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Weekly Gbpjpy Breakout System

  • #541
  • Edited 3:21am Dec 1, 2008 1:23am | Edited 3:21am
Hi! I put on a trade Sunday evening. [email protected] with [email protected] and [email protected] with [email protected]. I know that my sell is not exactly according to the rules, but I was afraid of some of the lower lows made on friday. If they are broken I think we'll have a small rally down to at least 143.7x.

***
Edit: Profit taken @ 143.44. +206 pips
Buy order is cancelled
  • #542
  • Dec 7, 2008 3:28pm Dec 7, 2008 3:28pm
limit orders placed:
[email protected] sl: 137.55 tp: 128.83
[email protected] sl: 133.28 tp: 142.00

Of course, the upside is huge if 141 breaks. At least 143 seems like a good target...
  • #543
  • Dec 8, 2008 2:10am Dec 8, 2008 2:10am
Quoting janad
limit orders placed:
[email protected] sl: 137.55 tp: 128.83
[email protected] sl: 133.28 tp: 142.00

Of course, the upside is huge if 141 breaks. At least 143 seems like a good target...
buy limit entered this morning. It looks like a good run. Have moved buy SL to 137.1 with TP 1.43
  • #544
  • Dec 9, 2008 4:04am Dec 9, 2008 4:04am
Quoting janad
buy limit entered this morning. It looks like a good run. Have moved buy SL to 137.1 with TP 1.43
My stoploss was hit at 00:52 CET last night with -54 pips. I moved the stoploss although its not a part of the system. However, it turned out that the breakout Monday morning didn't sustain. So basically I think it was the correct choice even though a lost a few pips.
  • #545
  • Jan 24, 2009 4:14pm Jan 24, 2009 4:14pm
is this thread still alive. I have made a few changes and it still works if you make it. I just changed my tp and it seems to work fine here lately.
  • #546
  • Jan 24, 2009 6:42pm Jan 24, 2009 6:42pm
Hi Smurf,

Please share your new settings...I have always liked this thread.

Thanks,
Bob
  • #547
  • Feb 15, 2009 3:47am Feb 15, 2009 3:47am
Quoting Bobcat2
Hi Smurf,

Please share your new settings...I have always liked this thread.

Thanks,
Bob
The only thing that i do: if the range is more than 250, my pip limit is 150. If i am watching the trade And it gets 50 pip up, i move my stoploss to break even. Then if im still watch it, i will put a trailing stop on it. It seems to work for me.

My hi-lo>fxcm


hi-133.36
lo-131.26

these are the numbers that i work off of this week.
  • #548
  • Feb 16, 2009 5:49pm Feb 16, 2009 5:49pm
Quoting smurf
The only thing that i do: if the range is more than 250, my pip limit is 150. If i am watching the trade And it gets 50 pip up, i move my stoploss to break even. Then if im still watch it, i will put a trailing stop on it. It seems to work for me.

My hi-lo>fxcm


hi-133.36
lo-131.26

these are the numbers that i work off of this week.
took sell at 150 pips.
Not the range
  • #549
  • Feb 24, 2009 1:46am Feb 24, 2009 1:46am
HI 135.33
LO 133.66
Range 167

Made 150 pips on the buy.
Did any one else get at least 150.
  • #550
  • Feb 27, 2009 11:22pm Feb 27, 2009 11:22pm
FXCM

HI-140.57
LO-136.70
Range-387


I will only try for 150.

If around will monitor it for 387. Will lock in profit if it makes 150 then try a trailing stop.

Any one else around?
  • #551
  • Feb 28, 2009 12:31am Feb 28, 2009 12:31am
Still here watching this profitable method
  • #552
  • Mar 1, 2009 11:13am Mar 1, 2009 11:13am
Hi Everyone.

I discovered this system and have been studying it. It appears to work so I am going to trade with it this week.

I currently trade a small account live (successfully) and think this should give me more scope in my trading.

