0400-0700 GMT Breakout Strategy | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

FXDD GMT+2 or GMT+3 10 replies

What does GMT shift and GMT shift Sun do in this indicator? 0 replies

MBO = Monday Break Out 8 utc gmt - 7 utc gmt 22 replies

What is the best server time for H4 trading? GMT+0, GMT+1 or GMT+2? 10 replies

web charting package with GMT +2 or GMT 2 replies

Attachments: 0400-0700 GMT Breakout Strategy
Exit Attachments

0400-0700 GMT Breakout Strategy

  • #121
  • Jul 22, 2009 11:29am Jul 22, 2009 11:29am
Quoting Dibanos
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
FED is looking for +40 pips more than the +30 pips already booked...so a total of +70 pips on the 2nd trade. +30 pips +70 pips = 100 pips.
  • #122
  • Jul 22, 2009 11:35am Jul 22, 2009 11:35am
Quoting Bobcat2
FED is looking for +40 pips more than the +30 pips already booked...so a total of +70 pips on the 2nd trade. +30 pips +70 pips = 100 pips.
Right, I understand.
  • #123
  • Jul 22, 2009 11:52am Jul 22, 2009 11:52am
Quoting fed
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...
From 1.6381(1.6382 w/Interbank) to 1.6309 there are 72 pips. With Interbank, 4 pips spread, it would have been impossible. It means you have a broker with 2 pips spread. Is it correct ?


Regards
  • #124
  • Jul 22, 2009 11:56am Jul 22, 2009 11:56am
Quoting Dibanos
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
hi, you are correct on all but you are confused the way I get to 100 pips. let me explain. I enter with 2 entries, both of those entries reach to 30pips each, one closes with 30 pips, the 2nd order is continueing wth 30pips for another additional 40pips so that makes 30 with the first order and 70pips with the second order which calculates to 100 pips total, and that is if the 2nd order hits its target, if it doesn't then I make sure the 2nd order breaks even so I don't loose or gain anything there, which leaves me with 30pips profit.
  • #125
  • Jul 22, 2009 12:19pm Jul 22, 2009 12:19pm
fed can you please answers the question i the quote i have tried to find it with no joy



Quoting maq
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
"The person who knows that enough is enough, will always have enough". .
  • #126
  • Jul 22, 2009 12:32pm Jul 22, 2009 12:32pm
Quoting Dibanos
From 1.6381(1.6382 w/Interbank) to 1.6309 there are 72 pips. With Interbank, 4 pips spread, it would have been impossible. It means you have a broker with 2 pips spread. Is it correct ?


Regards
Yes, I knew this question was coming and yes you are correct with that, my spread is about 1.5-3.5 pips, forex.com has 5 digits decimals. I got lucky and entered to this one about 3.7 pips early that was because I was doing it manual because the price wasn't far away from my target and when it hit my line and pulled back about 3-4 pips and then I entered, you do need the luck sometimes. If I entered it exactly on the line then the 2nd entry could of nt made it probably, probably would of missed it by 1-2 pips and that would be sad.
  • #127
  • Jul 22, 2009 12:42pm Jul 22, 2009 12:42pm
Quoting maq
fed can you please answers the question i the quote i have tried to find it with no joy
hi, I haven't been in that forum for a long time, as soon as I find the thread I will let you know. I got this idea from there and I have also changed it to my likings. For ex their time frame will be diferent then mine and also most of the rules as well, they were doing 6 pips + spread, I changed it to 7 pips + spread so I can increase my winnings and so on.
  • #128
  • Jul 22, 2009 1:11pm Jul 22, 2009 1:11pm
Thank for your answers. I will do demo and back test with your rules. Surely more questions will come.

Regards
  • #129
  • Jul 22, 2009 2:04pm Jul 22, 2009 2:04pm
a) Is this correct for your SL rules?
For shorts:
IF (7 pips*) + (box size) + (10 pips) IS BIGGER THAN 60 PIPS THEN SL= 60
IF (7 pips*) + (box size) + (10 pips) IS SMALLER THAN 60 PIPS THEN SL= (7 pips+ spread*) + (box size) + (10 pips)

* +spread in longs

For longs the inverse.

b)How long time do you give to your placed orders until they get activated before you consider eliminated them, or the one that has not been activated.



Regards
  • #130
  • Jul 22, 2009 2:09pm Jul 22, 2009 2:09pm
thanks fed


Quoting fed
hi, I haven't been in that forum for a long time, as soon as I find the thread I will let you know. I got this idea from there and I have also changed it to my likings. For ex their time frame will be diferent then mine and also most of the rules as well, they were doing 6 pips + spread, I changed it to 7 pips + spread so I can increase my winnings and so on.
"The person who knows that enough is enough, will always have enough". .
  • #131
  • Edited 3:23pm Jul 22, 2009 2:58pm | Edited 3:23pm
Quoting Dibanos
a) Is this correct for your SL rules?
For shorts:
IF (7 pips*) + (box size) + (10 pips) IS BIGGER THAN 60 PIPS THEN SL= 60
IF (7 pips*) + (box size) + (10 pips) IS SMALLER THAN 60 PIPS THEN SL= (7 pips+ spread*) + (box size) + (10 pips)

* +spread in longs

For longs the inverse.

b)How long time do you give to your placed orders until they get activated before you consider eliminated them, or the one that has not been activated.



