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0400-0700 GMT Breakout Strategy

  • #1,561
  • Nov 11, 2009 3:25am Nov 11, 2009 3:25am
Guys -I think one of the best posts on here is post 211 by Strada.

Read it, it will help you with questions on times, where to plot your lines, buffers, etc, etc. Basically use whatever suits you and don't get too bogged down with the exactness of breakouts. For this breakout there are so many different permutations, so just do your own research and use the basic principle of the very first post.

No need to over complicate, it's so very simple.
Trade the price action, not the cash!!!
  • #1,562
  • Edited 3:49am Nov 11, 2009 3:32am | Edited 3:49am
Quoting koco
and the important thing: which time setup do you use for your boxes?

I set 6-9 AM my time (I live in Bratislava, that's GMT+1), London is GMT...
Hi Koco,

When i read your question it immediatly made me think that you are not playing this the way you should, so that's why i would like to give you some advice.
But i think this advice will apply to a lot of traders.

Get a large enough data sample (many years) en test what is the best setup yourself.
Do not go the same route that someone else goes, but take there idea and make it your own.
If you think these imploding breakouts could work, then test it.
It's the only way you know for sure that you could trade them profitably.
Same applies for the time setup for the boxes, test what works best for you.
Only then you can be confident to invest your hard earned money into a trading system.
Yes it's a lot of hard work i know, because i'm right in the middle of it.

regards

Edit: nice post Scullmeister, you beat me with a few minutes
Persistence will get it. Consistency will keep it.
  • #1,563
  • Nov 11, 2009 3:49am Nov 11, 2009 3:49am
Quoting koco
hello wltam, where did you enter gbp/usd?
It broke the box upwards, but then it retraced back...
i got in 150.448 and TP at 150.648
  • #1,564
  • Nov 11, 2009 3:54am Nov 11, 2009 3:54am
Here is all information of my trade today
Attached Image (click to enlarge)
Click to Enlarge Name: 11-11.jpg Size: 315 KB
  • #1,565
  • Nov 11, 2009 4:35am Nov 11, 2009 4:35am
SOLD GBPUSD at price 1.67095

Took 30 pips profit for 1st position...second - moved sl to b/e.
  • #1,566
  • Nov 11, 2009 4:58am Nov 11, 2009 4:58am
Quoting Amigo
SOLD GBPUSD at price 1.67095

Took 30 pips profit for 1st position...second - moved sl to b/e.
great

i took 20 pips for SHORT also

eat for both side !
  • #1,567
  • Nov 11, 2009 5:03am Nov 11, 2009 5:03am
Quoting Amigo
SOLD GBPUSD at price 1.67095

Took 30 pips profit for 1st position...second - moved sl to b/e.
Amigo: when did you set your orders? After BoE news? Because if set before (right after the 8 GMT) it would break the BUY line upwards.
  • #1,568
  • Nov 11, 2009 5:08am Nov 11, 2009 5:08am
Quoting Reas
Hi Koco,

When i read your question it immediatly made me think that you are not playing this the way you should, so that's why i would like to give you some advice.
But i think this advice will apply to a lot of traders.

Get a large enough data sample (many years) en test what is the best setup yourself.
Do not go the same route that someone else goes, but take there idea and make it your own.
If you think these imploding breakouts could work, then test it.
It's the only way you know for sure that you could trade them profitably.
Same applies...
Hello Reas, you're right. However, I'm trading both breakouts (London and US) approximatelly one month the default way (the original first post for both of them) and got good results. What I'm trying to avoid are those false breakouts. From my short experience I found that even in the case of valid breakout the price uses to retrace firstly inside the box, which makes me nervous :-) That's the reason why I'm thinking to apply the "implode box" strategy. In most cases the retracement is very fast, so the pips can be earned less stressful way :-)
  • #1,569
  • Nov 11, 2009 5:35am Nov 11, 2009 5:35am
Quoting koco
What I'm trying to avoid are those false breakouts. From my short experience I found that even in the case of valid breakout the price uses to retrace firstly inside the box, which makes me nervous :-) That's the reason why I'm thinking to apply the "implode box" strategy. In most cases the retracement is very fast, so the pips can be earned less stressful way :-)
Hi Koco,

That's good, but remember that all expierienced (i'm Dutch, dunno how to spell that :-) traders tell that losses cannot be avoided, every system has it's false breakouts.

