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0400-0700 GMT Breakout Strategy

  • #1,401
  • Oct 27, 2009 1:14pm Oct 27, 2009 1:14pm
Quoting Scullmeister
Sorry forgot to mention i use 7 + spread for a BUY and just 7 for a SELL.
Hi, thanks for your feedback, i am not sure to understand crearly your strategy, can you post an chart with you entries ? thanks

Greg
  • #1,402
  • Oct 27, 2009 1:57pm Oct 27, 2009 1:57pm
I'm a little fuzzy on where the breakout EA come into this and how to use the multiple TP feature. Do I set my limited Orders manually or does the EA place it automatically based on criteria?
Failure is NOT an option
  • #1,403
  • Oct 27, 2009 2:08pm Oct 27, 2009 2:08pm
Quoting gregart
Hi, thanks for your feedback, i am not sure to understand crearly your strategy, can you post an chart with you entries ? thanks

Greg
Hi Greg - The strategy is exactly the same principle as the thread starter (1st post), please refer to that thread. However i simply use the 5am to 7.15 candle, which actually closeS at 7.30 REAL TIME. Draw your box, same as thread starter mentions in post 1, but only difference is add 7 + spread for a BUY and just -7 for a SELL.

This strategy has been taken to bits, so don't really want to get into another debate over candles, times, etc, etc. It is simply exactly the same as thread starter, but slightly different times, set SL & PT and the inclusion of a buffer. You can obviously go for more pips if you want, depends on your trading style, but beleive it or not trading can be as simple as you want it to be and that's what i like.

Thanks.
Trade the price action, not the cash!!!
  • #1,404
  • Oct 27, 2009 3:34pm Oct 27, 2009 3:34pm
Quoting Scullmeister
Hi Greg - The strategy is exactly the same principle as the thread starter (1st post), please refer to that thread. However i simply use the 5am to 7.15 candle, which actually closeS at 7.30 REAL TIME. Draw your box, same as thread starter mentions in post 1, but only difference is add 7 + spread for a BUY and just -7 for a SELL.

This strategy has been taken to bits, so don't really want to get into another debate over candles, times, etc, etc. It is simply exactly the same as thread starter, but slightly different times, set SL & PT and the inclusion...
Hi, thanks for your reply, i use same set of this thread 5 to 7:15 and 7 pips buffer like you, the thing than i don't understand is the "closes at 7:30" do you mean you close the open orders at 7:30 ? you stop the EA at 7:30 if the orders were not triggered ? or something else ? sorry for that .

thanks

Greg
  • #1,405
  • Oct 27, 2009 6:14pm Oct 27, 2009 6:14pm
Quoting Scullmeister
I have read through this whole thread and there's now so many different variations. I have been trading this system using the 5am to 7.15 candle, so this means i don't take a trade till after 7.30 (hope that makes sense). I use the 15 min charts for this and take the range between these candles for my stop, however i never exceed 40 pips, so if the range happens to be say 64 or whatever, i still only set it at 40. I have a profit limit of 30 and that's it. For Oct i have had 14 wins and 5 losses, so total pips for the month so far is 220pips for...
Scullmeister - great simple strategy - I am always a big fan of KISS
One question that I have for you (and please excuse my ignorance if I have missed your answer on this thread): do you just trade one currency pair?
Have you tried other pairs? And if so, does the basic strategy stay the same?

Thanks in advance for your response

Happy pipping

Austin
  • #1,406
  • Oct 28, 2009 12:25am Oct 28, 2009 12:25am
Quoting Scullmeister
Hi there - i trade London time because i'm simply trying to catch the London Breakout, so on a very basic level all i am trying to do is catch the movement at the beginning of the working day in the UK (so basically when the big players are starting to trade in the morning).

I do not get involved in the daylight changes, just use 5am till 7.15am, 15min chart, using IG index quick charts, very simple. No indicators, nothing, just draw your lines at 5am and 7.15am, which actually closes at 7.30 (check clock on laptop) and that's it.

