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Attachments: 0400-0700 GMT Breakout Strategy
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0400-0700 GMT Breakout Strategy

  • #1,581
  • Nov 12, 2009 5:43am Nov 12, 2009 5:43am
Quoting koco
Hey, Scullmeister, where's your entry/SL/TP?

Mine's: 1.65302/1.65879/1.65002
Hi my entry was:

Short: 1.6540.3 with a SL of 48.9.

Loss today, but still up for the month with 8 trades, 6 wins, 2 losses.

Plenty of days left to trade, so imo going well.
Trade the price action, not the cash!!!
  • #1,582
  • Nov 12, 2009 5:45am Nov 12, 2009 5:45am
Quoting Scullmeister
Hi my entry was:

Short: 1.6540.3 with a SL of 48.9.

Loss today, but still up for the month with 8 trades, 6 wins, 2 losses.

Plenty of days left to trade, so imo going well.
Sorry forgot to mention that PT was -30 from entry....
Trade the price action, not the cash!!!
  • #1,583
  • Nov 12, 2009 7:30am Nov 12, 2009 7:30am
With this strategy you have to be patient.

Still with only 2 losers it is a very good strategy so far.

  • #1,584
  • Nov 12, 2009 7:38am Nov 12, 2009 7:38am
You will probably find that you will have a much higher hit rate if you put your SL to the range of the high and low line instead of 40, but never exceeding 60 and still only going for the +30 pips at a time.

You should average about 180ish pips per month and because it has a pretty good hit rate you could go for 5% of cash balance.

Just a thought.
Trade the price action, not the cash!!!
  • #1,585
  • Nov 12, 2009 7:40am Nov 12, 2009 7:40am
I had sell on 1.65465 with tp1=1.65165 . Still holding position, -12 points.
  • #1,586
  • Nov 12, 2009 7:41am Nov 12, 2009 7:41am
Quoting Amigo
I had sell on 1.65465 with tp1=1.65165 . Still holding position, -12 points.
Good luck.
Trade the price action, not the cash!!!
  • #1,587
  • Nov 12, 2009 7:46am Nov 12, 2009 7:46am
Quoting Scullmeister
You will probably find that you will have a much higher hit rate if you put your SL to the range of the high and low line instead of 40, but never exceeding 60 and still only going for the +30 pips at a time.

You should average about 180ish pips per month and because it has a pretty good hit rate you could go for 5% of cash balance.

Just a thought.
By the way the above is using my trade times, don't want anyone to get confused as it may not work on other trade times, not sure.
Trade the price action, not the cash!!!
  • #1,588
  • Nov 12, 2009 9:23am Nov 12, 2009 9:23am
Quoting Scullmeister
By the way the above is using my trade times, don't want anyone to get confused as it may not work on other trade times, not sure.
Scull,

Please post your current trading rules to make certain I am following your strategy correctly.

Thanks,
Bob
  • #1,589
  • Edited 7:37pm Nov 12, 2009 6:50pm | Edited 7:37pm
I'm a newbie trader and want to use this strategy but unsure what tp1 and tp2 means. I know tp stands for take profit.

Hope anyone can help.
  • #1,590
  • Edited 10:52pm Nov 12, 2009 8:01pm | Edited 10:52pm
Quoting Akkep
I'm a newbie trader and want to use this strategy but unsure what tp1 and tp2 means. I know tp stands for take profit.

Hope anyone can help.
Yes, tp means take profit. What they mean by tp1, tp2, tp3 is that they place 3 stop orders in the direction of the trade usually 1 mini lot each order (could also be 0.10 or 0.30 or as you wish). First order is closed when it reaches tp1 usually set at 20 pips. Second lot is closed at tp2 (usually set at 30). And tp3 is usually set at 40 or 50 pips. It all depends on what fits you best. A Trailing stop is used for Break Even (BE) in case the trade reverses after it reaches tp1. IMHO, the idea of different tp's and trailing stops is useful in case a trade doesnt reach 30 pips. Good Luck!
  • #1,591
  • Nov 13, 2009 1:38am Nov 13, 2009 1:38am
Quoting Bobcat2
Scull,

Please post your current trading rules to make certain I am following your strategy correctly.

Thanks,
Bob
Ok here are my rules Bobcat and for any other traders out there that are interested. This may not suit all of you, so just take a look. If you like them use them, if you don't, then maybe you can adjust them to suit your own style of trading.

15min timeframe using IG index quick charts
Draw vertical line @ 0500 (which closes at 0515) - London Time
Draw vertical line @ 0700 (which closes at 0715) - London Time
PT = +30
SL = The range of the high and low line, but never exceeding 60 pips.

Let the trades run all day if you have to, however if they have not activated by say 1700hrs London Time, then cancel, them but this is very rare indeed.

Don't trade on NFP days and any other high volatility days as you will end up losing more than you win.

