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0400-0700 GMT Breakout Strategy

  • #1,621
  • Nov 16, 2009 6:27am Nov 16, 2009 6:27am
Quoting trendgenius
Loss for me as well. Price reversed at 8:00. Anyone winners out there?
I made 4 pips !! but was in at an earlier level. When it just could not break through the 750 level and started to reverse with negative divergence on the 2min MACD I got out
  • #1,622
  • Nov 16, 2009 7:01am Nov 16, 2009 7:01am
Would of been a no trade for me using M30 charts and in accordance with Slope indi.

Are most people using M15 charts for this?
  • #1,623
  • Nov 16, 2009 7:11am Nov 16, 2009 7:11am
One of those days.

Both the 7:15 and 7:30 GMT entries with Scull's method would have been losers.

Tomorrow is another day.

  • #1,624
  • Nov 16, 2009 7:15am Nov 16, 2009 7:15am
Very anoying today, just missed my TP by 2 pips, then shot up, however still in the trade as set my SL to the range of the high and low.

Get down GU, lol.
Trade the price action, not the cash!!!
  • #1,625
  • Nov 16, 2009 10:51am Nov 16, 2009 10:51am
Quoting Scullmeister
Very anoying today, just missed my TP by 2 pips, then shot up, however still in the trade as set my SL to the range of the high and low.

Get down GU, lol.
Loss in the end on the GU, no worries always another day.

So this month 10 trades, 7 wins, 3 losses.

Lets hope toomorrow is better.

Happy trading..........
Trade the price action, not the cash!!!
  • #1,626
  • Nov 16, 2009 11:21am Nov 16, 2009 11:21am
Quoting Scullmeister
Very anoying today, just missed my TP by 2 pips, then shot up, however still in the trade as set my SL to the range of the high and low.

Get down GU, lol.
Agreed, F***** day this day. Missed my TP by 3 pips, then lost 43 pips!!!
I'm starting to disbelieve this method...
  • #1,627
  • Nov 16, 2009 1:09pm Nov 16, 2009 1:09pm
Quoting koco
Agreed, F***** day this day. Missed my TP by 3 pips, then lost 43 pips!!!
I'm starting to disbelieve this method...
Koco - you need to chill mate and be patient. The system is running at 7 wins, 3 losses if followed mechanically. For an hour or two in the morning is good going & still plenty of days left yet in the month.

You can't get anoyed and upset everytime you have have a loss, because losses happen, that's trading for you mate

If you don't have faith in the system, don't trade it and find another strategy that suits your style of trading.

I have been consistently profitable since trading it this way, so if you want, take my word, if not do a bit of manual back testing and see.

For you to get anoyed like this over a loss, seems to me like you may be trading with too high stakes for your comfort level.

Just keep trading it mechanically and i bet by the end of the month it is in profit. Oh and lower your stakes if you have to........

Chin up
Trade the price action, not the cash!!!
  • #1,628
  • Nov 16, 2009 1:38pm Nov 16, 2009 1:38pm
Today I'm 25 pips up using London and NY breakout.

Did anyone trade this method in october-december 2008? When volatility was very high.
  • #1,629
  • Nov 16, 2009 3:12pm Nov 16, 2009 3:12pm
ok thanks, i had put your settings on a chart but can't find your results.

today loosing day for me too, i am working for find an setting on NY breakout too.

about an EA, did you test the wtlam one ? I use it, work nice


Quoting swissforex
Hi Greg
My inputs for the indi :

GMT Shift 0
Start 2:00
End 5:00

Timeframe 30
my Server +1 GMT
hope it helps

Now I'm workin on new settings for actual daylight ST and I've changed all my colored boxes .
I do believe only in manual backtesting


and still searching for EA to manage TakeProfit 1 and TakeProfit2 ..
  • #1,630
  • Nov 16, 2009 3:51pm Nov 16, 2009 3:51pm
Quoting gregart
ok thanks, i had put your settings on a chart but can't find your results.

today loosing day for me too, i am working for find an setting on NY breakout too.

