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Attachments: 0400-0700 GMT Breakout Strategy
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0400-0700 GMT Breakout Strategy

  • #101
  • Jul 21, 2009 10:00pm Jul 21, 2009 10:00pm
Quoting Takisd
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....

wow .5 pips, you are getting that even in the london session? which brocker are you with again? I mean mine gets low as 2 pips but goes up 3-4 pips when london opens.
  • #102
  • Edited 3:10am Jul 22, 2009 1:50am | Edited 3:10am
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.
Hi Fed

Thanks for your input.

How long have you been using 2 to 5 GMT ? This might help when daylight saving kicks in again.

I see you use 30 min charts. Do you use the price at the end of the 5:30 GmT candle or the break of the 5 GMT price ?

Have you done some back testing ?

Thanks
  • #103
  • Jul 22, 2009 1:54am Jul 22, 2009 1:54am
Quoting fed
wow .5 pips, you are getting that even in the london session? which brocker are you with again? I mean mine gets low as 2 pips but goes up 3-4 pips when london opens.
I'm on 2 ECNs, the only one i will mention is fxopens ECN, the last few london breakouts ive traded on g/u were .5 and before that 1.5.
  • #104
  • Jul 22, 2009 3:00am Jul 22, 2009 3:00am
fxpro offer just as good too, 0.5 to 0.8 and 1.2, 1.5 as well.
PM Me If You Need Help!
  • #105
  • Jul 22, 2009 3:29am Jul 22, 2009 3:29am
is anybody SELL now?
  • #106
  • Jul 22, 2009 3:45am Jul 22, 2009 3:45am
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.
Hi fed

6am gmt is euro open(now) during the summer

7am gmt in winter months.

Are you saying you use the 5am 1hr candle as part of your range?
  • #107
  • Jul 22, 2009 5:10am Jul 22, 2009 5:10am
I want to set my pending trades manually. But...I am asleep most nights when the price hits +30 pips and I am unable to manually change the 2nd trade SL from -60 pips to breakeven.

Does anyone have an EA or script that would automatically change the SL on the 2nd trade to breakeven once +30 pips has been achieved?

Not being able to change that SL drastically affects the trading results! For example, tonight's 1st trade made the +30 pips...great! However, without being able to change the SL to BE on the 2nd trade, price has retraced as much as 40 pips and is currently about -20 pips...not so great.

Thanks,
Bob
  • #108
  • Jul 22, 2009 7:49am Jul 22, 2009 7:49am
its seem todays trade was a loser starting at 7.01 gmt due to a max of 30 pip if you used a buffer of even 1 pip you would have only hit 29

but if you started at 7.31 gmt it seems to have been a winner

any comments
"The person who knows that enough is enough, will always have enough". .
  • #109
  • Jul 22, 2009 8:25am Jul 22, 2009 8:25am
Using FEB's settings on IBFX, Trade #1 went +38 pips (10 pip buffer), so TP1 was achieved; Trade #2 retraced and hit SL @ breakeven.

Thanks FEB!
  • #110
  • Jul 22, 2009 8:44am Jul 22, 2009 8:44am
well this is the 0400-0700 GMT Breakout Strategy

feb's setting are different and well done to feb
can anyone backtest feb's settings?


Quoting Bobcat2
Using FEB's settings on IBFX, Trade #1 went +38 pips (10 pip buffer), so TP1 was achieved; Trade #2 retraced and hit SL @ breakeven.

Thanks FEB!
"The person who knows that enough is enough, will always have enough". .
  • #111
  • Edited 1:08pm Jul 22, 2009 8:52am | Edited 1:08pm
[quote=Bobcat2;2893083]
Does anyone have an EA or script that would automatically change the SL on the 2nd trade to breakeven once +30 pips has been achieved?


I am using this EA, I took from the tread The force 5 min system thread . I works well for taking the 30 pips tp1, 60 pips tp2 and have the BE at the TP1.

Regards
Attached File(s)
File Type: ex4 UpdateStops.ex4   12 KB | 832 downloads
  • #112
  • Jul 22, 2009 9:07am Jul 22, 2009 9:07am
Quoting matlobien
Hi Fed

Thanks for your input.

How long have you been using 2 to 5 GMT ? This might help when daylight saving kicks in again.

I see you use 30 min charts. Do you use the price at the end of the 5:30 GmT candle or the break of the 5 GMT price ?

Have you done some back testing ?

Thanks
hi, I started about 4 months ago, daylight savings already was changed by the time I was doing this. I believe the daylight savings will happen again august or something if I am not mistaking, what I know is if that happens just cound 1 hour less or more. I am not experienced on that yet sorry, we will all see and make the change then.
I don't wait for the full hour to close, I wait for the 30min candle close and then I place my order. so for ex I place the 2 lines one at 2am and one at 5am, I don't wait for the 5am candle to close I would either set up pending orders at 5:30 or if I don't have time I would enter right away when the price hit my line. If you notice I had another 100 pips last night, the only thing is I have to stay awake till 2:30am EST(my time). I have back tested it for the last 2 years and it really looked good and I started to use it when I saw this at babypips forum.
  • #113
  • Jul 22, 2009 9:14am Jul 22, 2009 9:14am
Quoting Bobcat2
I want to set my pending trades manually. But...I am asleep most nights when the price hits +30 pips and I am unable to manually change the 2nd trade SL from -60 pips to breakeven.

