0400-0700 GMT Breakout Strategy | Page 39 | 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

  • #761
  • Aug 11, 2009 12:11pm Aug 11, 2009 12:11pm
Quoting genius75
Everyone is learning ... someone by the hard way .. (like me). I lost $5000 within a few weeks of my first trading weeks. Trying to find that amazing Holy Grail!! No money management, no trading plan, ... nothing, just a desire to be a billionaire today!

Someone by the "easy" way ... hehe .. first demo, money management, psychology, etc etc ... and then live.

Don't worry. You are for sure on the good road to become a profitable trader.



GE.
Thanks

but $5000 is alot of money, I lost half of that and gained it back with alot of sleepless nights.

Remember your post about that indicator and we thought we had the holy grail. I found another indicator but this one doesn't change the lines, I think it does once a day or weekly, I need to find some more info about that indi, it will be the same idea with this one as well, give me 2 more nights to test it out and see how it works with price then I will post it here.
  • #762
  • Aug 11, 2009 12:19pm Aug 11, 2009 12:19pm
genius75 don't trade without having a plan for money management,
  • #763
  • Aug 11, 2009 12:29pm Aug 11, 2009 12:29pm
I am not.

That Fibo was something ... HEHE .. i could not sleep that weekend. It looked unbelievable!

Don't worry .. soon we will drink together a Piņa colada on Mauritius Beach

GE.

Quoting fed
genius75 don't trade without having a plan for money management,
Some pursue happiness, others create it.
  • #764
  • Aug 11, 2009 12:45pm Aug 11, 2009 12:45pm
Quoting genius75
I am not.

That Fibo was something ... HEHE .. i could not sleep that weekend. It looked unbelievable!

Don't worry .. soon we will drink together a Piņa colada on Mauritius Beach

GE.

you couldn't sleep, I even went to check out the new mercedes in the dealership

thank GOD I didn't buy one
  • #765
  • Aug 11, 2009 1:12pm Aug 11, 2009 1:12pm
Quoting genius75
I am not.

That Fibo was something ... HEHE .. i could not sleep that weekend. It looked unbelievable!

Don't worry .. soon we will drink together a Piņa colada on Mauritius Beach

GE.
This one is also unbelievable as well, it is too good to be true, I need to find out what is the catch like last time.
  • #766
  • Aug 11, 2009 1:39pm Aug 11, 2009 1:39pm
ive been looking a G/J, and my broker's spread changes from 3 to 8 rapidly.

I was wondering if yours does this as well fed?
  • #767
  • Aug 11, 2009 1:50pm Aug 11, 2009 1:50pm
Quoting wawarulez
ive been looking a G/J, and my broker's spread changes from 3 to 8 rapidly.

I was wondering if yours does this as well fed?
unfortunately it does but mine stays around 6-8, I haven't seen it at 3 yet.
  • #768
  • Aug 11, 2009 3:19pm Aug 11, 2009 3:19pm
Damn ... I can't sleep again .. waiting for that magic moment

GE.

Quoting fed
This one is also unbelievable as well, it is too good to be true, I need to find out what is the catch like last time.
Some pursue happiness, others create it.
  • #769
  • Edited 3:39pm Aug 11, 2009 3:27pm | Edited 3:39pm
Quoting genius75
Damn ... I can't sleep again .. waiting for that magic moment

GE.
I bet you it will turnout something similar as before, I will show you a pic tonight, because I tested it on g/j pair and believe me it was too good to be true,

I can see a mercedes in my parking lot right now
  • #770
  • Aug 11, 2009 3:42pm Aug 11, 2009 3:42pm
I am waiting .. so far i did not open that box with my new car .. and I still have a receipt ....


so I can bring it back to Toys'R'Us

Hurry Fed hurry ..



GE.

BTW: If no holy grail this time, then I am fine with my 20pips a day ..

Better then listen any boss ...

Quoting fed
I bet you it will turnout something similar as before, I will show you a pic tonight, because I tested it on g/j pair and believe me it was too good to be true,

I guess I am seying that mercedes in my parking lot already
Some pursue happiness, others create it.
  • #771
  • Aug 11, 2009 4:21pm Aug 11, 2009 4:21pm
Remember ... when your account grows to a point to be able to sustain trading full lots, 20 pips is 200 bucks a day..... buy then you will also have a better feel for this and your profits should be even better.
Also by then you will find other pairs that demonstrate similar characteristics so you could be looking at 40, 60, or a hundred pips a day.
Just some thoughts to ponder.