about an EA, did you test the wtlam one ? I use it, work nice
Hi Gregart,

You could try the one I use on the NY session post # 2109 on the 7am - 9am Big Dog thread. Worked a treat today would have delivered + 114 pips based on 2 positions as explained in the post
  • #1,631
  • Edited 5:09pm Nov 16, 2009 4:37pm | Edited 5:09pm
Quoting Indyfx
Hi Gregart,

You could try the one I use on the NY session post # 2109 on the 7am - 9am Big Dog thread. Worked a treat today would have delivered + 114 pips based on 2 positions as explained in the post
I Lost 26 pips on the London session, but took 75 pips with a TP3 off the NY session (Box: 7-9am Eastern time) using this thread's rules. I set my TP1 at 20pips, TP2 at 30pips, and TP3 at 75 pips depending how things look.
Attached Image (click to enlarge)
Click to Enlarge Name: NYSession.jpg Size: 147 KB
  • #1,632
  • Nov 16, 2009 5:17pm Nov 16, 2009 5:17pm
Quoting Scullmeister
Koco - you need to chill mate and be patient. The system is running at 7 wins, 3 losses if followed mechanically. For an hour or two in the morning is good going & still plenty of days left yet in the month.

You can't get anoyed and upset everytime you have have a loss, because losses happen, that's trading for you mate

If you don't have faith in the system, don't trade it and find another strategy that suits your style of trading.

I have been consistently profitable since trading it this way, so if you want, take my word, if not do...
Well said, Scullmeister - patience is a virtue, and a key one when trading

Question for everyone out there - has anyone looked at taking the opposite trade if the initial trade loses?
eg this morning, the GU short trade at about 8.45am nearly hit the 30 pip TP but lost, reversing and then hitting the stop loss (wherever you put the SL); it then went long by about 120 pips, from 3pm till 7pm
I have seen this happen quite a lot - the trade either hits the TP and we all go away happy, or it bounces back and hits the stop loss, before going the other way and hitting the "new TP"
Seems that there is something to be said for keeping both orders open until the TP is hit, that way you either win the first time or you win back your loss the second time - two bites at the cherry as it were!

I would be delighted to have some feedback on this observation

Austin
  • #1,633
  • Nov 16, 2009 6:49pm Nov 16, 2009 6:49pm
Quoting gregart
ok thanks, i had put your settings on a chart but can't find your results.

today loosing day for me too, i am working for find an setting on NY breakout too.

about an EA, did you test the wtlam one ? I use it, work nice
Hi Gregart

could you share Wtlam EA?
or point me to the #post?
thanx

today was a bad day,and slopes didn't help me to stay out

I don't know if I'll trade tomorrow
GBP red flags on FF Calendar

Hey guys,I'm searching OTHER PAIRS to trade with breakout Strategy!
Something good like the one I trade usually (GBPUSD)

Any ideas?i.e. Sidney?

I'm workin ' on USDJPY,Tokyo opening ..
Account deleted
  • #1,634
  • Nov 16, 2009 11:28pm Nov 16, 2009 11:28pm
for swiss forex, i use this one from wtlam : http://www.forexfactory.com/attachme...d=324975&d=Sep 29, 2009 5:55am

for indyfx, thanks i will take a look, yep profitable this monday on NY session

greg
  • #1,635
  • Nov 16, 2009 11:35pm Nov 16, 2009 11:35pm
Quoting Austinc1972
Well said, Scullmeister - patience is a virtue, and a key one when trading

Question for everyone out there - has anyone looked at taking the opposite trade if the initial trade loses?
eg this morning, the GU short trade at about 8.45am nearly hit the 30 pip TP but lost, reversing and then hitting the stop loss (wherever you put the SL); it then went long by about 120 pips, from 3pm till 7pm
I have seen this happen quite a lot - the trade either hits the TP and we all go away happy, or it bounces back and hits the stop loss, before going the other...
For newbies this is one of the best mechanical systems I have seen out there.

Some advice: (This is from years of making stupid mistakes.)

- Stick to the basic rules.
- Do not take reverse trade.
- Only one trade per day.

Now,if you mastered that it is possible to make good money.

