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GbpUsd 5 min breakout

  • #41
  • Dec 3, 2009 1:35pm Dec 3, 2009 1:35pm
Quoting arrowloopboy
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.

I had 8 false breakouts in a total of 37 open trades since 3 of November. Since I started trading this technique I never had a day with losses, the worst scenario until now was a break-even day.

Remember, losses are normal and they will occur.
  • #42
  • Dec 3, 2009 3:27pm Dec 3, 2009 3:27pm
[quote=Cain;3279758]I had 8 false breakouts in a total of 37 open trades since 3 of November. Since I started trading this technique I never had a day with losses, the worst scenario until now was a break-even day.

Remember, losses are normal and they will occur.

How did you manage a breakeven ,when you double your lot size after a false break ?
I only know too well that losses willl occur,but perhaps they may happen me less with this system than some of mine.
  • #43
  • Dec 3, 2009 3:48pm Dec 3, 2009 3:48pm
If the 1st breakout make a profit and the second does not we have a break-even day. That's because I only double my lot size if the 1st trade results in a loss.

Here's the example:
Attached Image (click to enlarge)
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  • #44
  • Dec 3, 2009 4:09pm Dec 3, 2009 4:09pm
Thanks for the scoop. I've only had a chance to scan it but it looks simple enough for (even) me. I'll be back tomorrow to see if it really is.
  • #45
  • Dec 3, 2009 4:10pm Dec 3, 2009 4:10pm
Quoting Cain
If the 1st breakout make a profit and the second does not we have a break-even day. That's because I only double my lot size if the 1st trade results in a loss.

Here's the example:
Do you allways leave the second trade on Cain,after having a successfull first trade ?
  • #46
  • Dec 3, 2009 4:28pm Dec 3, 2009 4:28pm
Yes, one does not cancel the other.
  • #47
  • Dec 3, 2009 4:54pm Dec 3, 2009 4:54pm
Quoting Cain
Yes, one does not cancel the other.
Have you found this more profitable than banking your first winning trade,
i.e ,do you bank more second trades than you get break evens.
  • #48
  • Dec 3, 2009 5:01pm Dec 3, 2009 5:01pm
Yes. All the screenshots are posted, just take a look.
  • #49
  • Dec 4, 2009 6:02am Dec 4, 2009 6:02am
Good morning!


I believe another one is about to bite the dust!
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  • #50
  • Dec 4, 2009 6:35am Dec 4, 2009 6:35am
Here it is!

More 52 pips - spread
Attached Image (click to enlarge)
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  • #51
  • Dec 4, 2009 8:55am Dec 4, 2009 8:55am
Well... it seems the market decided to took those pips from me.


Break-even day...

Better than a loss.
Attached Image (click to enlarge)
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  • #52
  • Dec 4, 2009 9:22am Dec 4, 2009 9:22am
Cain

Why do you keep the 2nd order in place after you've already got your pips? I can understand if you get stopped out during the 1st order that you should trigger a 2nd, but surely if the breakout box is 50 pips, price then goes long for 50 pips, you were correct in assuming which way the market was going. I can't see the benefit of keeping the 2nd order in place under these circumstances

Just a thought. Well done though
Matt
  • #53
  • Dec 4, 2009 9:33am Dec 4, 2009 9:33am
At least you are thru early for the day, and no loss is something to to be considered as a "win light".
  • #54
  • Dec 4, 2009 11:08am Dec 4, 2009 11:08am
Quoting Pips Queak
Cain

Why do you keep the 2nd order in place after you've already got your pips? I can understand if you get stopped out during the 1st order that you should trigger a 2nd, but surely if the breakout box is 50 pips, price then goes long for 50 pips, you were correct in assuming which way the market was going. I can't see the benefit of keeping the 2nd order in place under these circumstances

Just a thought. Well done though
Matt
I'd tend to agree,but Cain says he banks more pips than break evens with the second trade,saying that 30-50 pips on the first order,would gladly do me 3 or 4 days a week.
I banked on the first order this morning and canceled the second as its nfp friday.
Once again Cain,your a pure gent for sharing.
  • #55
  • Dec 4, 2009 1:13pm Dec 4, 2009 1:13pm
The second order stays open because I can cash more pips this way, second orders gave me more 272,3 pips since I started to trade this method, and two break-evens. And... no losses.

I'm glad Arrowloopboy banked some pips today!
  • #56
  • Dec 4, 2009 1:52pm Dec 4, 2009 1:52pm
Cain, have you tried this on any other pairs at their respective time frames? I guess I'll have a look, getting up at 2am eastern time US is rough... not that I wont do it of course.
Oh yes, is 8 GM+1 7am local London and what do you suppose is the signifiance, start of the day?
  • #57
  • Dec 4, 2009 2:03pm Dec 4, 2009 2:03pm
This would have been a winner or break even this morning at 7 0r 8 am New York time depending on the spread and a winner yesterday. Got to go back further though.
  • #58
  • Dec 4, 2009 2:58pm Dec 4, 2009 2:58pm
Cain,

just wanted to say thank you for that system, it looks really great and i did some backtesting the last weeks and it works very well.

I will start testing it on a small live account on monday and hope the results will be good

Greetings from Frankfurt
  • #59
  • Dec 5, 2009 10:01am Dec 5, 2009 10:01am
You could do this every hour. 9-9.10 10-10.10 and so on.
  • #60
  • Dec 6, 2009 11:05am Dec 6, 2009 11:05am
Quoting Cain
The second order stays open because I can cash more pips this way, second orders gave me more 272,3 pips since I started to trade this method, and two break-evens. And... no losses.

I'm glad Arrowloopboy banked some pips today!
Nice breakout system,

Maybe you could move your stop loss to break even after getting past half the box size?
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