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New Day breakout by fed

  • #41
  • Aug 26, 2009 2:35pm Aug 26, 2009 2:35pm
Quoting TheFutureAce
HI Fed,

Can you please make this method newbie friendly? Please add on how you trade using this strategy.

I am done with the stupid scalping thing & getting glued to the computer all the time.

I want to find a daily or weekly working system

THanks so much
I am glad that this thread is back up again, we will continue. Yes I will try my best to make it a newbee friendly.
  • #42
  • Aug 26, 2009 4:49pm Aug 26, 2009 4:49pm
Quoting fed
I am glad that this thread is back up again, we will continue. Yes I will try my best to make it a newbee friendly.
Thanks Fed, looking for the loads of information you will be providing us
  • #43
  • Aug 26, 2009 5:26pm Aug 26, 2009 5:26pm
fed whats your result like with this i see wed trade failed can you correct me on this also
"The person who knows that enough is enough, will always have enough". .
  • #44
  • Aug 26, 2009 6:20pm Aug 26, 2009 6:20pm
Quoting maq
fed whats your result like with this i see wed trade failed can you correct me on this also
i will provide this info later, it is not a perfect strategy, yesterday was a bad day as well....
  • #45
  • Aug 26, 2009 9:55pm Aug 26, 2009 9:55pm
Hi guys, I am back from work about half hour ago and I was preparing some tutorial for tonight's breakout. Look at the pic. Between high (long) and low(short) must be at least 80 pips, I use the high(long) line as SL at the same time. Tonight I am looking for only short trades due to 4hr downtrend. I am telling you guys how I do it but you guys can change it to your likings. I use 4hr trendlines but you may use MAs for example or BBs... next post I will get a screenshot how my fib levels are like.....

I will not short tonight because I am still keeping my last night's 3 entries because g/j was consolidating most of the time since last night, I think we will see some action and I am up by about 40 pips, hopefully I will hit TP1 by london session.
Attached Image (click to enlarge)
Click to Enlarge Name: break01.jpg Size: 54 KB
  • #46
  • Aug 26, 2009 10:15pm Aug 26, 2009 10:15pm
Instead of screenshot here you go alot easier for me, go to your fibs property and in the level colom put 1 and in the description call it High (Long), and then THE NEXT ROW put value 0 to level colom and call it Low (Short).

Continue as value and description for the high end of the fibs
1.5- Lock profit @50%
2 - TP1 (you CAN set the value to 2.1, 2.2... etc also)
3 - TP2
4 - TP3

Continue value and description for the low end of the fibs
-.5 - Lock profit @50%
-1 - TP1
-2 - TP2
-3 - TP3

TP1 will be number of pips that you will be risking and TP2 will be number of pips risk x2 and so on... Again you can put the value 2.1 or 2.2 for extra pips.... its up to you.

Note: I forgot to mention this, DON'T TRY THIS YET LIVE WITH 2-3% RISK. I AM LIVE BUT .01 LOTS SO IF I LOOSE, I WILL LOOSE FEW $$$. I DON'T RECOMEND DEMO FOR TRADERS MORE THEN 1 YEARS OF EXPERIENCE, BECAUSE YOU NEED TO PREPARE YOUR PSYCHOLOGY FOR THE REAL WORLD, BELIEVE IT FEELS ALOT DIFFERENT WHEN YOU TRADE LIVE, IT IS SCARY, BUT AGAIN USE THE SMALLEST LOTS SO IT WON'T HURT YOU WHEN YOU ARE LEARNING HOW TO TRADE WITH ANY STRATEGY OUT THERE NOT JUST THIS'
  • #47
  • Aug 26, 2009 10:22pm Aug 26, 2009 10:22pm
I was also asked to support the newbs but I really don't have an idea how to make this a newbee tutorial, give me some ideas please.....
  • #48
  • Aug 26, 2009 10:27pm Aug 26, 2009 10:27pm
Quoting fed
i will provide this info later, it is not a perfect strategy, yesterday was a bad day as well....
Dang this trade is around 5pm PST...i work till 7...i will start back testing this a bit more, i am looking to invest in one of those mini laptops with a wireless internet card so i can trade while at work

BUT as far as the last few days go...simple...there is NO money in the markets right now...look at the equity market its just stationary right now as everyone is away. I decided to stop trading until at least next week as money should start to return, especially after Labor day...then we are off to the races
  • #49
  • Aug 26, 2009 10:31pm Aug 26, 2009 10:31pm
Here how it should look when you lay the fibs on your chart.
We are getting close for an short entry. I have good feelings tonight. I wish I could close my .01 lot orders and reopen with higher lots, it is very tempting but I will stick to my plan. very tempting very
Attached Image (click to enlarge)
Click to Enlarge Name: break02.jpg Size: 59 KB
  • #50
  • Aug 26, 2009 10:32pm Aug 26, 2009 10:32pm
Quoting Weasy2k
Dang this trade is around 5pm PST...i work till 7...i will start back testing this a bit more, i am looking to invest in one of those mini laptops with a wireless internet card so i can trade while at work