Good results,...
Hi Scull

Thanks for reply.

I see that you are from England, so your explanation makes sense now.

Thanks for sharing.

May the pips follow you.

  • #1,407
  • Oct 28, 2009 2:26am Oct 28, 2009 2:26am
Quoting gregart
Hi, thanks for your reply, i use same set of this thread 5 to 7:15 and 7 pips buffer like you, the thing than i don't understand is the "closes at 7:30" do you mean you close the open orders at 7:30 ? you stop the EA at 7:30 if the orders were not triggered ? or something else ? sorry for that .

thanks

Greg
Hi Greg - I was trying to explain to people that i take the 7.15 candle on the 15min chart, which closes at 7.30 REAL TIME. For example right now i have set my box lines at 5am and 7.15, it is now as i write this, 7.25, but still haven't set my pending orders because the 7.15 candle on IG actually closes at 7.30, so hasn't closed yet. That's the best way i can describe it mate, sorry.
Trade the price action, not the cash!!!
  • #1,408
  • Oct 28, 2009 2:28am Oct 28, 2009 2:28am
Quoting Austinc1972
Scullmeister - great simple strategy - I am always a big fan of KISS
One question that I have for you (and please excuse my ignorance if I have missed your answer on this thread): do you just trade one currency pair?
Have you tried other pairs? And if so, does the basic strategy stay the same?

Thanks in advance for your response

Happy pipping

Austin
Hi Austin - I just trade GU and that's it. With compounding and good MM you should see decent profits.

I am confused why traders have to try and trade as many pairs as poss along with as many systems/strategies, become a master of one first, familiarise yourself with it and then take onboard another imo.
Trade the price action, not the cash!!!
  • #1,409
  • Edited 3:23am Oct 28, 2009 3:02am | Edited 3:23am
So for today.

Buy at 1.6393
Sell at 1.6336

TP 30 pips
SL 40 pips

Is this correct ?

  • #1,410
  • Oct 28, 2009 3:21am Oct 28, 2009 3:21am
Quoting matlobien
So for today.

Buy at 1.6393
Sell at 1.6336

TP 30pips
SL 40 pips

Is this correct ?

Yes more or less, i have the following:

Buy at 1.6394
Sell at 1.6337.6

TP 30pips
SL 40 pips

I use IG quick charts, so may be a slight difference, but don't worry about a pip or two, as it's not an exact science. Had a loss on Mon and a win yesterday, so lets see what today brings.

I have backtested best i can and written down in my journal why the breakout has losers some days and it's mostly down to either rangy market conditions or news announcements that didn't quite go our way.

But at the end of the day you have to accept losers as well in trading, so as long as we keep them down to a minimum, then i just accept them and move onto the next day.

I have a 75% to 80% hit rate using it this way, so plenty of profitable days to be had.
Trade the price action, not the cash!!!
  • #1,411
  • Oct 28, 2009 3:28am Oct 28, 2009 3:28am
Quoting Scullmeister
Yes more or less, i have the following:

Buy at 1.6394
Sell at 1.6337.6

TP 30pips
SL 40 pips

I use IG quick charts, so may be a slight difference, but don't worry about a pip or two, as it's not an exact science. Had a loss on Mon and a win yesterday, so lets see what today brings.

I have backtested best i can and written down in my journal why the breakout has losers some days and it's mostly down to either rangy market conditions or news announcements that didn't quite go our way.

But at the end of the day you have to accept losers as...
Thanks

  • #1,412
  • Oct 28, 2009 3:53am Oct 28, 2009 3:53am
Quoting Scullmeister
Yes more or less, i have the following:

Buy at 1.6394
Sell at 1.6337.6

TP 30pips
SL 40 pips

I use IG quick charts, so may be a slight difference, but don't worry about a pip or two, as it's not an exact science. Had a loss on Mon and a win yesterday, so lets see what today brings.

I have backtested best i can and written down in my journal why the breakout has losers some days and it's mostly down to either rangy market conditions or news announcements that didn't quite go our way.

