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7am-9am Big Dog USD Breakout Strategy

  • #901
  • Dec 2, 2008 4:40am Dec 2, 2008 4:40am
Quoting xspowerx
The consistency of successful trades this strategy has provided for me has been unbelievable in the last few weeks! This strategy combined with proper money management is a huge success.

CTGUY,

[size=2]I traded this morning using this method and made 38 pips; however, I am not sure if I did it by pure luck this time. When “16:00” came around, my box was drawn from 1.4947 to 1.5028. My question is, do you wait until the 16:00 bar closes to note the high and lows, meaning you are not able to start trading till the...
Correct, you wait until the 1600 candle closes and that is what forms your box. You then wait for a breakout at that point. Great pips yesterday!

Good Luck
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #902
  • Edited 4:59am Dec 2, 2008 4:43am | Edited 4:59am
Quoting Bobcat2
CTGUY,

Your system delivered 20 pips for me during the London market, and another 35 pips with the New York market. Breakout/straddle systems have been the only strategies that have consistently made me profits over the past 3 years. This may be the best, yet!

Thank you for sharing!
Your more than welcome. It is a shame that 47 people that have no clue voted that this system is not profitable. If you noticed, I said people, not traders.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #903
  • Dec 2, 2008 4:45am Dec 2, 2008 4:45am
what are you thinking about if stop 50p, profit to close 1/2 position when +25p and other move to BE ? 1 stop = 4 profit!
  • #904
  • Dec 2, 2008 4:49am Dec 2, 2008 4:49am
7am - 9am it is 11- 13 GMT ???
  • #905
  • Dec 2, 2008 4:51am Dec 2, 2008 4:51am
[quote=dkv023;2389727]7am - 9am it is 11- 13 GMT ???[/quote

7 - 9am is NY time...you need to do conversion to figure out what your timeframe is depending on your brokers charts. There are several previous postings on how to determine this

Good Luck
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #906
  • Dec 2, 2008 5:14am Dec 2, 2008 5:14am
Quoting dkv023
7am - 9am it is 11- 13 GMT ???
I have seen several people say that 7 - 9am is 11 - 13 GMT but its not!!

It is 12 - 14 GMT.

The time now is 11:13am in London and it is 06:13 in New York. I know this because I have a Bloomberg next to me.
  • #907
  • Dec 2, 2008 5:22am Dec 2, 2008 5:22am
yes that is rigth! it is link there can see NY time
http://www.timeanddate.com/worldclock/city.html?n=179
  • #908
  • Dec 2, 2008 6:01am Dec 2, 2008 6:01am
pls can someone post the current Ea

thanks
  • #909
  • Dec 2, 2008 6:12am Dec 2, 2008 6:12am
Quoting the_wizard
I have seen several people say that 7 - 9am is 11 - 13 GMT but its not!!

It is 12 - 14 GMT.

The time now is 11:13am in London and it is 06:13 in New York. I know this because I have a Bloomberg next to me.
I believe that a change in daylight saving has made that difference. When the thread first started it was 11-13GMT but now as you say, it's 12-14GMT.

That means that come next February/March or so, the time will revert to 11-13GMT.
  • #910
  • Dec 2, 2008 7:17am Dec 2, 2008 7:17am
Hey, guys it looks like there are some wide 0700-0900 ranges in euro,cable, aussie. Does that mean to turn the system off on those pairs?
  • #911
  • Dec 2, 2008 7:23am Dec 2, 2008 7:23am
Also euro and aussie have a different set-up that my line up with 0700-0900 ORB. Yesterdays high give or take this recent fake-out.Does this mean keep the system on?
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  • #912
  • Dec 2, 2008 8:01am Dec 2, 2008 8:01am
who want to trade gbp/usd now with box 260p ?
  • #913
  • Dec 2, 2008 8:02am Dec 2, 2008 8:02am
Quoting mjs12
I believe that a change in daylight saving has made that difference. When the thread first started it was 11-13GMT but now as you say, it's 12-14GMT.

That means that come next February/March or so, the time will revert to 11-13GMT.
Yes my friend your right.
It seems that many traders on this forum don't know what are the exact trading hours due to change of daylight savings time.