BUT as far as the last few days go...simple...there is NO money in the markets right now...look at the equity market its just stationary right now as everyone is away. I decided to stop trading until at least next week as money should start to return, especially after Labor day...then we are off to the races

I agree, what I also read from experts is that summer time is usualy slower volume.
  • #51
  • Aug 26, 2009 10:45pm Aug 26, 2009 10:45pm
Ok finaly I hit my TP1 99 pips from last night's entry. now I will set it to break even for the other 2 entries, as soon as I hit TP2 then I will bring my 3rd entry and lock it 50% profit and cruise with it. In the mean time tonight's short just happened. Anyone in this entry good luck either demo or small live accounts.....
  • #52
  • Aug 26, 2009 11:02pm Aug 26, 2009 11:02pm
If anyone got in to the trade, don't close it untill TP3 is hit or SLs hit. Sometimes on a none volatile days it could take 1-2-3 days, just watch them every hour or so. As I have mentioned prev post I am still holding the positions since last night, might as well go with the same trade.
  • #53
  • Aug 26, 2009 11:06pm Aug 26, 2009 11:06pm
Good to see its working out! cant wait till things get moving again to really put these new strategy to the test.
I also agree with you in that trading live with tiny amounts of money is better then demo. I use oanda and trade as low as .01/pip sometimes even .005/pip...
  • #54
  • Aug 26, 2009 11:17pm Aug 26, 2009 11:17pm
Quoting Weasy2k
Good to see its working out! cant wait till things get moving again to really put these new strategy to the test.
I also agree with you in that trading live with tiny amounts of money is better then demo. I use oanda and trade as low as .01/pip sometimes even .005/pip...
yes, let me share you my experience, when I started forex just like anyone else I was also using demo and I never had my emotions and feelings when I was using the demo, I would get in to a trade like there is no tomorrow. I was ready to go live and opened the live account, I set my risk rules no more then 1-2% of account bal and my very first virgin live trade I made, I risked 100 pips and I took only 10 pips, I couldn't finish my tp1 because I was affraid of loosing, because I read so many horifyed loosing stories from ex traders... I always felt scared for the nex few months, I was loosing more then I was gaining and my strategies were all based on indis. One day I thought to myself I would feel so confi if I went with smaller lots like .01.. and I got used to it, then moved it to .05 and now I am at .10. So from now one I never do any demo trading, I would use smaller lots but before I get to smaller lots I would test it with my mini account like risking only pennies and then if everything goes well then I move to .01 lots and so on. This new one I am at .01 lots and probably next week I will move to .05.
  • #55
  • Aug 27, 2009 12:10am Aug 27, 2009 12:10am
this looks like a flip-coin system that is capable of giving 40 days in a row to double or tripple your account.

however, the other side is also valid, you might well possibly start with 2000$ and have 30 days in a row to end-up zero.

this is according to my backtests that are very easy to perform and make a conclusion.

no technical filters? no promise, i guess.
  • #56
  • Aug 27, 2009 12:22am Aug 27, 2009 12:22am
Quoting charvo
this looks like a flip-coin system that is capable of giving 40 days in a row to double or tripple your account.

however, the other side is also valid, you might well possibly start with 2000$ and have 30 days in a row to end-up zero.

this is according to my backtests that are very easy to perform and make a conclusion.

no technical filters? no promise, i guess.
not really, I don't gamble. If I did I could of lost by now and quite forex just like the ex traders, as I have mentioned above I am refering myself to the 4hr chart before I take the trade, here take a look at the screenshot. the 4 hr chart show the downtrend, I am not going against the trend, I only look for shorts. The reason I picked this 00:00 candle is that identifying the trend and starting from the begging of the day would give you great amount of pips, and hopefully this will prove me right. The importand thing is catching those trades that start begging of the day not mid day where anything could happen.
Attached Image (click to enlarge)
Click to Enlarge Name: break03.jpg Size: 89 KB
  • #57
  • Aug 27, 2009 12:39am Aug 27, 2009 12:39am
Quoting charvo
this looks like a flip-coin system that is capable of giving 40 days in a row to double or tripple your account.

however, the other side is also valid, you might well possibly start with 2000$ and have 30 days in a row to end-up zero.

this is according to my backtests that are very easy to perform and make a conclusion.

no technical filters? no promise, i guess.
By the way I don't deal with EAs or auto back testing, it is all manual testing and manual trading for me. As I have mentioned before my TP1 hit and I made 99pips from last nights break. I am hopping for 3x more pips, I have proven that to my self before and I will continue with it.
  • #58
  • Aug 27, 2009 4:26am Aug 27, 2009 4:26am
Hi Fed,
I subscribe to your thread Fed....Looking forward to making a lot of pips with this stragegy...
Nullfx
  • #59
  • Aug 27, 2009 8:42am Aug 27, 2009 8:42am
Just an update about the short entry from last night's 00:00 candle, the price is still consolidating, just keep them open, either the NY session if not Asian session we might have market moving. I also noticed that for the past few days things are slow for all the strategies. So don't just give up on one strategy and go to another. The key is patience.
  • #60
  • Aug 27, 2009 9:07am Aug 27, 2009 9:07am
ok TP1 is hit for 80 pips, now just adjust your 2 other entries to break even for a free ride.
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