0400-0700 GMT Breakout Strategy | Page 73 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

FXDD GMT+2 or GMT+3 10 replies

What does GMT shift and GMT shift Sun do in this indicator? 0 replies

MBO = Monday Break Out 8 utc gmt - 7 utc gmt 22 replies

What is the best server time for H4 trading? GMT+0, GMT+1 or GMT+2? 10 replies

web charting package with GMT +2 or GMT 2 replies

Attachments: 0400-0700 GMT Breakout Strategy
Exit Attachments

0400-0700 GMT Breakout Strategy

  • #1,441
  • Oct 29, 2009 12:58am Oct 29, 2009 12:58am
Quoting Scullmeister
Grant thanks for doing this, but it is imperative that this is correct. I am always weary of EA's, for example on Mon of this week using my exact settings i made a loss using IG. However if i would have used say an MT4 chart or a few others i would have actually made a profit, so i ask what are these EA's taken from???

Do they account for spread?
What data is it taken from?
Are the settings EXACTLY same as my first post?

My manual backtest show reasonably consistent profits, some months better than others, but overall from Sept 08 it has been...
Scull

I am also of the old school. Been doing this for over 7 years and all backrest by hand. I agree it takes ages, but if I can see it I trust it.

That is why I am impressed with your work.

If you do the hard work the pips will follow you.

  • #1,442
  • Oct 29, 2009 2:53am Oct 29, 2009 2:53am
Quoting matlobien
Scull

I am also of the old school. Been doing this for over 7 years and all backrest by hand. I agree it takes ages, but if I can see it I trust it.

That is why I am impressed with your work.

If you do the hard work the pips will follow you.

Hi Matlobien - I agree 100%. The EA's are good, but unless i physically do the backtest myself, so i know 100% that the parameters are correct then i will stick with my method for now and simply forward test it. If i start noticing things are changing i will simply tweak accordingly.

Bottom line is that done correctly and simply breakout strategies in general are profitable and more importantly consistent.

Lets see what today brings. Thanks.
Trade the price action, not the cash!!!
  • #1,443
  • Oct 29, 2009 2:58am Oct 29, 2009 2:58am
Quoting gregart
Hi Grant, thanks for sharing your backtest, regarding the results I think i will stay with my monday trades only, you can find attached my results, same account, period, lots than yours. I use the wtlam EA
Good results mate, but i can see that people are now going to start to get confused with which method this is. Can you please let us know the following:

PT=
SL=
What time do you draw your lines=
What days do you trade=
Do you close your trade at any point=
Do you have set SL and PT, or do you move SL to b/e after a certain time=

Only answer this if you want to share of course mate. Thanks.
Trade the price action, not the cash!!!
  • #1,444
  • Oct 29, 2009 3:15am Oct 29, 2009 3:15am
Long did not trigger by 2 pips.

If it did it would have been a loss.

Lets see.

  • #1,445
  • Oct 29, 2009 3:29am Oct 29, 2009 3:29am
Quoting matlobien
Long did not trigger by 2 pips.

If it did it would have been a loss.

Lets see.

Hi matlobien,
Would like to check what are your entry levels ?
From my FXCM charts, i've
High : 1.64346
Low : 1.63620

Thanks
  • #1,446
  • Oct 29, 2009 3:33am Oct 29, 2009 3:33am
Quoting matlobien
Long did not trigger by 2 pips.

If it did it would have been a loss.

Lets see.

My trade on Oanda was a loss.
  • #1,447
  • Oct 29, 2009 3:38am Oct 29, 2009 3:38am
Quoting Scullmeister
Lets see what today brings. Thanks.
Hi Scullmeister,

Thanks for sharing your version of this trading strategy. My trade on Oanda was a loss tonight. If I'm not mistaken, that's 3 losses out of the last 4 trades. What's the worst string of losses you have encountered?

Losses are to be expected, but this is not an auspicious start for me.
  • #1,448
  • Oct 29, 2009 3:45am Oct 29, 2009 3:45am
Quoting Bobcat2
Hi Scullmeister,

Thanks for sharing your version of this trading strategy. My trade on Oanda was a loss tonight. If I'm not mistaken, that's 3 losses out of the last 4 trades. What's the worst string of losses you have encountered?

Losses are to be expected, but this is not an auspicious start for me.
Hi there, this is exactly my point about EA's and backtesting.

