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0400-0700 GMT Breakout Strategy

  • #81
  • Jul 20, 2009 6:29pm Jul 20, 2009 6:29pm
thanks for a quick reply two question

what is your tp and sl ( i think you mentioned 60 sl just to verify )
and if possible a quick idea towards mm

thanks


Quoting Takisd
Approx 3 yrs. But mostly eur/jpy. Its a stop hunting method, most market makers use it, along with the order book.
.
"The person who knows that enough is enough, will always have enough". .
  • #82
  • Jul 20, 2009 7:12pm Jul 20, 2009 7:12pm
I only trade the smaller ranges, so my SL is between 30 and 60 usually. I tp 20-30 depending on my personal day. If I have the time to watch I will go for a 30 pip tp.

This is just a spare change machine to go with swing trading. You can make a business out of it, but I find it a good supplement. I would be using between 5 and 10% per trade on breakouts, only because of the high hit rate, and because my regular trading compliments it all.

With all this being said, If i were travelling I would probably just trade the breakouts and go for gold, but I don't have the time yet to travel, until I resign from my job, Which i am planning to do in the very near term. (am a corporate trader at the moment for a market maker).

Remember boys and girls, trading is one of the worst things you can do to your health, and I have suffered the consequences from it, I have extremely low blood pressure, anxiety and low vitality. As well as bad circulation etc, which is the result of order book grinding for 12 months, 16 hrs a day.

You have to learn to balance life, and not try to get everything instantly.
  • #83
  • Jul 20, 2009 8:10pm Jul 20, 2009 8:10pm
Here are some days which I observe having loss.
Mostly there are fake breakout.
After reading the post from original post of BIG DOG. sonic suggests a method to confirm the breakout.
i.e. waiting the bar close and the close is breakout already.
If close is out of the range, open a position.

But it seems that it need for EA to run this ...is anyone can help to test ?

Thank a lot....
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  • #84
  • Jul 20, 2009 9:51pm Jul 20, 2009 9:51pm
Quoting wltam
Here are some days which I observe having loss.
Mostly there are fake breakout.
After reading the post from original post of BIG DOG. sonic suggests a method to confirm the breakout.
i.e. waiting the bar close and the close is breakout already.
If close is out of the range, open a position.

But it seems that it need for EA to run this ...is anyone can help to test ?

Thank a lot....
The first one the range was too big in my opinion.

but i think the timing is wrong on all of them.
  • #85
  • Jul 20, 2009 11:11pm Jul 20, 2009 11:11pm
Quoting Takisd
The first one the range was too big in my opinion.

but i think the timing is wrong on all of them.
Thank Takisd

oh..really...

i use FxPro which hv 5 digits and some of the range are <99pips


as foresaid, i put order at 0730 and use the range from 0400- 0730 (3.5 hrs)
I use this range ....because there will more loss if i use the range to 0700.
That just my opinion. Please correct me or comment if you think different.
thank a lot again
  • #86
  • Jul 20, 2009 11:15pm Jul 20, 2009 11:15pm
Quoting wltam
Thank Takisd

oh..really...

i use FxPro which hv 5 digits and some of the range are <99pips


as foresaid, i put order at 0730 and use the range from 0400- 0730 (3.5 hrs)
I use this range ....because there will more loss if i use the range to 0700.
That just my opinion. Please correct me or comment if you think different.
thank a lot again
I dno for some reason the 2nd two made me think your timing is off a bit.

I will look at my platform when i get home from work, cant put the indicator on the charts here.
  • #87
  • Jul 21, 2009 12:16am Jul 21, 2009 12:16am
Quoting Takisd
I only trade the smaller ranges, so my SL is between 30 and 60 usually. I tp 20-30 depending on my personal day. If I have the time to watch I will go for a 30 pip tp.

This is just a spare change machine to go with swing trading. You can make a business out of it, but I find it a good supplement. I would be using between 5 and 10% per trade on breakouts, only because of the high hit rate, and because my regular trading compliments it all.

With all this being said, If i were travelling I would probably just trade the breakouts and go for gold,...
Thanks for your valuable contributions.

I know your time is precious, but keep on posting.

It is always good to learn from the experts.
  • #88
  • Jul 21, 2009 12:56am Jul 21, 2009 12:56am
Quoting forexisfx
manage to take some money from GBPUSD live account. It was like 2 sec from entry to take profit.
manage to take some money again from GBPUSD live account. But this time round was 51 mins from entry to take profit.
  • #89
  • Jul 21, 2009 11:04am Jul 21, 2009 11:04am
Hi all,

First of all this is working well for me, thanks to the authore, but I use different time frame 2-5am GMT, when 5am ends it is exactly the open of the euro session. I do open 2 entries set both 60 pips SL and close the first entry at 30 pips and target another 40 with the 2nd entry which totals 100 pips. If the 2nd entry doesn't hit 40 then it breaks even which leaves me with 30 pips profit. I am not looking for more or less, 100 pips is my target on each trade.
  • #90
  • Jul 21, 2009 11:50am Jul 21, 2009 11:50am
Quoting fed
Hi all,

First of all this is working well for me, thanks to the authore, but I use different time frame 2-5am GMT, when 5am ends it is exactly the open of the euro session. I do open 2 entries set both 60 pips SL and close the first entry at 30 pips and target another 40 with the 2nd entry which totals 100 pips. If the 2nd entry doesn't hit 40 then it breaks even which leaves me with 30 pips profit. I am not looking for more or less, 100 pips is my target on each trade.
what pair do you trade? g/u or e/u?
  • #91
  • Jul 21, 2009 1:05pm Jul 21, 2009 1:05pm
Hello,
I am a newbie in trading, I follow this thread with interest

Big Dog strategy (7am-9am) is explained with the possibility to use a 15 trailing stop for a 15 TP.