If you test your system with a large enough data sample (10 years), it will become clear that those false breakouts are there, but in the long run they don't matter much.
That will also help you controling those nerves.
On the other hand it's allways a good idea to look for improvements.
As long as they are valid in your tests, you can decide to implement them, but watch out for curve fitting.
Persistence will get it. Consistency will keep it.
  • #1,570
  • Nov 11, 2009 5:58am Nov 11, 2009 5:58am
Quoting Reas
Hi Koco,

That's good, but remember that all expierienced (i'm Dutch, dunno how to spell that :-) traders tell that losses cannot be avoided, every system has it's false breakouts.

If you test your system with a large enough data sample (10 years), it will become clear that those false breakouts are there, but in the long run they don't matter much.
That will also help you controling those nerves.
On the other hand it's allways a good idea to look for improvements.
As long as they are valid in your tests, you can decide to implement them, but...
Couldn't agree more with that Reas.
Trade the price action, not the cash!!!
  • #1,571
  • Nov 11, 2009 6:02am Nov 11, 2009 6:02am
Quote
Amigo: when did you set your orders? After BoE news? Because if set before (right after the 8 GMT) it would break the BUY line upwards.


Before. But gbp broke the buy line much earlier. I bought at 1.6751 and closed it at 1.6781.So, I didn't put new pending order (buy stop order).
  • #1,572
  • Nov 11, 2009 7:17am Nov 11, 2009 7:17am
Wow. What an amazing morning .

  • #1,573
  • Nov 11, 2009 8:27am Nov 11, 2009 8:27am
I have one question..How do you think..breakout during ny session should be valid?
  • #1,574
  • Nov 11, 2009 9:47am Nov 11, 2009 9:47am
Hi, I have been reading this thread since day one and everything looks great. Everyone has done a great job. Does any of you know how can I change the EA's stop loss from 40 to a 60 pips? I am using 5-8 box on FXDD (GMT+2) and I noticed that some trades move up to 52 pips the opposite direction right after entry then they correct themselves back to the original direction. I dont mind trading a 2:1 ratio. This is a great system and it shouldn't be a problem. I think a 60 SL minimizes losses in some trades. Thanks in advance.
Attached File(s)
File Type: mq4 EA_breakout_trend_TP3_lot.mq4   14 KB | 434 downloads
File Type: ex4 EA_breakout_trend_TP3_lot.ex4   15 KB | 312 downloads
  • #1,575
  • Nov 12, 2009 2:09am Nov 12, 2009 2:09am
anyone has a GBP/USD on sell this morning?
  • #1,576
  • Nov 12, 2009 2:38am Nov 12, 2009 2:38am
Quoting koco
anyone has a GBP/USD on sell this morning?
Yep, fingers crossed eh.
Trade the price action, not the cash!!!
  • #1,577
  • Nov 12, 2009 2:48am Nov 12, 2009 2:48am
Quoting Scullmeister
Yep, fingers crossed eh.
Hey, Scullmeister, where's your entry/SL/TP?

Mine's: 1.65302/1.65879/1.65002
  • #1,578
  • Nov 12, 2009 3:02am Nov 12, 2009 3:02am
THIS SUCKS! Already -30.

I'm still getting more and more persuaded that doing this strategy in reversal (imploding) way is the fastest way how to reach the 30 pips.

Everytime it goes red, I hate this.
  • #1,579
  • Nov 12, 2009 4:24am Nov 12, 2009 4:24am
the slopes didn't help. both were red and I close at loss of 60 pips in the buy direction
  • #1,580
  • Nov 12, 2009 5:26am Nov 12, 2009 5:26am
Quoting koco
anyone has a GBP/USD on sell this morning?
my order was triggered
and reach SL!
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