OILFXPRO cable breakout system | Forex Factory

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OILFXPRO cable breakout system

  • #1
  • First Post: Edited Feb 25, 2007 8:01pm Feb 21, 2007 2:47pm | Edited Feb 25, 2007 8:01pm
Hi guys

This cable breakout system looks very promising and your inputs will help.

The strategy was orignally posted with indicators templates at
{link removed}

This system was the inspiration of Hans and was created by oilfxpro based on the orignal Hans system

Determine the 09.00 CET – 10.00 CET High Low GBP/USD

Set BuyStop at High + 5 pips and SellStop at Low - 5 pips

Set Target Price at entry 70 pips for GBP/USD

Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 17.00 C E T.


At 18.00 CET all orders expiring and close all trades at market. On Friday we do the same at 18.00 CET.

Exits:If target price is met or earlier When 3 wma crosses 6 wma on 30 m charts.Also exit at 1 st resistance /support on pivots.

Download pivot indicator from
http://f0rex.free.fr/metatrader/mt4-indicators/


This link displays the time in every major city in the world: www.qlock.com.

Indicator below needs updating

Have good discussion and happy trading

El Cid
  • #2
  • Feb 21, 2007 3:02pm Feb 21, 2007 3:02pm
Hi,

I have been looking at "your" strategy at the other forum. When time permits I will try.

Have anybody else done any forward testing on it already?

Regards
  • #3
  • Feb 21, 2007 3:16pm Feb 21, 2007 3:16pm
Quoting jogge
Hi,

I have been looking at "your" strategy at the other forum. When time permits I will try.

Have anybody else done any forward testing on it already?

Regards
I am monitoring it at present and it has produced profits for last 3 days whereas the other system has not.

This system has not been tested but is awaiting offers.

I devised this system as I wanted a robust and reliable breakout system which could stand the test of time

I am working on devising and testing 3 systems on oil and 3 systems on currencies....that leaves me very little time

Regards

El cid
  • #4
  • Feb 22, 2007 11:55am Feb 22, 2007 11:55am
Long 1.9496 Closed Out 1.9566

70 Pip Target Achieved .Actual traded

Exit Because I Am Happy To Take A Profit And Day Is Slow


Another message board owner is offering signals on this system .The signals are being offered through intermediaries and traders are being charged $100 per month .


El Cid
  • #5
  • Feb 22, 2007 12:07pm Feb 22, 2007 12:07pm
oilfxpro soite will post results here soon
Attached Images
  • #6
  • Feb 22, 2007 12:26pm Feb 22, 2007 12:26pm
Quoting EL CID
Determine the 09.00 CET – 10.00 CET High Low GBP/USD
Hello,

Just trying to understand your system. So you simply straddle the 1 hour bar of this specific time?

-Mikhail
  • #7
  • Feb 22, 2007 12:41pm Feb 22, 2007 12:41pm
Quoting mikhaildgreat
Hello,

Just trying to understand your system. So you simply straddle the 1 hour bar of this specific time?

-Mikhail
yup with good trade management ie exits and three exit options


El Cid
  • #8
  • Feb 22, 2007 1:14pm Feb 22, 2007 1:14pm
Quoting EL CID
yup with good trade management ie exits and three exit options


El Cid
Do you keep reentering after being stopped?
  • #9
  • Feb 22, 2007 1:21pm Feb 22, 2007 1:21pm
Quoting mikhaildgreat
Do you keep reentering after being stopped?

Once stopped no more entries .............in the same direction.............................but entries only in the opposite direction


El
  • #10
  • Feb 23, 2007 7:10am Feb 23, 2007 7:10am
Just got a nice winning trade GBP/USD!

Will for shure look further into this next week!

Regards
  • #11
  • Edited Feb 25, 2007 8:02pm Feb 23, 2007 7:50am | Edited Feb 25, 2007 8:02pm
Quoting EL CID
Hi guys

This cable breakout system looks very promising and your inputs will help.

The strategy was orignally posted with indicators templates at


This system was the inspiration of Hans and was created by oilfxpro based on the orignal Hans system

Determine the 09.00 CET – 10.00 CET High Low GBP/USD

Set BuyStop at High + 5 pips and SellStop at Low - 5 pips

Set Target Price at entry 70 pips for GBP/USD

Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 17.00 C E T.


At 18.00 CET all orders expiring and close all trades at market. On Friday we do the same at 18.00 CET.

