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GbpUsd 5 min breakout

  • #21
  • Dec 1, 2009 10:14am Dec 1, 2009 10:14am
Quoting 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...
Thanks for you response. I wasn't being completely lazy by asking the question, I spent a couple of hours randomly backtesting and the results do look very good. Not sure as to the reason why !

Ive used the big dog system before but couldn't get used to it. This looks better.
  • #22
  • Dec 1, 2009 10:22am Dec 1, 2009 10:22am
Final results for the first month, 889,5 pips (this value already has spread in account).

  • #23
  • Dec 1, 2009 11:03am Dec 1, 2009 11:03am
Quoting Cain
Maybe this can help you Hollandpippin.
thnx cain but it cant do excatcly like ur method...i mean i cant set it up that when u have a buy the range is there calculated...if u knowq what i mean....anyway thanks dude
  • #24
  • Dec 1, 2009 11:31am Dec 1, 2009 11:31am
I'm sure you can find a breakout EA that can be used with this strategy somewhere on the web... that was the only EA on my folder... I'm not a EA kind of guy. Sorry...
  • #25
  • Dec 1, 2009 11:57am Dec 1, 2009 11:57am
Nice results it looks like it is going well
The greatest force on earth is compound interest.
  • #26
  • Dec 1, 2009 1:36pm Dec 1, 2009 1:36pm
I remembered now, some weeks ago I posted a request for a "tool" that would made this strategy easier to trade.


Here's the quote:

http://www.forexfactory.com/showthread.php?t=207852

Quoting Cain
Hi to all of you!

I use a system where I place two pending orders, one buy stop and one sell stop, the stop loss of the first is the trigger price of the second and "vice-versa", if the take profit of the first order isn't reached i would like to have a EA, or script, or something... to make the second order go double on the lot size while keeping the same tp and sl of the original second order. I know that metatrader brokers only place pending orders 5 pips away from current market price, being that way, the EA could raise the lot size when...

Maybe some of you guys, know something that would do this, I hope.



Thanks in advance
  • #27
  • Dec 1, 2009 5:18pm Dec 1, 2009 5:18pm
Hey Cain,
I want to start dummy trading your system,as it looks good.
I need a bit of help with the set up.i,ve drew a box at the 8.00 and the 8.10 candles on todays chart Tuesday (do i include the wicks?) ,which are at 1.6417 and 1.6450 ,Ive put a 10 pip buffer above and below these levels ,which gives me 1.6407 and 1.6460 ,is this correct so far ? and if it is whats my next step.

P.s sorry about all the questions ,but i'm looking for a system like this.

Regards Andy
  • #28
  • Dec 1, 2009 5:57pm Dec 1, 2009 5:57pm
Quoting arrowloopboy
Hey Cain,
I want to start dummy trading your system,as it looks good.
I need a bit of help with the set up.i,ve drew a box at the 8.00 and the 8.10 candles on todays chart Tuesday (do i include the wicks?) ,which are at 1.6417 and 1.6450 ,Ive put a 10 pip buffer above and below these levels ,which gives me 1.6407 and 1.6460 ,is this correct so far ? and if it is whats my next step.

P.s sorry about all the questions ,but i'm looking for a system like this.

Regards Andy
Yes you include the wicks. On the top buffer you put 10 pips plus the spread.
Then you place pending orders, buystops and sellstops.

All the information is on post #1
  • #29
  • Dec 1, 2009 6:59pm Dec 1, 2009 6:59pm
I also llove these kind of breakout systems and have been trading one myself. You'd be better of displaying your profit in percentages rather than pips. Making 3% on each trade with compounding will make you some pretty healthy returns.
Do you only double once if you lose? Or do you martingale it. Also when I have checked time based breakouts like this I find that they work for a year or so and then fail. Still worth doing but will be interesting to see how it would have done a year ago or so.
I think that using box size as the determining factor is the way to go with breakout systems. Much better than a fixed number.
I'll look some more into it tonight.

Max
Gravity goes both ways in forex...
  • #30
  • Dec 1, 2009 7:43pm Dec 1, 2009 7:43pm
Hi Cain,

Thanks for sharing. I am writing a simple ea to backtest your system.

In your first post I believe you said that pending orders which have not been opened get closed at 2300 hrs of the next day.

Did you mean the same day?

