It sucked at first! I back-tested this for 1 year on GU and GJ (still going back further) and had great months in the backtest...as soon as i went live i had a HORRID week last week. So far im 100% this week but still have several days left!
Just curious, what SL do you set? Do you always shoot for 20 pips or do you have different TPs? I've been trading this live for about a week now but I've been using TP1 30 SL 60 on GU. I've been deciding on long/short according to where price is compared to EMA 90 SMA 50. If part of the 3 bars are in between the lines I take the first breakout. If the 3 bars are above/below the lines I only will take a long/short. Needless to say I got stopped out last night.
I have 3 positions open all different sizes depending on account balance, the high/low range & risk % i select.
My TPs are always a set amount: GU is 25 50 75 on GJ its 30 60 100
MY SL is other side of box to START but i start to drop it closer to price as support/resistences show themselves (EMA's, PIVOTS, HIGH/LOWS).
I am in short GJ at 149.60 and GU 1.6440 Up on GJ down on GU...
The one thing about price action that has ticked me off is that the USD and YEN dont follow each other as much anymore so its hard to determine which pair will truly break out vs before you would see a breakout on both pairs in the SAME direction vs opposite as i am seeing right now.
This week have been terrible for me using this strategy until I discovered the reason for my mistakes. I hope things get better. Following this system as it is would not yield expected results. One needs filters such as resistance and support lines coupled with the use of pivot points and trendlines. If you traded this system yesterday without checking price patterns and the indicators I mentioned above, then you would have missed great opportunities because immediately price touched the breakout price, an inverted hammer was formed, that would have been the best time to jump out if your trade had been filled. If you noticed your chart properly, you will discover that the breakout occurred close to a resistance point, as soon as price touched that point, it rushed down, tested the point again and viola, there was a great fall in price and that accounted for most of the fall in the london session. The short breakout occurred below and it was good for over over 100 pips with the GBPUSD.
Today was great on both GU and GJ due to the technique I have just discovered. It would have been terrible just trading the breakout box. Price was just going up and down. Take note that a weekly pivot point that was breached later became resistance. If you had watched closely, you would have banked some good pips today.
Hi all, after 5 weeks live on this strategy i have my account at exactly same number than when i began, so that's not too good, but i noticed something interseting about days of trading, monday is ever good, my tests on 12 month show 7 loosing monday for 48 winning days, so for example if the stop is at 60 pips and first tp at 30, that will be good.
If somebody can kindly modify the EA for trade only on the monday, i will optimise the settings.
Hi all, after 5 weeks live on this strategy i have my account at exactly same number than when i began, so that's not too good, but i noticed something interseting about days of trading, monday is ever good, my tests on 12 month show 7 loosing monday for 48 winning days, so for example if the stop is at 60 pips and first tp at 30, that will be good.
If somebody can kindly modify the EA for trade only on the monday, i will optimise the settings.
thanks,
Greg
Ignored
for your use, hope u r test success and share with us~ Thank you
Hi, i have backetsted the breakout for monday since january 2008 and it seems good, but I think we have to optimise for short near period, i will do that after.
I think, it can be interesting to have the lot size based on the account and can increase in the same time than account, can you make some modifictaion wltam ?
