DT, I am interested on how you got a 20 pip winner on Monday. On my charts the opening price of the 0630 UK bar was 1.5833 = short @ 1.5813. I pay a 4 pip spread on the GBPUSD so to gain 20 pips price has to move 24 pips, in this case the low was 1.5791 = 22pips and then retraced and took my stop out.
Do you only pay a 2 pip spread or did you have a different opening price.
DT, I am interested on how you got a 20 pip winner on Monday. On my charts the opening price of the 0630 UK bar was 1.5833 = short @ 1.5813. I pay a 4 pip spread on the GBPUSD so to gain 20 pips price has to move 24 pips, in this case the low was 1.5791 = 22pips and then retraced and took my stop out.
Do you only pay a 2 pip spread or did you have a different opening price.
Ignored
My entry was 1.5815.
A couple of things I'd like to point out. Firstly, it was a short, therefore spread does not come into account on entries as you entering on the bid price.
Secondly, I'd move brokers immediately if paying 4 spread on GU.
Can I ask why you say the spread doesn't come into play with shorts? If you enter short (on bid) then you are still 3 pips down if you want to exit (on ask), so surely you should either take spread into account, or not?
Have you tried any other SL/TP levels, say for instance, 15 SL, 25 TP?
Can I ask why you say the spread doesn't come into play with shorts? If you enter short (on bid) then you are still 3 pips down if you want to exit (on ask), so surely you should either take spread into account, or not?
Have you tried any other SL/TP levels, say for instance, 15 SL, 25 TP?
Ignored
I enter exactly as indicated on shorts to minimise the cost of spread. +22 was available therefore, +20 was scalped. I don't know of any broker with a spread of 4 pips for GU. I have several brokers that have between 0.8-2 pips.
I'm still trying variations of SL/TP levels but I do know this type of breakout hasn't worked during 07/08. However, it has been working remarkably well since June 09.
Dubai,
Guess I'm just one of the lucky ones...
Live with FXDD...micro account...4 pips spread... rarely changes.
Like this scalp model alot...especialy if one takes the trend of the moment into account.
Keep up the good work.
Trade well.
Cliff
I enter exactly as indicated on shorts to minimize the cost of spread. +22 was available therefore, +20 was scalped. I don't know of any broker with a spread of 4 pips for GU. I have several brokers that have between 0.8-2 pips.
I'm still trying variations of SL/TP levels but I do know this type of breakout hasn't worked during 07/08. However, it has been working remarkably well since June 09.
No it doesn't but the day as a whole can be erratic and volatile. I'd rather side with caution.
Thanks for posting, glad it's interesting a few people.
Ignored
Don't worry, this thread is definitively interesting. With a quick EA i built, it seems that it is even better to go with a 45 TP and SL (rather than 20). Have you done some testing on the EA you are using?
The EA also quite clearly showed that 06:30 UK time is the exact right time to start, and that 20, although better 19, is the mid offset to use for the placing of the buy and sell targets.
Don't worry, this thread is definitively interesting. With a quick EA i built, it seems that it is even better to go with a 45 TP and SL (rather than 20). Have you done some testing on the EA you are using?
The EA also quite clearly showed that 06:30 UK time is the exact right time to start, and that 20, although better 19, is the mid offset to use for the placing of the buy and sell targets.
Fredella
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That's interesting. Would you be able to make this EA public please? I'd be interested in trying out some other pairs and TP/SL levels.
That's interesting. Would you be able to make this EA public please? I'd be interested in trying out some other pairs and TP/SL levels.
Ignored
Hi, this is it. It takes the mid price exactly at the starthour and startmin (06:30 UK time by default) and will only work on 5 digits brokers for now. It should work on other currencies as well.
Thanks for posting your EA, Fredella, I'll have a look at it this afternoon.
Edit: A loss this morning, replicating exactly what happened last week after 3 wins in a row. Food for thought. A potential 120 pips has been available whilst 60 pips is the actual count if trading all days.
6:10AM is definitely more productive. I've dropped the buffer to 16 pips and from 1/1/07 to present, it's showing a 160% increase of bank, drawndown isn't pretty at 55%.
What's very clear to see is that 08 and 09 have been extremely strong for this type of strategy. I've got results showing a profit factor of 1.33 and drawdown of 18%.
My question to more experienced traders is, how much notice should I pay to 05/06/07 results? The markets are clearly more volatile than previously seen and this is capitalising on it.