I have a loss on Mon, win on Tue, win on Wed and my order hasn't activated today mate.
Trade the price action, not the cash!!!
  • #1,449
  • Oct 29, 2009 4:04am Oct 29, 2009 4:04am
Quoting Scullmeister
Hi there, this is exactly my point about EA's and backtesting.

I have a loss on Mon, win on Tue, win on Wed and my order hasn't activated today mate.
Different broker sometimes have different price quotes. My trade was triggered on IBFX and hit SL. But I checked FXCM and MIG, the trade did not even trigger.
  • #1,450
  • Oct 29, 2009 4:19am Oct 29, 2009 4:19am
Quoting Bobcat2
Hi Scullmeister,

Thanks for sharing your version of this trading strategy. My trade on Oanda was a loss tonight. If I'm not mistaken, that's 3 losses out of the last 4 trades. What's the worst string of losses you have encountered?

Losses are to be expected, but this is not an auspicious start for me.
wt is ur SL?
  • #1,451
  • Oct 29, 2009 4:35am Oct 29, 2009 4:35am
Quoting grant18265
scull

4-6am gmt (winter) 3-5 am gmt (summer)
SL 25
TP 75
move SL to BE @25
buffer long 7
buffer short 5

remember the EA cant distinguish between the gmt switch that just happened so the box time through summer for those results was 3-5 am gmt

cheers
Just sent you a PM mate, thanks.
Trade the price action, not the cash!!!
  • #1,452
  • Oct 29, 2009 5:40am Oct 29, 2009 5:40am
Scull,

just replied

cheers

Grant
  • #1,453
  • Oct 29, 2009 6:08am Oct 29, 2009 6:08am
Just made my profit for the day.

  • #1,454
  • Edited Oct 30, 2009 12:09am Oct 29, 2009 6:12am | Edited Oct 30, 2009 12:09am
Quoting Fumiryu
Different broker sometimes have different price quotes. My trade was triggered on IBFX and hit SL. But I checked FXCM and MIG, the trade did not even trigger.
Very strange.

My first order was not triggered on IBFX live account by 2 pips, but the second one was and went on to take profit.

  • #1,455
  • Oct 29, 2009 6:49am Oct 29, 2009 6:49am
Quoting grant18265
Scull,

just replied

cheers

Grant
Cheers Grant, just PM'd you again mate.
Trade the price action, not the cash!!!
  • #1,456
  • Oct 29, 2009 6:55am Oct 29, 2009 6:55am
Quoting grant18265
Scull,

just replied

cheers

Grant
Emailed you i mean.
Trade the price action, not the cash!!!
  • #1,457
  • Oct 29, 2009 7:17am Oct 29, 2009 7:17am
Quoting matlobien
Very strange.

My first order was not triggered on IBFX live account by 2 pips, but the second one was and went on to rake profit.

I have attached my live account chart.

The high was at 1.6434 at GMT0700hrs candle (as shown on the crosshair cursor candle and the data window). Therefore the pending order for long position is 1.6434 + 7 pips + 4 pips spread, which is 1.6445. Pending order was placed at GMT0730hrs, after GMT0715hrs candle closed.

The trade was triggered at GMT0731hrs at Bid price 1.6441, which is Ask price 1.6445. The trade hit the stop loss at GMT0804hrs at 1.6405.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD20091029.PNG Size: 81 KB
  • #1,458
  • Oct 29, 2009 7:27am Oct 29, 2009 7:27am
Quoting grant18265
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
Is the EA available somewhere here at FF?
  • #1,459
  • Oct 29, 2009 8:35am Oct 29, 2009 8:35am
sorry but its not as far as i know

cheers
  • #1,460
  • Oct 29, 2009 8:43am Oct 29, 2009 8:43am
trade would have triggered on ibfx also on tradefair and lost

fumiryu i see you quoting a 4 pip spread on g/u on tradefair its 2 pip



Quoting Fumiryu
I have attached my live account chart.

The high was at 1.6434 at GMT0700hrs candle (as shown on the crosshair cursor candle and the data window). Therefore the pending order for long position is 1.6434 + 7 pips + 4 pips spread, which is 1.6445. Pending order was placed at GMT0730hrs, after GMT0715hrs candle closed.

The trade was triggered at GMT0731hrs at Bid price 1.6441, which is Ask price 1.6445. The trade hit the stop loss at GMT0804hrs at 1.6405.
"The person who knows that enough is enough, will always have enough". .
1 trader viewing now