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Daily GBP/JPY Breakout System

  • #141
  • Aug 14, 2008 4:45pm Aug 14, 2008 4:45pm

FXCM



hi
205.76
low
204.5
hw mn brs
8
buy
205.84
sl
204.58
tp
207.1
sell
204.49
sl
205.75
tp
203.26
range
126




Yesterday took a loss of -23.
  • #142
  • Feb 26, 2009 1:58pm Feb 26, 2009 1:58pm
I only trade to get 150 pips. Not the range.

I am up + 12 for the week.

Anyone else still using the system?

Tonight is winner or loser for the week. Lets see.
  • #143
  • Feb 27, 2009 11:17pm Feb 27, 2009 11:17pm
+162 pips for the week.

It has been a ranging week.

But pips made.


See ya next week.
  • #144
  • Feb 28, 2009 9:36am Feb 28, 2009 9:36am
Adding my two cents, if I may, it appears to me that breaking out of the high and low of the Tokyo session nets some good pips. I just became aware of this this very week, so I cannot offer time tested results, but it appears to have promise. At the start of London I draw a fibo from the last nine hours (Tokyo) and project targets high and low and set my buy/sell stops. I have had losses but they were recouped, sometimes on the same pair in the opposite direction. Sometimes, but rarely, it seems to win in both directions. Again, I am new to this idea but would like to hear what you think. I am not even sure we want to keep this to the Gbp/Jpy or not. Other pairs do not seem to have the same potential, but could scratch out some positive pips while we are still concentrating on the Gbp/Jpy.
I am just a demo trader so please do not think I have any trading credentials or extensive experience. I have been fascinated with straddles though and am thinking this particular plan may have some merit. Then again........maybe not.
  • #145
  • May 31, 2009 12:04am May 31, 2009 12:04am
Quoting billbss
This method is going to the scrap heap. It has lost the last 7 or 8 days in a row. It was a test and it failed. If the GBP/JPY ever gets back to normal it may grind out a profit, bit this has had too many consecutive losses to be a viable method, even if it suddenly starts back on track. If anyone else has any ideas, feel free to offer them, we'll track them. Meanwhile, I'll do some digging and see if I can come up with a daily breakout that works.
HI Billbss,

Perhaps the follow adjustments would make this a more profitable strategy: (1) Trade the break-out at the end of the asian session; (2) 1:1 risk:reward; (3) move sl to b/e after a 30 pip favorable gain; (4) optional... consider a modified martingale (i.e. after 3 losses in a row, double the lot size... once you win scale down the same way you scaled up... again, opitonal).

Walt
  • #146
  • Jul 14, 2009 6:06pm Jul 14, 2009 6:06pm
I,m trying the 150 limit if range is above 100

monday 7-13-09

hi-150.99
lo-148.11

closed out buy with +104


tuesday 7-14-09

hi-152.33
lo-150.81
  • #147
  • Jul 15, 2009 10:00pm Jul 15, 2009 10:00pm
hi-155.16
lo-153.28
Range 188

Still going for 150 with money management.
  • #148
  • Sep 8, 2009 8:23pm Sep 8, 2009 8:23pm
Please check out "4H Box Breakout" thread...

Quoting billbss
This method is going to the scrap heap. It has lost the last 7 or 8 days in a row. It was a test and it failed. If the GBP/JPY ever gets back to normal it may grind out a profit, bit this has had too many consecutive losses to be a viable method, even if it suddenly starts back on track. If anyone else has any ideas, feel free to offer them, we'll track them. Meanwhile, I'll do some digging and see if I can come up with a daily breakout that works.
  • #149
  • Last Post: Nov 20, 2012 5:26am Nov 20, 2012 5:26am
Thanks everyone here for the testing on this system.
I like to trade breakout system as it is very straight forward and does not requires much time to monitor or analyze the trade
I have also tested on GBY/JPY pair on daily breakout, but the results are not consistent. GBP/JPY pair seem to be more exotic and also has wider spreads compared to GBP/USD ; which is not really ideal to trade daily breakout.

Till now, GBP/USD is still my favorite pair to trade daily breakout as it has got the stronger and directional momentum for higher success rate of breakout!

Just my 2 cent
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