GbpUsd 5 min breakout

I want to share the system that I started trading this November. I'm getting some very good results, I got 720,6 pips trading GBPUSD (this value includes the typical spread of 2,5 pips, I trade with Alpari Uk).

Here it is:

- Draw a box over the 8.00 and the 8.10 candles on a clean 5 min chart (GMT +1, for more information on timezone conversion go to http://www.timeanddate.com/worldclock/converter.html).

- Place a buffer of 10 pips over the high and low of the box.

- Put two pending orders, one buy stop at the high of the box (including buffer, of course) and one sell stop at the bottom of the box.

- Stoploss is the low of the box in a buy order and the high in a sell order.

- Take profit will be the box size in both cases.

- One order does not cancel the other.

- Orders expire at 23.00 GMT+1 of the next day.

- I the take profit of the first orders is not reached I duplicate the lot size in order to cover my previous loss and still make profit, if i have a loss in the second trade I wait until the next day. There will always be a tomorrow.


Remember, manage your risk wisely, never risk more than 3% of your equity in one trade.


I'm forward testing this method in a small live account and will continue until I have satisfying results that can give confidence enough to trade it on a bigger account and join it to my trading portfolio.

What do you think about this system?

Hi there,

will test your system, sounds nice.

Can you provide us with some screenshots?

Here some examples (and results):

Some more...

Ooops! I posted on the wrong place. This should be on Trading systems...
How can I correct this???


Thanks in advance


I got it now... I tried to post on Trading systems, but I'm new in this forum so my post came here. It's ok. Am I correct?

here it is, more 50 pips - spread (2,5):

first of all thanks for your litlle and easy to do system...
was playing around with the indicator to get the right settings but i found it......
gmt shift=0
start=8:00
end=8:10
offset=100
also using an alpari uk demo account

looking forward to see more results
good luck cain!

cain,
when placing your pending orders do you also count spread or jus the buffer?

thanks

The orders are placed 10 pips plus the spread on longs, and just 10 pips on shorts.

I forgot to mention a pending order that still was active, a sell stop from yesterday that gave me more 29,3 pips . So, the results for today are 79,3 - 5,0 pips (spread).

More 99 pips!!! minus spread, of course.

I'm in love with my system! 778,2 pips on November

More 62,4 pips - 2,5 (spread) for today.

53,9 pips - spread for today!

I will keep posting my trades until the end of this week, but since there's no discussion around this technique I will stop this Friday.


Happy pips to all!

I think there is nothing to discuss because its so simple. Your results look impressive.

Whats your % of winning trades?

Unfortunately, the rookie section doesn't get as many visitors as it SHOULD.

I love breakout systems. Simple and very easy to trade. Set the pending orders and go to bed. LOL!

I am working on a breakout system now but it is too early to post info on as I have just started doing live testing. Demo data is promising but nothing beats trading it live. It's one that can be done anytime of the day.

Don't stop posting because people are not responding. I am sure that there are many who are looking and not posting.

magnumfreak is right,pitty it is not so noticable as in the new systems trhreads coz by now you would have gotten allready many EA's and indicators but the funny thing what i have noticed that everybody wants to modify a system instead of just trading by the rules ....think it is just human
would be nice if like RR would notice this little breakout system coz he can programm an EA for it...i
would like to test it myself but when you set your pendingorders im at work an have no possibilty to do so....pitty but what i see untill now it is very promising

keep up the good work Cain!

I don't have enough data to give you a reliable % because I only started to trade this way since the beginning of November. I traded the London breakout for some years with good results using similar settings to those in one of this forum threads, after so many time looking at charts I noticed that the first 15 minutes after 7.00 am GMT (8.00 am GMT+1) had special importance, I tried different buffer sizes till I find the right one. Then I did some "old-school" visual backtesting using a pen and a piece of paper (which one of my new puppys ate last week...). The results were impressive!

I can tell you that since I opened this small live account for forward testing I opened 31 trades, 25 with profit and 6 with losses, but since I double my lot size when I have a trade which give me loss in order to cover that loss my worst day was a break even, all the other days resulted in profit.





Thank the black dog (Sati) for not having more backtest results.

Breakout systems are my favourite too, I love set and forget techniques.


Thanks for your support Magnumfreak!

Maybe this can help you Hollandpippin.