Regards
a)Yes correct but the only thing that you should know is that for short don't include the spread, include the spread only for long trades. Also the 60 pips could change depends how volitile the market or the pair gets, ATR will measure the volitility, I started to usd ATR recently and I am not too experienced with it yet but I am researching ATR from google

b)ussually they will be executed with in the 1 hour probably 99% of the time. But to your question in a case like that
I wouldn't hold them probably 2-3 hours before the NY session closes.
  • #132
  • Jul 22, 2009 3:32pm Jul 22, 2009 3:32pm
Quoting fed
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.
Hey fed.

i'm also not great with times ,but i think you will find that 2am EST when euro opens is 6am GMT

it is currently 20.31gmt
  • #133
  • Jul 22, 2009 4:08pm Jul 22, 2009 4:08pm
Quoting FOURX
Hey fed.

i'm also not great with times ,but i think you will find that 2am EST when euro opens is 6am GMT

it is currently 20.31gmt
hi, thanks for the information, I just realized that I am putting my 2nd line an hour before the opening the euro session, I think the guys from babypips were placing it exactly when the euro opens and my back testing showed that placing an hour before gave me better results, man sometimes I feel so dumb
  • #134
  • Jul 22, 2009 4:11pm Jul 22, 2009 4:11pm
hi Tasciy, I hope you don't mind in your thread that I am sharing my own experience(so far it is short but sweet), because it was the same concept that is why I wanted to add my own rules, but thanks for opening the thread though
  • #135
  • Jul 22, 2009 4:23pm Jul 22, 2009 4:23pm
Quoting fed
hi, thanks for the information, I just realized that I am putting my 2nd line an hour before the opening the euro session, I think the guys from babypips were placing it exactly when the euro opens and my back testing showed that placing an hour before gave me better results, man sometimes I feel so dumb
that explains it! i'd been scratching my head as well coz euro opens 1 hour b4 london...which means it should had been 7a.m GMT instead of 5.00a.m GMT. still, thanks for sharing fed!
  • #136
  • Jul 22, 2009 4:26pm Jul 22, 2009 4:26pm
Quoting fed
hi, thanks for the information, I just realized that I am putting my 2nd line an hour before the opening the euro session, I think the guys from babypips were placing it exactly when the euro opens and my back testing showed that placing an hour before gave me better results, man sometimes I feel so dumb
hey no problem mate, just wanted to be clear,with what you were doing
  • #137
  • Jul 22, 2009 5:48pm Jul 22, 2009 5:48pm
The only thing that I am having difficaulty when I trade this strategy is when it comes to calculate my money management. For ex. 1 min before the trade that I am getting ready, I have to find out how many pips that I am risking (it is not 60 pips all the time, depends this could be 40, 55 etc pips, and my brocker is with 5 decimals it makes it time consuming tocalculate my pip value, 5 decimal will have .3pips, I am thinking should I include that in the calculation or not). Now with my money management I risk 1% for each order, since I open 2 orders in a whole day this makes it 2% risk of my account balance, for me to be exactly at that 2% mark, I wish I had an indicator where it will calculate the # of pips between the entry line high or entry line low so that way I can easily calculate my pip value. For ex If the risk is more then 60pips between the low + 7 pips and high + 7 and spread then I will risk 60 pips and I will set my pip value .60 cents per pip so that way it will be easier and I will not miss that entry line.
  • #138
  • Jul 22, 2009 6:51pm Jul 22, 2009 6:51pm
Quoting fed
hi Tasciy, I hope you don't mind in your thread that I am sharing my own experience(so far it is short but sweet), because it was the same concept that is why I wanted to add my own rules, but thanks for opening the thread though
Thank you for your contributions. I am also in developing phase about system. Your addings will be very helpful.
  • #139
  • Jul 22, 2009 7:07pm Jul 22, 2009 7:07pm
Quoting tasciy
Thank you for your contributions. I am also in developing phase about system. Your addings will be very helpful.
hi, I think this strategy is one of the best out there, there are no lagging indicators involved, just price action simple as that. Knowing where and when the price ussually moves will make you succed in trading. Just like everyone out there I have tryed somany lagging indicators and all of them failed, luckily I haven't lost my real live account even I lost some of it, thanks to money management I was able to keep myself alive. I am getting all of it back now with this strategy.
  • #140
  • Jul 22, 2009 7:15pm Jul 22, 2009 7:15pm
Quoting tasciy
Thank you for your contributions. I am also in developing phase about system. Your addings will be very helpful.
Hi Tasciy,

What you are sharing is a very simple breakout strategy. There are many ways traders trade these (entry, sl, tp etc) but i'll allow you to work out what works best for you.

However, a point you might want to consider in the development phase is the average daily range of the currency pair you are trading in relation to the size/width of the 2hour box formed.

Attached is an indicator to help with the process (i hope?).

Best of Luck.

Z
Attached File(s)
File Type: mq4 Daily range.mq4   9 KB | 911 downloads
1 trader viewing now