Exits:If target price is met or earlier When 3 wma crosses 6 wma on 30 m charts.Also exit at 1 st resistance /support on pivots.

Download pivot indicator from
http://f0rex.free.fr/metatrader/mt4-indicators/


This link displays the time in every major city in the world: www.qlock.com.

Indicator below needs updating

Have good discussion and happy trading

El Cid
hi el cid,
i like to enquire if your syatem can be used to trade during news releasing? is this system only used in cable? what abt other pairs? thanks
  • #12
  • Feb 23, 2007 10:25am Feb 23, 2007 10:25am
Quoting fxnewbie 71
hi el cid,
i like to enquire if your syatem can be used to trade during news releasing? is this system only used in cable? what abt other pairs? thanks

only in cable

6 pips profit today

profit everyday this week
  • #13
  • Feb 23, 2007 10:42am Feb 23, 2007 10:42am
Determine the 09.00 CET – 10.00 CET High Low GBP/USD

What is the significance of the 9.00 CET - 10:00 CET time? Is it the time of the London Market Open? What is the corresponding GMT time?
  • #14
  • Feb 23, 2007 11:09am Feb 23, 2007 11:09am
Use this to convert:

http://www.timezoneconverter.com/cgi-bin/tzc.tzc
  • #15
  • Feb 23, 2007 11:40am Feb 23, 2007 11:40am
Quoting et_phonehome_2
Use this to convert:

http://www.timezoneconverter.com/cgi-bin/tzc.tzc

this doesn't answer all of my questions?
  • #16
  • Feb 23, 2007 11:52am Feb 23, 2007 11:52am
u k morning open 8 am to 9 am gmt
  • #17
  • Feb 23, 2007 1:07pm Feb 23, 2007 1:07pm
These People Are Crazy About Us Posting Links
Attached File(s)
File Type: pdf LogicalTraderExcerptChapterOne.pdf   163 KB | 1,258 downloads
  • #18
  • Feb 24, 2007 3:11am Feb 24, 2007 3:11am
Late exits on a short on friday cost us 25 pips


Exit your positions faster than the markets

The Time Factor
As you plot your trades based on Point A up/down and Point C up/down, there is another concept that you must keep in mind: time. Too many traders focus only on price, and not enough on time. In other words, when plotting out your trade, it is not only if a price level is reached but how long the market spends there. The vast majority of traders I know trade on price, but not on time. How many people have you heard say that if you take a position and it doesn’t go anywhere in 20 or 30 minutes then you should get out? Very few, if any. I’m here to state that time is the most important factor in trading. If the scenario you’ve envisioned doesn’t materialize within a certain time frame, then just move on and look for the next trade.
* * *
In trading, time is actually more important than price.
* * *
How do you factor time into your trades? Simple. You set the time parameters for a certain scenario to occur. As a minimum, the market must trade at a certain level for a time period equivalent to half the opening range. As a maximum, if the market has not acted the way you expected within a timeframe equivalent to the opening range, then get out

Time also applies to exits on profitable trades

What do u do ON A PROFITABLE ENTRY if a market stays at a price for 30 minutes?Post your replies
  • #19
  • Feb 24, 2007 12:42pm Feb 24, 2007 12:42pm
Appreciate your posting this POWERFUL system, El Cid... backtesting for Feb has shown me over 500 pips to date!!...
Your template/indicator starts at 2am EST... (London opens at 3am EST).. is this the right timeframe i.e, 2am to 3 am EST? I tried editing your indicator to +7 (FXDD time frame is GMT +7) but the indicator STILL starts at 2:00AM EST..
I was understanding that the 3am to 4am EST was the correct hour?
  • #20
  • Feb 24, 2007 12:57pm Feb 24, 2007 12:57pm
Quoting audionut
Appreciate your posting this POWERFUL system, El Cid... backtesting for Feb has shown me over 500 pips to date!!...
Your template/indicator starts at 2am EST... (London opens at 3am EST).. is this the right timeframe i.e, 2am to 3 am EST? I tried editing your indicator to +7 (FXDD time frame is GMT +7) but the indicator STILL starts at 2:00AM EST..
I was understanding that the 3am to 4am EST was the correct hour?
We are using C E T which is 1 hour earlier..U K is Western European time.

These templates and indicators may need to be rewritten and checked by a computer expert.I used other templates and indicators and changed them ..and I could have made a mistakeas I am not a programmer .

Your results may well be correct

Please post your results

Regards

El Cid
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