But at the end of the day you have to accept losers as...
Hi Scullmeister,

How long do you leave the pending order open? Or do you close the pending orders perhaps after a few hours if not triggered on any side?

Also, do you use OCO order? I.E If buy gets triggered, cancel sell order?

Today's market seemed quite slow, trade was not triggered at this point of time when I posted this message.

Thanks.
  • #1,413
  • Oct 28, 2009 4:31am Oct 28, 2009 4:31am
hi guys,

have just thrown Scull's method on a backtest of this year. 2 lots of results attached, 1 with an 85 ema filter added and 1 without.

the higher result is with the ema filter

cheers

Grant

ps had to zip the files as they would attach
Attached File(s)
File Type: zip Scull Method with ema.zip   39 KB | 889 downloads
  • #1,414
  • Oct 28, 2009 4:32am Oct 28, 2009 4:32am
oh yes forgot to sat that risk was 1% per trade..

am waiting on an update that will compund the results...
  • #1,415
  • Oct 28, 2009 4:57am Oct 28, 2009 4:57am
Quoting grant18265
hi guys,

have just thrown Scull's method on a backtest of this year. 2 lots of results attached, 1 with an 85 ema filter added and 1 without.

the higher result is with the ema filter

cheers

Grant

ps had to zip the files as they would attach
What is an EMA filter, these results seem pretty nice to me.
Trade the price action, not the cash!!!
  • #1,416
  • Oct 28, 2009 5:08am Oct 28, 2009 5:08am
Quoting grant18265
hi guys,

have just thrown Scull's method on a backtest of this year. 2 lots of results attached, 1 with an 85 ema filter added and 1 without.

the higher result is with the ema filter

cheers

Grant

ps had to zip the files as they would attach
Great work Grant.

What is the logic behind the 85 ?

Previously we use 55 or 90, I think.

  • #1,417
  • Oct 28, 2009 5:09am Oct 28, 2009 5:09am
Quoting wltam
Out of town for a few week

modified the EA already

add the Tp2 Tp3 lot size
and ..the lot size control

my idea is
you can buy one extra unit for extra equity (say $400)

if ur equity has $1600, you can buy 4 unit lot

when you enter Lots is 0.1 Lot_TP2 0.2 ....
the lot enter will be 0.1*4 = 0.4 lot for Tp1 and 0.2*4 for TP2, same as TP3

if ur equity has $1325, you can only buy 3 unit lot.....
Does anyone know what the modify stop loss feature means and how to adjust it? Whenever I have a trade open the EA promts to modify stop loss repeatedly. Anyone know how to stop this or what i am talking about?
Failure is NOT an option
  • #1,418
  • Oct 28, 2009 5:14am Oct 28, 2009 5:14am
i only trade in the direction of the 85ema, so if price is below the ema go short and if price is above the ema go long. if ema value is about the same as price i pass that day...

also in that backtest i used 7 buffer long and 5 short...

your exact buffers are in this test, long i made 10 to include spread and short 7 with orders canceled at 10 am gmt, no ema filter and 1 trade per day.

again risk was 1% per trade

cheers

Grant
Attached File(s)
File Type: zip Scull Method.zip   20 KB | 649 downloads
  • #1,419
  • Oct 28, 2009 5:17am Oct 28, 2009 5:17am
Matt,

from the EA i have (thanks to RBI who coded it) i can optomize the settings, i was using 90 til 85 came out ever so slightly better

cheers

Grant
  • #1,420
  • Oct 28, 2009 5:19am Oct 28, 2009 5:19am
Quoting grant18265
i only trade in the direction of the 85ema, so if price is below the ema go short and if price is above the ema go long. if ema value is about the same as price i pass that day...

also in that backtest i used 7 buffer long and 5 short...

your exact buffers are in this test, long i made 10 to include spread and short 7 with orders canceled at 10 am gmt, no ema filter and 1 trade per day.

again risk was 1% per trade

cheers

Grant
So in your opinion what is the best method as per backtest results?
Trade the price action, not the cash!!!
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