0400-0700 GMT Breakout Strategy

I have visually backtested tasci's original method (using only 30 pips TP) against dubai's since August 28th with these results:

tasci: + 1330 pips
dubai: +390

If I would have tested tasci's method using TP30 + TP60 the result would probably have been doubled.

I't seems dubai's system has only been profitable in November so far.

Hi all, i have an problem with the excellent wltam EA, it have an magic number for work with other EA's but I have ever an window with the "move stop loss" alert when another EA run same time.
Anybody have an idea about that ?

thanks guys

Greg

Hi guys

I've been cheking the 'EA breakout trend TP', but it seems to trigger trades based on the direction of the candle after the end of the breakout. Unfortunately this not according to the system's specifications and it triggers a lot of trades against the PA.

I would need an EA that triggers the trade when price crosses the upper/lower limit of the breakout box (after x number of candles or after certain time, eg. 9.00 GMT).

It should also handle the TP1, TP2, SL, etc. like the original EA does.

Anybody?

Thanks!

is it only because DubaiTrader uses the slope direction line to filter trades or the time difference.

so did I

Sorry, I guess i did not word that very well. The difference in pips is huge but is the only difference in technique the use of the slope direction line as a filter?

Over the years I have found that if you trade breakouts purely on breakout without some sort of direction indicator you can just as well go gamble.

Yes you will get months were you get lucky and rake up the pips. Last month was very choppy and then you might get less pips with direction, or you might get more like my results show.

Because so many people trade different time frames it is difficult to compare.

What I actually am trying to say is that in the long run the trend stays your best friend.

There is nothing new in forex only people trying new twists .

Discipline is the only skill that you need for this business.

Trust me, I have burned my fingers so many times in the past that I'm now typing with my elbows.

Hello All,
Greg, I experience the same problem, but even more, I do have only EA_breakout working and it has the same issues. I noticed that mostly it happens if I leave terminal working for a few days in a raw without reloading. If that possible may be some one can check the code to solve the problem?
Thanks,

No. Dubai uses a different timeframe, a buffer and a 30 pips SL, whereas the original system doesn't use buffer ans puts the SL at the box edge.

If you please, can you tell me if you found a significant day of the week bias? For example, one of the posters to this thread trades Monday only. I think others Monday and Thursday. Did you discover anything you consider important in this regard? Pippo

What a day.

It took sooooooooooooo long to take profit.

I haven't checked, but then I'm not so much a 'history' trader.
I tend to rely more on what's going on in the market in the moment, every day. Markets change.

Anyway, I think if you want to determine trading patterns you should check over long periods, like +1 year.

Thank you everyone for your post.....really good for a newbie like me

This system as originally posted, and some of the variations that have been added, require the SL to go to BE when the first target has been hit. Is there an automatic way of doing this rather than looking at the screen for hours on end?

Yes, there are several Trade manager EAs that will do that for you. The one I really like is Steve Hopwoods trade manager. You could set SL to BE at +30 and then at +60 you could set it to 30 etc. It has jumping stops as well as trailing stops.

http://www.forexfactory.com/showthread.php?t=89371

I'm using this exp_RT_RangeStopTrade EA for the breakout, it works great. The only problem is it has never set to break-even as it is supposed to. The setup was original, I did not change anything. Does anybody who have used it know what need to be changed there ("Start" and "Level") in order to make it perform the break-even procedure??? or if you have an instruction file for this EA, that would be great.
Thanks a lot.

Nice find, flyer, thanks.

Hi gregart,

The largest price movements for Cable occur on Thursdays (well-documented). I would think adding Thursdays to your trade-only Monday's strategy may be beneficial.

What is your SL?

How long have you been using the 3 TP's? Can you share with us the win percentages overall? And the win percentages individually for 31, 75 and 100?

THanks,
BC

Hello guys/gals.....I was reading all the threads on here and the system seems to work really good but I have a few things I would like to bring up. First, I think this system is not working at it's full potential.

Let me start by saying that I have been a full time trader for over 5 years now and the best forex traders in the world are 50 to 60% correct. So you need be at more than 1:1 RR. So if you are at a 1:1 RR that means you have to win 50% of your trades just to breakeven let alone a profit. If you can get to 2:1 RR you would see a big improvement. So as it stands right now their will be some trades that your are not even getting a 1:1 RR if the range is larger. Plus, I notice you have 2 Take profit targets. one at 30 pips and the second at 60 pips. This means you either have to place 2 lots or enter with 1 lot and close half the position at 30 pips. By doing this you are taking your RR even lower. Now you are less than a 1:1 and you now need to win roughly 60 to 65% of your trades just to break even. So while you are probably seeing some profits right now, keep this in the back of your mind, what happens when you get into tight consolidations?

The market consolidates the majority of the time. Now I noticed that you have had several winning trades with the pictures that have been displayed and I don't doubt one bit that anyone trading this strategy is making money with it. I think this is a very good system to trade because breakout strategies are probably my favorite ways to trade. I just wanted to throw that out their with the RR.

I trade something similar to this strategy but every single trade I make has a 2:1 RR on it and it averages about a 50% wins. So now I can enter each trade with confidence and if I lose a trade, it doesn't take me 2 or 3 more winning trades just to get back to my breakeven point.

I hope this didn't affend anyone because that was not my intentions because again, I trade something very similar to this. If you want the strategy I use let me know and you can compare it to this one and see if their are any small changes to be made.

I thought I would just post this new reply in case anyone wants to compare and see if it could help with this strategy. Just go to my website at www.markettradersinfo.com and go to strategies to download it. Don't worry, it is completely free to do this, I am not trying to sell you anything because their is nothing on my website to sell you. Check the rest of it out though because I do make free daily trade calls as well.
Hope this helps