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

  • #641
  • Aug 5, 2009 1:57am Aug 5, 2009 1:57am
i am sorry that i can't load ur template
can u post out the detail of the colour MA (period, type and applied price)
and also
what TF you r using?!

Thank a lot for that ~

WL


Quoting genius75
I am using box 0-4 CET (I am in Italy)

22-2 GMT

Another thing is to use the right broker for this setting. I have FXDD (good one) and Interbank FX Trader 4 (not so good one)

Look at the pictures.

We would be Stop out yesterday with Interbank. But not with FXDD.

I am done for today. I have my 15 ticks (trading with E-micro Forex Futures). I paid only $4.40 .. not 2-4 spread.

Download demo from FXDD.

GE.

BTW: I have somewhere EA, but I am not using that. I have only indicators on my charts. Download the template too. If you use 5 digits...
  • #642
  • Aug 5, 2009 2:44am Aug 5, 2009 2:44am
Quoting wltam
Thank you Fx.Sniffer

How about today?
Will you place order for SELL ?
It seems that this candle will close with RSI <50
Yes I'm short but with a smaller lot until further confirmation. My S/L is 10pips above today's high.
Sniffing Snake's Tracks...
  • #643
  • Aug 5, 2009 3:05am Aug 5, 2009 3:05am
Hi Genius,

Isnt 22.00gmt - 2.00gmt the first 4 hours of the Asian session?

Quoting genius75
I am using box 0-4 CET (I am in Italy)

22-2 GMT

Another thing is to use the right broker for this setting. I have FXDD (good one) and Interbank FX Trader 4 (not so good one)

Look at the pictures.

We would be Stop out yesterday with Interbank. But not with FXDD.

I am done for today. I have my 15 ticks (trading with E-micro Forex Futures). I paid only $4.40 .. not 2-4 spread.

Download demo from FXDD.

GE.

BTW: I have somewhere EA, but I am not using that. I have only indicators on my charts. Download the template too. If...
  • #644
  • Aug 5, 2009 3:37am Aug 5, 2009 3:37am
Well another loss today? Triggered a sell on GBPJPY using 2-5gmt. Price moved up and triggered my stop loss.
Looks like using 2-5gmt isnt going to work this month? I even had the 50SMA and 90EMA and they were down?
  • #645
  • Aug 5, 2009 3:41am Aug 5, 2009 3:41am
Quoting iansr1
Well another loss today? Triggered a sell on GBPJPY using 2-5gmt. Price moved up and triggered my stop loss.
Looks like using 2-5gmt isnt going to work this month? I even had the 50SMA and 90EMA and they were down?
i use 4-7GMT with 90EMA
i only place BUY order which is triggered with TP 30 pips
  • #646
  • Aug 5, 2009 3:41am Aug 5, 2009 3:41am
hi all, south wasn't pleasant, I am long now on both pairs.
  • #647
  • Aug 5, 2009 3:42am Aug 5, 2009 3:42am
I am using 30 minutes TF.

I would open a new chart without any indicators and apply that template.

But check my pictures ..

GE.


Quoting wltam
i am sorry that i can't load ur template
can u post out the detail of the colour MA (period, type and applied price)
and also
what TF you r using?!

Thank a lot for that ~

WL
Attached Images
Some pursue happiness, others create it.
  • #648
  • Aug 5, 2009 3:43am Aug 5, 2009 3:43am
South was good. 15 at the bank.

Quoting fed
hi all, south wasn't pleasant, I am long now on both pairs.
Some pursue happiness, others create it.
  • #649
  • Aug 5, 2009 3:47am Aug 5, 2009 3:47am
Quoting genius75
South was good. 15 at the bank.
yes if you play it that way, it was good.... good job
  • #650
  • Aug 5, 2009 4:02am Aug 5, 2009 4:02am
55 SMA works for me with my settings.

GE.

Quoting iansr1
Well another loss today? Triggered a sell on GBPJPY using 2-5gmt. Price moved up and triggered my stop loss.
Looks like using 2-5gmt isnt going to work this month? I even had the 50SMA and 90EMA and they were down?
Some pursue happiness, others create it.
  • #651
  • Aug 5, 2009 4:12am Aug 5, 2009 4:12am
Quoting smikester
Since this is a break out trading strategy, it might be worth researching pull back strategy by doing an internet search on "pull back break out trade".

