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GbpUsd 5 min breakout

  • #121
  • Dec 11, 2009 3:54pm Dec 11, 2009 3:54pm
Speaking of Money Management... we're we? Ah, with those kind of S/L requirements (50-60 pips) seems like most traders would have to trade on a micro account... or am I missing something here? Thanks...
  • #122
  • Dec 11, 2009 4:54pm Dec 11, 2009 4:54pm
Quoting eelfranz
Speaking of Money Management... we're we? Ah, with those kind of S/L requirements (50-60 pips) seems like most traders would have to trade on a micro account... or am I missing something here? Thanks...

I think you have missed something; look at the gains over the short test period and some back testing. Thus far you would not want the smallest account you could get but the largest you could afford. The winning days out pace the break even by a wide margin and the losing days are almost not there. Money management talked about in recent post are trying to fine tune but the jury is out on the result.
  • #123
  • Dec 12, 2009 12:47am Dec 12, 2009 12:47am
Great stuff.

57 pips proofed not to much for a loss and a win.

Good news is that it looks like IBFX wants to offer inter day hedging again from
the 20th. I hope this means we can place a buy + sell order on same account again. That would help a lot.

May the pips keep following you.

  • #124
  • Dec 12, 2009 4:41am Dec 12, 2009 4:41am
When i go to place limit orders on this set up,its some times not possible because the platform i'm using wont allow the order unless its 35 pips away from the current price,is this normal.
Also their charging me 5 pips on cable(im usually playing $4 or $5 a point) ,what are ye guys charged.

Regards alb.
  • #125
  • Dec 12, 2009 6:51am Dec 12, 2009 6:51am
Quoting eelfranz
Speaking of Money Management... we're we? Ah, with those kind of S/L requirements (50-60 pips) seems like most traders would have to trade on a micro account... or am I missing something here? Thanks...
To be honest I would say that you must be missing something... There are a few different R/R ratios using this method as there are five possible outcomes.. However even if you trade this in its basic form as a breakout method its still a 1/1 R/R..Then just like any other method your MM remains the same..so your lot size should be adjusted accordingly..I suppose what I am trying to say is that it shouldn't matter at all whether your SL is set at 60 pips or 600 pips or 6 pips..its just a trade based on ratio's and the amount you trade per pip should reflect this...hope I'm making sense....

Blinkers.......
  • #126
  • Edited 12:20pm Dec 12, 2009 9:26am | Edited 12:20pm
Hi Cain,

Thanks for sharing your strategy with us.

You stated that you place your Stop Loss at the opposite side of the box. Do you include the buffer in that SL? For example, say your box low is 1.6200... Is your pending long order SL set at 1.6200, or would it be at 1.6190 to include the 10 pip buffer?

Same question for your Take Profit target. Is the TP simply the size of the box? Or do you have to add the buffer to the box, as well?

Thanks!
BC
  • #127
  • Dec 12, 2009 12:08pm Dec 12, 2009 12:08pm
Also, This box strategy begins with the hour preceding the London Open...the Frankfurt market open if you will? The box extends for 15 minutes?

I aligned my FXDD chart to match your Alpari chart...so I hope I have this correct.
  • #128
  • Dec 13, 2009 3:56pm Dec 13, 2009 3:56pm
Quoting Bobcat2
Hi Cain,

Thanks for sharing your strategy with us.

You stated that you place your Stop Loss at the opposite side of the box. Do you include the buffer in that SL? For example, say your box low is 1.6200... Is your pending long order SL set at 1.6200, or would it be at 1.6190 to include the 10 pip buffer?

Same question for your Take Profit target. Is the TP simply the size of the box? Or do you have to add the buffer to the box, as well?

Thanks!
BC
I use all the box, including buffer as my stoploss, and takeprofit. But I'm thinking in limiting my stoploss to the other side of the box without the buffer, but that needs some testing to see if that 10 pips reduction is effective.
On the last Friday I used a different approach based on s&r.
Here's my chart:
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  • #129
  • Dec 13, 2009 3:58pm Dec 13, 2009 3:58pm
Quoting Bobcat2
Also, This box strategy begins with the hour preceding the London Open...the Frankfurt market open if you will? The box extends for 15 minutes?

I aligned my FXDD chart to match your Alpari chart...so I hope I have this correct.

Yes, the box has 15 minutes.


I'm not sure I understood your last question Bobcat2, can you elaborate?


Cain
  • #130
  • Dec 13, 2009 6:53pm Dec 13, 2009 6:53pm
Quoting Cain
Yes, the box has 15 minutes.


