Daily GBP/JPY Breakout System

FXCM

hi
205.76
low
204.5
hw mn brs
8
buy
205.84
sl
204.58
tp
207.1
sell
204.49
sl
205.75
tp
203.26
range
126

Yesterday took a loss of -23.

I only trade to get 150 pips. Not the range.

I am up + 12 for the week.

Anyone else still using the system?

Tonight is winner or loser for the week. Lets see.

+162 pips for the week.

It has been a ranging week.

But pips made.


See ya next week.

Adding my two cents, if I may, it appears to me that breaking out of the high and low of the Tokyo session nets some good pips. I just became aware of this this very week, so I cannot offer time tested results, but it appears to have promise. At the start of London I draw a fibo from the last nine hours (Tokyo) and project targets high and low and set my buy/sell stops. I have had losses but they were recouped, sometimes on the same pair in the opposite direction. Sometimes, but rarely, it seems to win in both directions. Again, I am new to this idea but would like to hear what you think. I am not even sure we want to keep this to the Gbp/Jpy or not. Other pairs do not seem to have the same potential, but could scratch out some positive pips while we are still concentrating on the Gbp/Jpy.
I am just a demo trader so please do not think I have any trading credentials or extensive experience. I have been fascinated with straddles though and am thinking this particular plan may have some merit. Then again........maybe not.

HI Billbss,

Perhaps the follow adjustments would make this a more profitable strategy: (1) Trade the break-out at the end of the asian session; (2) 1:1 risk:reward; (3) move sl to b/e after a 30 pip favorable gain; (4) optional... consider a modified martingale (i.e. after 3 losses in a row, double the lot size... once you win scale down the same way you scaled up... again, opitonal).

Walt

I,m trying the 150 limit if range is above 100

monday 7-13-09

hi-150.99
lo-148.11

closed out buy with +104


tuesday 7-14-09

hi-152.33
lo-150.81

hi-155.16
lo-153.28
Range 188

Still going for 150 with money management.

Please check out "4H Box Breakout" thread...

Thanks everyone here for the testing on this system.
I like to trade breakout system as it is very straight forward and does not requires much time to monitor or analyze the trade
I have also tested on GBY/JPY pair on daily breakout, but the results are not consistent. GBP/JPY pair seem to be more exotic and also has wider spreads compared to GBP/USD ; which is not really ideal to trade daily breakout.

Till now, GBP/USD is still my favorite pair to trade daily breakout as it has got the stronger and directional momentum for higher success rate of breakout!

Just my 2 cent
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