 4, 2008 10:36am
Another loss with USD/CAD in 15mn but all is right in 1H
Attached Image (click to enlarge)
Click to Enlarge Name: usd-cad.gif Size: 22 KB
  • #219
  • Sep 4, 2008 10:37am Sep 4, 2008 10:37am
Quoting thehenryfam
Sorry if I am being a bonehead here. Just want to make sure I've got this straight. Your not being boneheaded... your asking for clarification which will give you a better understanding of how I and other trade this system. All questions are GOOD!

As I understand the system, we place a buy or sell stop a few pips higher or lower than the high or low of the 8 bars that comprise the period between 7 AM and 9 AM ET. Thus I am usually placing my buy/sell stop orders between 9:00 AM and 9:05 AM. Is this correct? It is actually 9 bars between 07:00-09:00 if this helps. At the 09:15 bar start... you set your sell and/or buy stops. At 09:15, you will know the exact high and low of the previous bars.

How many pips cushion are you using above and below the high and low of the two hour period? I had mine set to 3 today and was triggered long on the GBP/USD. Is 5 enough? Or should we maybe consider 10? That is up to you...but I keep mine one pip at the breakout.. if 1h and 4h charts show a long and the high of the 07:00 to 09:14:59 am est is 1.7010 (an example), I jump in at 1.7011. But this is my trading method.

Also, being that your risk:reward is 15:10, you have to win better than 60% of the time to be profitable. Has that been the case for you with this system? The money management/reward risk ratio is totally up to the individual trader. I can't tell you what to do here.

Thanks again.

Scott
I hope the above helps... if not, continue to ask away my friend.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #220
  • Sep 4, 2008 10:39am Sep 4, 2008 10:39am
Quoting thehenryfam
Sorry if I am being a bonehead here. Just want to make sure I've got this straight.

As I understand the system, we place a buy or sell stop a few pips higher or lower than the high or low of the 8 bars that comprise the period between 7 AM and 9 AM ET. Thus I am usually placing my buy/sell stop orders between 9:00 AM and 9:05 AM. Is this correct?

How many pips cushion are you using above and below the high and low of the two hour period? I had mine set to 3 today and was triggered long on the GBP/USD. Is 5 enough? Or should we maybe consider 10?

Also, being that your risk:reward is 15:10, you have to win better than 60% of the time to be profitable. Has that been the case for you with this system?

Thanks again.

Scott
Maybe the box should be 7:00 - 9:15 Est??
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