I am wondering if a trailing stop is suitable for this strategy (london open)?

a 60 SL and a 30 TP, give me a too small profit ratio at my point of view.
I am afraid of a series of loss, that could drive the account down. Is there a way to see it coming ?

I dont have an EA yet, but it could be very useful to assess the profitability of the system. If someone got one please send me the file.

Greetings from switzerland
  • #92
  • Jul 21, 2009 6:09pm Jul 21, 2009 6:09pm
tasciy,

Do you use an offset buffer (e.g. 10 pips) before making a trade, or do you simply use the top and bottom of the box for your breakout entries?

Thanks,
Bob
  • #93
  • Jul 21, 2009 6:12pm Jul 21, 2009 6:12pm
Quoting pipoca
Hello,
I am a newbie in trading, I follow this thread with interest

Big Dog strategy (7am-9am) is explained with the possibility to use a 15 trailing stop for a 15 TP.

I am wondering if a trailing stop is suitable for this strategy (london open)?

a 60 SL and a 30 TP, give me a too small profit ratio at my point of view.
I am afraid of a series of loss, that could drive the account down. Is there a way to see it coming ?

I dont have an EA yet, but it could be very useful to assess the profitability of the system. If someone got one please...
I think that the trailing stop is an element of greed "I could have taken 300 pips if i had a trailing stop"... Easier to just get in and out. The breakouts occur due to a form of stop hunting by market makers, not because thats a new trend. Best to get in and out, at least in my opinion. But hey, I'm not greedy.
  • #94
  • Jul 21, 2009 6:31pm Jul 21, 2009 6:31pm
Quoting wltam
Here are some days which I observe having loss.
Mostly there are fake breakout.
After reading the post from original post of BIG DOG. sonic suggests a method to confirm the breakout.
i.e. waiting the bar close and the close is breakout already.
If close is out of the range, open a position.

But it seems that it need for EA to run this ...is anyone can help to test ?

Thank a lot....
I agree with you. I see those as all losers on my charts too.

I'd like to know a way to prevent them but I'm not sure if it's worth trying to filter these out with the 80% hit rate we already have. I saw someone mention to not trade when the range is more than 100 pips. That would filter out a few losses but it would also filter out a lot of wins.
  • #95
  • Jul 21, 2009 7:04pm Jul 21, 2009 7:04pm
Quoting tasciy
what pair do you trade? g/u or e/u?
g/u
  • #96
  • Jul 21, 2009 7:08pm Jul 21, 2009 7:08pm
What I do is for short entries I add 7 pips and for long entries 7 + spread usually totals to 10-11 pips, works great.
  • #97
  • Jul 21, 2009 7:18pm Jul 21, 2009 7:18pm
i was also considering that so you miss some false breakout also fed what is your win/lose ratio


Quoting fed
What I do is for short entries I add 7 pips and for long entries 7 + spread usually totals to 10-11 pips, works great.
"The person who knows that enough is enough, will always have enough". .
  • #98
  • Jul 21, 2009 7:32pm Jul 21, 2009 7:32pm
Quoting maq
i was also considering that so you miss some false breakout also fed what is your win/lose ratio
adding 7 pips for shorts and 7 + spread for longs allows me to close at least the first position at 30 pips at about 90-95%, the second position aiming for another 40 pips is about 65-70% of that 90-95% win %, it works out very well. I strongly suggest to try it. I also had days that I got burned with 2 open positions 60 pips each on each trade that I lost but again I am managing to win the major war, loosing few battles will not make you loose the war.

I forgot to add this peice. If you look the last 2 days at your charts monday and tuesday 2-5 gmt I had 100 pip trades for both nights and I am hoping it would continue tonight as well.
  • #99
  • Jul 21, 2009 7:52pm Jul 21, 2009 7:52pm
My spread on g/u gets as low as .5pip, i dont see the significance of the number 7 either.

I dno, I must be looking at different charts.

The fact of the matter is, you are going to win some you are going to lose some. as long as you come out on top. No one will ever have 100% profitable trades. So best take some time to get bigger money, and get a nice track record over a long period of time.

I did not trade g/u last night, just because the market had alrdy moved so much, i missed a profitable trade. So what? I didn't risk anything either.
  • #100
  • Jul 21, 2009 7:57pm Jul 21, 2009 7:57pm
At very volatile days I do increase the SL to 80-100 pips depends of the daily moving average, then ofcourse I also increase the TP pips as well. I follow the ATR which gives me a good view of the volitility. Because I use the 30 min chart, ATR will show 15 pips, what I do is multiply that by 2 and the number of pips equals 30 pips, that is why I aim 30 pips for my first target at this time. When or if things become volatile again I will look at the number that ATR will give me and then apply that.
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