Many thanks for all your advise.
  • #553
  • Mar 1, 2009 2:58pm Mar 1, 2009 2:58pm
This system is still profitable. But it has i'ts moments. As they say it is a beast.

Enter with caution and by all means enter with caution.
Quoting jtoal
Hi Everyone.
I discovered this system and have been studying it. It appears to work so I am going to trade with it this week.

I currently trade a small account live (successfully) and think this should give me more scope in my trading.

Many thanks for all your advise.
  • #554
  • Mar 1, 2009 3:18pm Mar 1, 2009 3:18pm
what is your entry strategies for todays play??
  • #555
  • Mar 2, 2009 10:32am Mar 2, 2009 10:32am
Quoting behman8850
what is your entry strategies for todays play??

This is a weekly system.
The same rules from 1st post.
The only difference i use is that if the range is under 100, I dont trade. I use friday's 7-14 candle to find the hi-lo. And I only try for 150. Depend on the market i might use a trailing stop after i reach 100.
The same system with variations. Just make it work for you.
Right now we are in a sell lets ride it out and see.

Good luck to all.
  • #556
  • Mar 5, 2009 5:24am Mar 5, 2009 5:24am
Lost the buy this week.

Well, we'll try it next week.

Consistantcy is how you trade this system.
  • #557
  • Mar 9, 2009 1:08pm Mar 9, 2009 1:08pm
+150 on the sell for the week.
  • #558
  • Mar 10, 2009 4:03am Mar 10, 2009 4:03am
Hi Smurf

Nice result- I placed my buy/sell orders on Friday evening before the weekly close ( close enough not to risk a change in the parameters) and took +150 on the sell. I cancelled the buy. ( demo account only)

I trade a separate breakout system on a live account but am wanting to "widen my net" to embrace another system. This looks ideal-I particularly like the consistent stop loss and target each week, which may not suit everyone's style but fits with my attitude towards trading.

My view of systems like this is that as long there is consistency week in week out they can work,and produce overall profit.

This thread has gone quiet- there are a lot on FF like this- most "systems" work some of the time but a lot of people just expect too much of them and expect them to work all of the time. Sometimes threads go quiet because the simplicity of them is easy to understand and to implement and they are quietly followed in the background by successful traders.

I have back tested your 150 target and stop loss and the results going back into last year seem pretty good.

Whats your experience of trading this approach? Have you found it consistent?

thanks in advance

Mark
  • #559
  • Mar 11, 2009 2:48am Mar 11, 2009 2:48am
Quoting mark r
Hi Smurf

Nice result- I placed my buy/sell orders on Friday evening before the weekly close ( close enough not to risk a change in the parameters) and took +150 on the sell. I cancelled the buy. ( demo account only)

I trade a separate breakout system on a live account but am wanting to "widen my net" to embrace another system. This looks ideal-I particularly like the consistent stop loss and target each week, which may not suit everyone's style but fits with my attitude towards trading.

My view of systems like this is that as long there...

I have traded this system consistantly and some weeks you will get 2 or three loses in a row.

I dont recommend putting a trade in before the market closes because it could gap before it closes.

I would wait untill the market open. If i miss the boat there's next week.

Somewhere in the thread i read if it has taken off and comes back to the channell, then i could put the trade in, which i have done before.

I wish i could monitor the trade.

I sometimes use a trailing stop if i am watching it and can lock in 100 pip profit.

Usually the trade is done by tuesday or wensday. One week it wasnt through untill thursday.

I like to trade breakout systems. This and other daily systems can work. And expect the losing weeks.

The rules on the first page makes this a good system. I had to change a few things to make it work for me. I did not change the system just altered it to where it could work for me.

Consistancy is the key.

Is anyone else still trading this system?
  • #560
  • Mar 13, 2009 4:46pm Mar 13, 2009 4:46pm
FXCM

HI 138.16
LO 136.32

Any one trading next week?
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