0400-0700 GMT Breakout Strategy

just hit my TP1 45 pips, now the 2nd TP will be a free ride. The reason I raised the TP1 to 45 is because there would be more room to break even. So in this case I will be hitting more of the TP2s instead of TP1s and TP2s breaking even. Goodnight all

Hi Wltam,

thanks for your response. I did check the timings on Feds chart, and they do seem to be early by 1hr.

The end of the box was 06.00 GMT (07.00 BST), I think (and I hope not to antagonise anyone, least of all you or FED who have doen very well), that the end should be 07.00 GMT (08.00 BST)

When you guys were postig your successful results this morning, it still was not 07.00 GMT (or 08.00 BST our local summer time).

Anyway, well done today. It is currently 07:58 GMT and 08:58 BST

#post 1
**During the summer London is on BST (GMT+1)
04:00 gmt = 05:00 london summer = 04:00 london winter = 00:00 ny summer =23:00 ny winter
07:00 gmt = 08:00 london summer = 07:00 london winter = 03:00 ny summer =02:00 ny winter

Wltam,
I really like the EA. Thanks for your time in putting it together.

I think it may have a glitch with the "buffer for stop loss" function. If you put 10 as the input value... then it works right with sell orders and adds 10 to the SL value, but for buy orders it actually subtracts 10 from the total SL value.

Entered short at 1.6624 on G/U and earned 33pips to close at 1.6601. My S/L was set at 40pips away from price. On demo though.
Happy trading.

I am updating newest version. # 3, 4 and 5 changed.

1. g/u 7pips for short and 7+spread for long, g/j 8 pips for short and 8+spread for long

2. apply 2 moving averages one is EMA 90 and the other SMA 200

3. do not enter if the box is greater then 100-105pips including spreads for g/u, and don not enter if the box is greater then 150-155pips for g/j.

4. Best entry for long is having both MAs on the buttom, when the price is breaking the box make sure the MAs are below price.

5. Best entry for short is having both MAs on the top, when the price is breaking the box make sure the MAs are above price.

6. 2 orders for both pairs, 1st TP 45 pips for g/u and 55 pips for g/j, 2nd TP another 30+ pips for the g/u and 25+ for g/j.

7. SL no more then 60 pips for g/u and no more then 100 pips for g/j. if the box is smaller then 60 for g/u then make sure you put the SL about 5 pips below the high/low points, same thing goes for g/j.

If I forget anything I will update.

What I also noticed is that you need to check the 1hr chart and use that as a master chart. For ex if the MAs are below in the 1hr, so if the MAs are right at the mid of the 15min chart, follow the 1hr which will tell you more about the direction of the price instead of opening long and short pending orders. There will be some complicated 1hr charts as well but it will make things easier if you used the 1 hr chart as the master for most of the trades. For ex on july 2nd box the 2 MAs were about in the mid of the 15 min box, MAs were also mid with the 1hr chart as well, this is a tough one to decide. It is not perfect but it will help alot.

I put my pending orders for sell tonight because of the MAs are both on the top of the price in both charts, see what happens.

I'm right with you, fed. I trade with Oanda, and my two Pending Sell orders are @ 1.6442 with TP1 of 45 pips and TP2 of 75 pips. SL = 60

Good trading tonight everyone!

I am also in Sell order
But @ 1.6440 and i set with TP1 30, TP2 80
Happy Trading to all~

Hi guys,

Similar to yesterday, if you look at the GMT time server,

http://www.worldtimeserver.com/current_time_in_UTC.aspx

you can see that it is not yet 07:00. As I write it is 06:46 GMT [ But British Summer Time is 07:46]

The end of the period is 07:00 GMT. We are 14 minutes from that a the moment.

I hope that I won't get flamed, but I'm sure that someone else can verify the fact that you are making the breakout box 1hour too early.

If I am incorrect then please accept my apologies in advance. - good trading to all !!

Yes these guys recently changed the time parameters to suit themselves. I think it has something to do with bed time in the USA. When I suggested that they started a new thread so that newbies coming here would not be confused, I was told to go forth and multiply. So there you are. Another few newbies with blown accounts. Another experienced trader told to shut up. So I will.

I like newbie money.....

Hey smikester.....
Do you trade both break outs?
I catch this one and the NY morning when I get up.... double your pleasure, double your fun and take twice as much newbie money...( insert maniacal laughter here)...LOL

No I don't trade NY. I have been looking at it, though. Now you have said that I think I will test the water..

Yes it will be interesting. Certainly a short side bias today for this specific strategy which I have been following with interest. However,the evening gap 15m chart( 20.00 BST) constitutes significant support . It was tested 4am (BST) and held forming the bottom trading box line. After such a major decline I would expect a period of consolidation given there is no major news items this morning ( FFF Red) . We'll see ..............

I'm predominantly an S&P e-mini trader but as I live in the UK I like to trade a Tokyo>> Europe/London FX breakout strategy. I tend to spreadbet this (@£5--10/pip) as it is tax free in the UK if you have other taxable income. My charts are TradeStation not an MT4 broker.

In essence, the only differences to this strategy(FED's) is that I have tended to use midnight--- 6am as a time band and I then change my 15m chart to a line chart and draw/ select ascending or decending channels/triangles or a wedge etc in favour of horizontal triggers ( aka box) . I've found that this can give me better entries but if nothing jumps out ( 15m --1H) I revert to the box approach which happens circa 60% of the time. I've tended to prefer close rather than H/L and I would wait for a candlestick close outside as a trigger rather than a 7-8 pip buffer. I have used a 49&89EMA for trend direction reference your 50/200MA's.

However, I now think your time band is superior and I am adjusting my approach to accommodate it --maybe also your buffer concept ..... cheers !!

Hey Smikester and Johndoe,

Thank you for confirming the timesignal.

For information only, my short has just kicked in.

It is now 07:38 GMT (08:38 BST)


Good trading all.

Hi faxfxfx -- I'm in Manchester England your last message was timed FFF @8.39 and it states "7 mins ago " -- probably now 8 !!

I just take 3am --6am as the verticals ( 2--5 GMT) and go with that. HTH

The thread should be called "London break out" because the original concept was to include the first half hour of London trading in the box parameters, for obvious reasons. In the same way this makes it easier for people internationally to synchronise, I believe.

To further complicate, the thread starter then added the words "Or whenever I get up" to the strategy.

Hi Bramhall,

I'm in London.

You are dead right - GMT is 1hr behind us.

So the time is 09:18 BST, the time on my watch is 09:18

But GMT is 08:18.