  • #1,636
  • Nov 17, 2009 12:13am Nov 17, 2009 12:13am
Quoting Austinc1972
Well said, Scullmeister - patience is a virtue, and a key one when trading

Question for everyone out there - has anyone looked at taking the opposite trade if the initial trade loses?
eg this morning, the GU short trade at about 8.45am nearly hit the 30 pip TP but lost, reversing and then hitting the stop loss (wherever you put the SL); it then went long by about 120 pips, from 3pm till 7pm
I have seen this happen quite a lot - the trade either hits the TP and we all go away happy, or it bounces back and hits the stop loss, before going the other...
Hi Austin - I have been thinking about this myself mate as it seems viable. However due to the fact that you could potentially lose both trades, thats double the risk i am thinking of trading my first trade (proper trade if you like) at 5% risk and keeping the opposite trade open at only 2%. This way if it does lose, your only losing 2% of cash balance on top of the 5% already lost and if it makes a profit, then it reduces the loss of the first trade by a percentage.

Hope that makes sense

mmmmmmm
Trade the price action, not the cash!!!
  • #1,637
  • Nov 17, 2009 3:16am Nov 17, 2009 3:16am
Quoting Scullmeister
Koco - you need to chill mate and be patient. The system is running at 7 wins, 3 losses if followed mechanically. For an hour or two in the morning is good going & still plenty of days left yet in the month.

You can't get anoyed and upset everytime you have have a loss, because losses happen, that's trading for you mate

If you don't have faith in the system, don't trade it and find another strategy that suits your style of trading.

I have been consistently profitable since trading it this way, so if you want, take my word, if not do a bit...
Scullmeister: you're right again :-) I'm just too emotional. I'll explain why I'm so pissed - and that's just my fault... I started with this strategy maybe 4 or 5 weeks ago, and it was performing really great. I grabbed nice pips, but I was so stupid that I was testing other ways in parallel (for example news, etc...), that I lost what I've earned. After that I told myself, that I have to have an iron discipline and stop to try unverified things - at least on live account. However, what happened were the losses at these breakouts - which I didn't experience before, hence I know that they are part of this strategy and are normal, but they came right after my losses from the stupid tryings, so from the psychological point of view it looks to me like I'm always losing (which is not true).

That's why I'm so overreactive. I think you're right about lowering the stakes for a while and after I earn something there's always the possibility to compound it.

Thanks for your support ;-)
  • #1,638
  • Nov 17, 2009 3:24am Nov 17, 2009 3:24am
Results so far on morning breakout for USD CAD based upon my post # 1978 on the 7am - 9am Big Dog Breakout thread

9 November + 40 pips

10 November did not trigger

11 November Based upon rules stopped out at breakeven (after reaching 30 pips profit). However having taken 5 hours !! to reach this profit point I sold out + 10 pips when it moved back

12 November + 38 pips (so close to target and overbought so sold out early

13 November -25 pips stopped out

16 November did not trigger

17 November + 40 pips

So far + 103 pips in 7 days

Please note I have changed the rules in relation to the sloping lines. I am now using a 15 min chart with 160, 3, 0 and 80, 3, 0 and as long as both lines are pointing in the same direction at the break of the box or on a retracement back to the break of the box (as long as it has not already moved 30 pips) I am entering. I quickly looked back over October and I don't think that this changes the reliability of this set up

Please don't take my word for it you need to confirm for yourself that you are confident that this set up works.
  • #1,639
  • Nov 17, 2009 7:26am Nov 17, 2009 7:26am
Quoting Indyfx
Hi Gregart,

You could try the one I use on the NY session post # 2109 on the 7am - 9am Big Dog thread. Worked a treat today would have delivered + 114 pips based on 2 positions as explained in the post
Hey Indy,

Thanks for the settings...I have been laboring to find the right parameters for this, and I surely appreciate your sharing your success with us!

Bob in Wisconsin
  • #1,640
  • Nov 17, 2009 1:46pm Nov 17, 2009 1:46pm
So a loss today, that puts us on +86ish pips for the month trading it mechanically with 9 days left to trade.

Koco - I here you mate, trading is the most frustrating thing in the world, just keep the faith and when a loser occurs, just move on.

Keep the faith and keep disciplined and the pips will come.
Trade the price action, not the cash!!!
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