To clarify these problem, i think everyone should calculate his own time regard to GMT time, not New York or London.
During summer time London is not on GMT but GMT +1
The rest of the Europe during summer time is GMT +2
DST in EUROPE start at 29 of March and ends 25 of October (for 2009)
DST in USA start 08 of March and ends 01 of November (for 2009)

Right now New York is GMT -5, so proper time set for box is 12:00-14:00 GMT; it's eqals to 7:00-9:00 New York time.

After the 08 of March time setting should be GMT -4; time box 11:00 - 13:00 for New York time.

So we should draw our boxes until 08 of march 2009 with range from 12:00 - 14:00 GMT.

Cheers
Gutenberg money printing machine
  • #914
  • Dec 2, 2008 8:11am Dec 2, 2008 8:11am
Quoting way2Freedom
Hi,

Thanks for sharing your result. I have a couple of questions:

1. Do you check the trend before entering a trade or do you setup two entries ,short and long, regardless of the trend direction?

2. Have you checked if you can limit your stop to only 30 pip? I noticed that if price goes 30 pip against you then it will be a loosing trade.


Cheers
- I'm not concerning about trend, just do it when it breaks
- I think 30 pip is to small SL for my style, as you mentioned many times it returned to be a loser for such a small SL. My SL is often between 60-100 pip.
Gutenberg money printing machine
  • #915
  • Edited 8:33am Dec 2, 2008 8:21am | Edited 8:33am
Quoting tsimic6
- I'm not concerning about trend, just do it when it breaks
- I think 30 pip is to small SL for my style, as you mentioned many times it returned to be a loser for such a small SL. My SL is often between 60-100 pip.
which is your profit?
  • #916
  • Dec 2, 2008 11:14am Dec 2, 2008 11:14am
Dear CTGUY,

First I want to thank you for this thread and your contributions on it. Its quite clear your a pretty sharp trader so its nice to here your take on this method.

I think the main reason that so many people like this method is because its simplicity. The reason they are having success is not so much the system its more so they finally found something they can apply consistently. On that note I don't want to damage this thread and make it more complicated.

However, there are some advanced traders on here that may like to fully implement methods related to this system. Ctguy, what do you think about Mark Fishers ACD method. It seems quite similar to your method just a little more cumbersome. After reading your thread I thought I would brush up on the ACD method or at least my variation of it.

Here is a trade I took using a variation of the ACD method.

Here's the blue print
A= ORB of 0600-0800 C.E.T.
B= ORB of 0600-0800 C.E.T.
C= Upper boundary of 0700-0900 E.S.T.
D= Lower boundary of 0700-0900 E.S.T.

The trade was a long on the bounce off B.
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  • #917
  • Dec 2, 2008 11:32am Dec 2, 2008 11:32am
Quoting dkv023
which is your profit?
I've explained few times my trading style, there is one more time:

TP1 - 15 pip (move SL to be)
TP2 - 45 pip
TP3 - 100 pip

That's it

Cheers
Gutenberg money printing machine
  • #918
  • Dec 3, 2008 3:59am Dec 3, 2008 3:59am
Quoting mjs12
Providing you have a hit rate greater than 67%, there's nothing wrong with a 2:1 risk reward ratio. It would be the same as having a risk reward ratio of 1:2 and winning 33% of the time.

We know that this type of trading generally has a high hit rate, so there's no real issue.

Tsqaud, what sort of hit rate have you been achieving with your approach?

Kind Regards,
Matt.

Matt

I am running about 6 to 7 winners for every loser. I hope (anyway) the good hit rate is because of only taking orders that appear to be with the trend. For the London open, I had 3 winners and no losers. +45 pips...


T...
  • #919
  • Dec 3, 2008 7:39am Dec 3, 2008 7:39am
Just got creamed by a false breakout. Sold 10 pips below box low, SL set to 30 pips about half the box. Three trades, all stopped out -90 pips.
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Isolate yourself from the herd
  • #920
  • Dec 3, 2008 7:50am Dec 3, 2008 7:50am
Quoting forexweasel
Just got creamed by a false breakout. Sold 10 pips below box low, SL set to 30 pips about half the box. Three trades, all stopped out -90 pips.
No wonder...trading hasn't started, yet.
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