Also be ready for a certain amount of drawdown..... it will happen with any system .... the key is consistency.
Same Whore .... Different Dress
  • #772
  • Aug 11, 2009 4:42pm Aug 11, 2009 4:42pm
Quoting genius75
I am waiting .. so far i did not open that box with my new car .. and I still have a receipt ....


so I can bring it back to Toys'R'Us

Hurry Fed hurry ..



GE.

BTW: If no holy grail this time, then I am fine with my 20pips a day ..

Better then listen any boss ...

hehehe

In about 6 hours I will be home, I will post it then and see what you think.
  • #773
  • Aug 11, 2009 4:44pm Aug 11, 2009 4:44pm
Great .. I'll go to sleep

GE.

Quoting fed
hehehe

In about 6 hours I will be home, I will post it then and see what you think.
Some pursue happiness, others create it.
  • #774
  • Aug 11, 2009 4:45pm Aug 11, 2009 4:45pm
Quoting johnedoe
Remember ... when your account grows to a point to be able to sustain trading full lots, 20 pips is 200 bucks a day..... buy then you will also have a better feel for this and your profits should be even better.
Also by then you will find other pairs that demonstrate similar characteristics so you could be looking at 40, 60, or a hundred pips a day.
Just some thoughts to ponder.

Also be ready for a certain amount of drawdown..... it will happen with any system .... the key is consistency.
yes yes yes I am getting there, I am soo excited about it too, I need another 6-7 months I will start doing forex as full time and I will use full lots for scalping. I can scalp now and I am trying to establish the breakout as well.
  • #775
  • Aug 11, 2009 4:47pm Aug 11, 2009 4:47pm
Interesting Fed.

I am thinking the same way like you.



GE.

Quoting fed
yes yes yes I am getting there, I am soo excited about it too, I need another 6-7 months I will start doing forex as full time and I will use full lots for scalping. I can scalp now and I am trying to establish the breakout as well.
Some pursue happiness, others create it.
  • #776
  • Aug 11, 2009 9:51pm Aug 11, 2009 9:51pm
Hi genius, did you had any good dreams? hehe

Here is a screenshot and the indi lines. Last night's g/j price action was great with these lines, I could of made about 200 pips easily with risking very little, unfortunately I don't have a screenshot, because the lines will recalculate or reset at the beginning of the new day and they will not expand or change untill the next day 00:00 gmt, I couldn't get a screenshot. I have the new day at 00:00 GMT as you will see the verticle line on the screenshot.

As you can see on tonights action already a short right after an hour of the opening the new day. For now the only rule is if the price breaks the line below the opening candle of the new day then go short and no buffer, if the price breaks the top line of the opening caddle then go long right at the line but I would always add the spread. This is something new so I will demo this and put my rules to my liking as I go along.

I might use ib/ob candle pattern later on but let see how it goes for now. For example when an ib/ob forms then take short if the price break the line below the ib/ob canddle, take long if the price break the above line of ib/ob.

also the 15 min entries looks good to me.
Attached Image (click to enlarge)
Click to Enlarge Name: break16.jpg Size: 90 KB
Attached File(s)
File Type: mq4 PivotsDWM.mq4   10 KB | 410 downloads
  • #777
  • Aug 11, 2009 10:02pm Aug 11, 2009 10:02pm
Genius as you can see the entry was at 157.98 and tp1 is right at 157.24, the price is close to the TP1 and as soon as that hits then I break even with entry#2 but I would put the spread above the break even. The SL would be right above the opening candle at about 158.45 or maybe 10 pips more just incase, so the risk would be about 50-60 pips and the profit would be more.
  • #778
  • Aug 11, 2009 10:11pm Aug 11, 2009 10:11pm
Quoting fed
Genius as you can see the entry was at 157.98 and tp1 is right at 157.24, the price is close to the TP1 and as soon as that hits then I break even with entry#2 but I would put the spread above the break even. The SL would be right above the opening candle at about 158.45 or maybe 10 pips more just incase, so the risk would be about 50-60 pips and the profit would be more.
need to break the nearest line ...the line should be month /week ?
  • #779
  • Aug 11, 2009 10:44pm Aug 11, 2009 10:44pm
Quoting wltam
need to break the nearest line ...the line should be month /week ?
In this example the price opened below the pivot line and the first line to break is the MS1(mid support 1) line for short, could of hit the pivot line and came back to break the MS1 as well or could of break the pivot as well. We all need some time with this to grasp the idea how the price will move around these lines, I can't back test it.

Looks like the price will hit the TP1 which is the DailyS1 line soon hopefully and then break even with entry #2.
  • #780
  • Aug 11, 2009 11:54pm Aug 11, 2009 11:54pm
what time for the box are you using for G/J?
0 traders viewing now