I use 5% of my cash balance because it has an average hit rate of around 78%, but on Fri i lower my risk to just 2%.

Use a bit of common sense as well guys. If there is a high impact news announcement at say 0930 and it gets to say 0927 and your trade has been messing about at around 20-25ish pips and the feeling is that the news is going to make the trade go in the opposite direction, then just take your profits - best be safe than sorry!!!

This month we have had 8 trades, 6 wins, 2 losses, +87. Trade not activated today yet, but remember i have lowered my risk.........

That's it i think. Hope that helps and if you guys can think of any way to make it better than please reply with your comments, cheers.

Happy pipping.....................
Trade the price action, not the cash!!!
  • #1,592
  • Nov 13, 2009 1:45am Nov 13, 2009 1:45am
Quoting Scullmeister
Ok here are my rules Bobcat and for any other traders out there that are interested. This may not suit all of you, so just take a look. If you like them use them, if you don't, then maybe you can adjust them to suit your own style of trading.

15min timeframe using IG index quick charts
Draw vertical line @ 0500 (which closes at 0515) - London Time
Draw vertical line @ 0700 (which closes at 0715) - London Time
PT = +30
SL = The range of the high and low line, but never exceeding 60 pips.

Let the trades run all day if you have to, however if they...
Bugger i always do this. For the Long, use buffer of 10 and the Short use 7, sorry. ARGGHHHH!!!!!
Trade the price action, not the cash!!!
  • #1,593
  • Nov 13, 2009 2:10am Nov 13, 2009 2:10am
What are you trading today? Which pairs and what entry/direction?
  • #1,594
  • Nov 13, 2009 2:19am Nov 13, 2009 2:19am
A very good week again.

Enjoy the weekend.

  • #1,595
  • Nov 13, 2009 2:25am Nov 13, 2009 2:25am
+30 today, so for the month so far we have 9 trades, 7 wins, 2 losses.

Koco - Please refer to previous posts, all info is there for you. I trade GU.
Trade the price action, not the cash!!!
  • #1,596
  • Nov 13, 2009 2:49am Nov 13, 2009 2:49am
Quoting Scullmeister
Ok here are my rules Bobcat and for any other traders out there that are interested. This may not suit all of you, so just take a look. If you like them use them, if you don't, then maybe you can adjust them to suit your own style of trading.

15min timeframe using IG index quick charts
Draw vertical line @ 0500 (which closes at 0515) - London Time
Draw vertical line @ 0700 (which closes at 0715) - London Time
PT = +30
SL = The range of the high and low line, but never exceeding 60 pips.

Let the trades run all day if you have to, however if they...
Hi Scullmeister, according to your post at http://www.forexfactory.com/showpost...postcount=1393, you mentioned that you will not enter until GMT0730hrs (closing of GMT0715 candle) and with a stop loss of 40 pips and you also attached the results of your back test. Now you mentioned another method in this post. So which is a better system to use? Please advise. Thank you.
  • #1,597
  • Nov 13, 2009 3:16am Nov 13, 2009 3:16am
Quoting Fumiryu
Hi Scullmeister, according to your post at http://www.forexfactory.com/showpost...postcount=1393, you mentioned that you will not enter until GMT0730hrs (closing of GMT0715 candle) and with a stop loss of 40 pips and you also attached the results of your back test. Now you mentioned another method in this post. So which is a better system to use? Please advise. Thank you.
Hi there - There are a few other posts above from me that said that you may get better results using the strategy this way. However the other way also works, it's all a bit ying & yang, sometimes the other strategy will work best, sometimes this one. I just think that this way you will have a higher hit rate imo.

Why don't you do a bit of manual backtesting so you feel comfortable with which ever one you use. Only then should you risk your hard earned cash on it.
Trade the price action, not the cash!!!
  • #1,598
  • Nov 13, 2009 3:18am Nov 13, 2009 3:18am
Good trading guys, if you feel like testing an EA, you should look in the 7-9 AM Big Dog thread, you can easily adjust it for London timings.
  • #1,599
  • Nov 13, 2009 3:23am Nov 13, 2009 3:23am
Quoting DubaiTrader
Good trading guys, if you feel like testing an EA, you should look in the 7-9 AM Big Dog thread, you can easily adjust it for London timings.
Thanks mate, much appreciated.

I have been keeping an eye on that thread with interest.
Trade the price action, not the cash!!!
  • #1,600
  • Nov 13, 2009 3:33am Nov 13, 2009 3:33am
Quoting DubaiTrader
Good trading guys, if you feel like testing an EA, you should look in the 7-9 AM Big Dog thread, you can easily adjust it for London timings.
Re: EA's.

Imo the strategy is only 50% of your trading, i also use a few indicators now and then and a bit of common sense to manage the trade, so the EA will not show that. However don't get me wrong the EA can give you an idea of past results for sure.

Thx.
Trade the price action, not the cash!!!
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