And just to clarify if the first order is a loss the lots are doubled for the opposite order?
  • #31
  • Dec 1, 2009 7:44pm Dec 1, 2009 7:44pm
Quoting max pips
I also llove these kind of breakout systems and have been trading one myself. You'd be better of displaying your profit in percentages rather than pips. Making 3% on each trade with compounding will make you some pretty healthy returns.
Do you only double once if you lose? Or do you martingale it. Also when I have checked time based breakouts like this I find that they work for a year or so and then fail. Still worth doing but will be interesting to see how it would have done a year ago or so.
I think that using box size as the determining factor...
I only double it if the first trade is a loss.

I only am after more 3%, sometimes 4 on each trade, for this account I've started with 250 Euro following the rule of only 3%. Today my account equity is 682,9 Euro.
  • #32
  • Dec 1, 2009 7:47pm Dec 1, 2009 7:47pm
Quoting waltini1
Hi Cain,

Thanks for sharing. I am writing a simple ea to backtest your system.

In your first post I believe you said that pending orders which have not been opened get closed at 2300 hrs of the next day.

Did you mean the same day?

And just to clarify if the first order is a loss the lots are doubled for the opposite order?
Nope, the next day.

And yes, I only double the lots if the 1st order result in a loss.
  • #33
  • Dec 1, 2009 9:17pm Dec 1, 2009 9:17pm
Quoting Cain
Nope, the next day.

And yes, I only double the lots if the 1st order result in a loss.
If you have explained this already please forgive me.

If for example my sell order was not filled from the day before and it is 0815 hours the next day do you put out another two orders so its feasible that you might have 3 orders waiting to be filled.

1. the sell order from yesterday waiting to be filled.

2. The new sell order from the bottom of todays box

3. The new buy order from the top of todays box.

Can this happen?
  • #34
  • Dec 1, 2009 9:30pm Dec 1, 2009 9:30pm
Quoting waltini1
If you have explained this already please forgive me.

If for example my sell order was not filled from the day before and it is 0815 hours the next day do you put out another two orders so its feasible that you might have 3 orders waiting to be filled.

1. the sell order from yesterday waiting to be filled.

2. The new sell order from the bottom of todays box

3. The new buy order from the top of todays box.

Can this happen?
Yes, it's possible.
  • #35
  • Dec 2, 2009 5:33am Dec 2, 2009 5:33am
More 40,3 pips!

Again, I've doubled my lot size because I had a false breakout on the first trade.



Many pips to all!
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  • #36
  • Dec 2, 2009 11:41am Dec 2, 2009 11:41am
nice one dude, keep up the good work!

have u tried any other pairs?

just something to consider, isn't doubling up is a bit scary if there are 3-5 losses in a row?
  • #37
  • Dec 2, 2009 2:51pm Dec 2, 2009 2:51pm
Quoting Suddenattack
nice one dude, keep up the good work!

have u tried any other pairs?

just something to consider, isn't doubling up is a bit scary if there are 3-5 losses in a row?

Yep, I agree, but that's the aggressive strategy, if you don't double the lot size you will end with a breakeven trade which is far better than a loss trade. And if you have two loss trades in a row, just forget it and wait for the next day, the market will be here.


I didnt test this technique in other pairs yet, too busy with college work...
  • #38
  • Dec 3, 2009 4:23am Dec 3, 2009 4:23am
Watching this morning since 7.00am (UK time), and the initial buy order was stopped out. Sell order triggered at double the lot size and this hit TP, although that drewdown by 20 pips on a 30 pip SL/TP

That happened yesterday too. Its pretty nervy, but it seems to work well at the moment.
  • #39
  • Edited 7:33am Dec 3, 2009 5:42am | Edited 7:33am
Quoting Pips Queak
Watching this morning since 7.00am (UK time), and the initial buy order was stopped out. Sell order triggered at double the lot size and this hit TP, although that drewdown by 20 pips on a 30 pip SL/TP

That happened yesterday too. Its pretty nervy, but it seems to work well at the moment.

It's nervy... indeed. But in 23 days of trading only one of those resulted in a breakeven (not a loss).
"...it works well at the moment.)

More 29,8 pips!
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  • #40
  • Dec 3, 2009 9:57am Dec 3, 2009 9:57am
I was also watching this morning,but following Cains set up,i cleared 33 pips.
How often are you getting false breakouts Cain,as the same happened yesterday,but the both of them came good,so dose it really matter ?,as long as the balance sheet shows profit.
This is a nice system Cain, thanks for sharing.
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