Does anyone have an EA or script that would automatically change the SL on the 2nd trade to breakeven once +30 pips has been achieved?

Not being able to change that SL drastically affects the trading results! For example, tonight's 1st trade made the +30 pips...great! However, without being able to change the SL to BE on the 2nd trade, price has retraced as much as...

hi, I know what you mean, this is what happens to me everynight, I set my pending orders or I enter in right away. I then right away put alerts to my cell phone before I go to bed which my brocker provides the alert forex.com, as soon as my TP1 hits, my cell phone wakes me up from my goodnight sleep (ussually happens in couple of hours from the start of the trade) then I get up and go down to my office and change the second order to break even, then go back to bed again and again in couple of hours I get another alert (if the second TP hits), then I get a good smile while sleeping.
  • #114
  • Jul 22, 2009 9:17am Jul 22, 2009 9:17am
According with my back test, in this month has been better to use the 30 TF to have betters results, 780 pips.
These are numbers are from July 1 to July 22 (today). Days with boxes of 100 pips or bigger weren’t traded, in any TF.

1 min 347 pips
5 min 446 pips
30 min 780 pips

For example in the 1 min TF the buy and sell orders are placed at 7:01 GTM , and in the 30 min TF the orders are placed at 7:31 GTM. It is using the 30 pipsTP1 and 60 pips TP2 MM.
Sorry for my bad English.
  • #115
  • Jul 22, 2009 9:19am Jul 22, 2009 9:19am
Quoting FOURX
Hi fed

6am gmt is euro open(now) during the summer

7am gmt in winter months.

Are you saying you use the 5am 1hr candle as part of your range?
I am not great with time differences, if I am not mistaking when 2am EST(my time) euro session opens and right at time I set my 2nd line which is 5am GMT.

If you will also notice that between 2am and 5pm lines the price range will not be too high, most of the time I don't even have to risk 60 pips because the range is small between the high and low lines.
  • #116
  • Edited 12:18pm Jul 22, 2009 9:21am | Edited 12:18pm
hey fed

could you pm me the link its on in babypips

or

say what the thread is called on babypips and we can search for it


Quoting fed
hi, I started about 4 months ago, daylight savings already was changed by the time I was doing this. I believe the daylight savings will happen again august or something if I am not mistaking, what I know is if that happens just cound 1 hour less or more. I am not experienced on that yet sorry, we will all see and make the change then.
I don't wait for the full hour to close, I wait for the 30min candle close and then I place my order. so for ex I place the 2 lines one at 2am and one at 5am, I don't wait for the 5am candle to close I would either...
"The person who knows that enough is enough, will always have enough". .
  • #117
  • Jul 22, 2009 9:30am Jul 22, 2009 9:30am
how many are using 2.00-5.00gmt and how many are using 4.00 - 7.00 gmt?
Seems 2.00 - 5.00 allows for better trades? Or am i wrong?
Tonight i used 4.00 - 7.00 and was able to achieve a max of 30 pips (buy) (took 15). If i had used 2-5 i could have got around 70 odd pips (sell)?
  • #118
  • Jul 22, 2009 9:50am Jul 22, 2009 9:50am
Quoting iansr1
how many are using 2.00-5.00gmt and how many are using 4.00 - 7.00 gmt?
Seems 2.00 - 5.00 allows for better trades? Or am i wrong?
Tonight i used 4.00 - 7.00 and was able to achieve a max of 30 pips (buy) (took 15). If i had used 2-5 i could have got around 70 odd pips (sell)?
hi, if you entered the short trade at 5:30 candle which the low was 1.6388 - 7 pips your entry would be at 1.6381, first TP at 1.6351 and the 2nd TP (if you set up another 40 pips) would be at 1.6311, the price did hit right at 1.6309, in this case I just made it. This happend in 2 hours. 100 pips in 2 hours. The SL would of been 10 pips after the high line right at 1.6426, the high was at 1.6416 I always add 10pips to it (had bad experiences before where I would get stoped right at the line and loose the trade) so I risked 45 pips for this one if I did the mathc correctly.
  • #119
  • Jul 22, 2009 10:25am Jul 22, 2009 10:25am
to tasciy

Could you please share your template for MT4.

Thank you.

Stan
Some pursue happiness, others create it.
  • #120
  • Jul 22, 2009 11:05am Jul 22, 2009 11:05am
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.
Hello fed. If you have two entries, no.1 for 30 pips and the no.2 for 40 pips, it is a total of 70 pips if you target both, but no 100 pips. Sorry, is it something I am misunderstanding?

In do understand your MM is :
-two entries
-both entries with 60 pips sl
-entry 1 with 30 pips tp, entry 2 with 40 pips tp.
- you use buffers; 7 pips for shorts and 7 pips + spread for longs

I am correct ?

Regards
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