A pull back is a safer way to get into a break out. It will also miss the high momentum break outs but they are relatively rare.
obviously you didn't do back test (or maybe ur setting wasn't good) ? High momentum break aren't rare at all. I think they are relatively the same, however, high momentum break out with early entry provide better profit
  • #652
  • Aug 5, 2009 4:13am Aug 5, 2009 4:13am
I am accepting smaller profits up north and closing my entries. Overal another loosing night
  • #653
  • Aug 5, 2009 4:17am Aug 5, 2009 4:17am
Quoting fed
I am accepting smaller profits up north and closing my entries. Overal another loosing night
i think u should count based on a monthly basis. From my back test , i could loss all the way for the first half of the month [as in daily accumulated profit/loss] but end up getting positive pips at the end of month. U never know when the good break out will come but it will eventually come. Same as losing trades, u never know when it will come but it will come eventually.

IMO , the thing that u don't want is to miss any trading day becoz you could screw up the winning probability. It could just be your best day(s) for the month, you miss it and end up having a losing month.
  • #654
  • Aug 5, 2009 4:26am Aug 5, 2009 4:26am
I still believe in shorting. Anyway, yesterday n today are the most difficult days for this method but later on when the market decide it's direction then you can start counting your profits. No method shall be a winner all the time but if it's success rate is above 75% then losses won't measure to the profits with good MM.
Sniffing Snake's Tracks...
  • #655
  • Aug 5, 2009 4:30am Aug 5, 2009 4:30am
Quoting forexisfx
i think u should count based on a monthly basis. From my back test , i could loss all the way for the first half of the month [as in daily accumulated profit/loss] but end up getting positive pips at the end of month. U never know when the good break out will come but it will eventually come. Same as losing trades, u never know when it will come but it will come eventually.

IMO , the thing that u don't want is to miss any trading day becoz you could screw up the winning probability. It could just be your best day(s) for the month, you miss it...
Thanks for motivating us.

I am back on 4 to 7 GMT
  • #656
  • Aug 5, 2009 4:30am Aug 5, 2009 4:30am
yesterday and today was "OK" for my method. The worst month was April but still it was a positive month
  • #657
  • Aug 5, 2009 4:33am Aug 5, 2009 4:33am
Quoting matlobien
Thanks for motivating us.

I am back on 4 to 7 GMT
Another advice , do not count on only 1 currency pair. As I mention earlier , there will be winning and losing. With more than 1 pair , another pair could cover the lost and you end up having positive for the month. If u only trade 1 pair, there is a higher chance u get a losing month.

Is like , it's easier to lose 1 pair compare to 10 pairs losing at the same time.
  • #658
  • Aug 5, 2009 4:34am Aug 5, 2009 4:34am
Quoting forexisfx
i think u should count based on a monthly basis. From my back test , i could loss all the way for the first half of the month [as in daily accumulated profit/loss] but end up getting positive pips at the end of month. U never know when the good break out will come but it will eventually come. Same as losing trades, u never know when it will come but it will come eventually.

IMO , the thing that u don't want is to miss any trading day becoz you could screw up the winning probability. It could just be your best day(s) for the month, you miss it...
I agree, I will not miss a day, as you said it well if I miss the good days then I will end up with the lossing days, ouch that would hurt big time.
  • #659
  • Aug 5, 2009 6:24am Aug 5, 2009 6:24am
Well Guys, the method is working so fine with the EMA. I should've traded what I see instead of what I believe the GU bars I mentioned yesterday didn't workout, this makes the Box breakout + EMA more powerful than the bars! However, I still see a bearish divergence on the daily but that's a large TF so it might take some time before it reverse down.

OK guys before I stop posting & invading this thread with my expectations, I've already showed you how to avoid the false breakouts and by following fed's rules 02:00 - 05:00 GMT breakout box + the 90 EMA (or whatever MA you prefer) and 1st TP @ 30pips + 2nd TP with trailing stop. You'll do just fine & ignore my case-2 if it's confusing you & just let it hit the stop loss on that day of reversal.

Peace all & don't complicate it
Sniffing Snake's Tracks...
  • #660
  • Aug 5, 2009 6:52am Aug 5, 2009 6:52am
Hey FX.Sniffer, you don't need to stop posting here.
Just because this one trade didn't come out as expected, doesn't mean your posts are not appreciated.
Anyway, I thank you for your contribution to this system, it helped me a lot.

Persistence will get it. Consistency will keep it.
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