I'm not sure I understood your last question Bobcat2, can you elaborate?


Cain
I hope this helps...

When I aligned my FXDD chart with your Alpari chart, it appears that your box begins with the Frankfurt open at 0600 GMT which is 1 hour before the London open at 0700 GMT. Is this what you intended? Your box appears to end 45 minutes before the London open.

Good trading!
BC
  • #131
  • Dec 13, 2009 7:57pm Dec 13, 2009 7:57pm
Quoting Bobcat2
I hope this helps...

When I aligned my FXDD chart with your Alpari chart, it appears that your box begins with the Frankfurt open at 0600 GMT which is 1 hour before the London open at 0700 GMT. Is this what you intended? Your box appears to end 45 minutes before the London open.

Good trading!
BC
I place my orders at 0715 GMT, London opens at 0800 GMT and Frankfurt opens at 0700 GMT.

more info: http://forex.timezoneconverter.com/i...=GMT&refresh=5


This technique takes advantage of the opening of the Frankfurt market.



Many pips to all...
  • #132
  • Dec 14, 2009 12:12am Dec 14, 2009 12:12am
Quoting Cain
I place my orders at 0715 GMT, London opens at 0800 GMT and Frankfurt opens at 0700 GMT.

more info: http://forex.timezoneconverter.com/i...=GMT&refresh=5


This technique takes advantage of the opening of the Frankfurt market.



Many pips to all...
Thanks for the clarification, Cain. I'm glad I got that right!

BTW, I manually backtested a variation of the SL set to the opposite side of the box without the buffer. I tested back to August 1, 2009. The net results were virtually identical. The SL not including the buffer ended up only +20 pips compared to using the buffer. I really dislike the occasions where the truncated box version of the SL turned a winning trade into a loser. So...for me...no question... I am sticking with your original rules.

BC
  • #133
  • Dec 14, 2009 3:31am Dec 14, 2009 3:31am
please to make sure i have this i have a spread from top of box to bottom including buffers of aprox 83 pips is this correct

Quoting Bobcat2
Thanks for the clarification, Cain. I'm glad I got that right!

BTW, I manually backtested a variation of the SL set to the opposite side of the box without the buffer. I tested back to August 1, 2009. The net results were virtually identical. The SL not including the buffer ended up only +20 pips compared to using the buffer. I really dislike the occasions where the truncated box version of the SL turned a winning trade into a loser. So...for me...no question... I am sticking with your original rules.

BC
  • #134
  • Dec 14, 2009 3:51am Dec 14, 2009 3:51am
Quoting bags1
please to make sure i have this i have a spread from top of box to bottom including buffers of aprox 83 pips is this correct
I have 82.9 pips
  • #135
  • Dec 14, 2009 4:06am Dec 14, 2009 4:06am
seems i have it right lets make some money but feel we are in for a boring go nowhere market due to earlier big moveunless us has something for us
Quoting slade1986
I have 82.9 pips
  • #136
  • Dec 14, 2009 4:50am Dec 14, 2009 4:50am
Have any of you tried testing other pairs or other markets..I still don't know how to back test on MT4 but I am going to start visually checking as due to correlation between certain pairs there should be other trades that can be taken.. I also have 82 pip TP and SL today so fingers crossed... However I feel about dodgy about the short trade as strong resistence down there which would be hard to break through if trade activated....
  • #137
  • Dec 14, 2009 5:35am Dec 14, 2009 5:35am
Quoting bags1
please to make sure i have this i have a spread from top of box to bottom including buffers of aprox 83 pips is this correct
Hi bags1,

Looks like you've got it. I have 82 pips on FXDD, and 83 pips on Oanda.


  • #138
  • Dec 14, 2009 5:55am Dec 14, 2009 5:55am
Hey Cain, (or anybody)

you mentioned a few pages back about changing the indicator setting to reflect the daylight saving hours..I am a little confused about this and maybe you could help... I currently have my setting at +2 hrs gmt as this gives me my breakout box on my MT4 platform for 7am GMT. My question is that if I change this setting to +1 to allow for the clocks changing in Oct will that be correct or do MT4 change their times aswell on their platform hence giving me a two hour shift instead... Does this make sense????

Blinkers.......
  • #139
  • Dec 14, 2009 8:41am Dec 14, 2009 8:41am
Quoting fxblinkers
Hey Cain, (or anybody)

you mentioned a few pages back about changing the indicator setting to reflect the daylight saving hours..I am a little confused about this and maybe you could help... I currently have my setting at +2 hrs gmt as this gives me my breakout box on my MT4 platform for 7am GMT. My question is that if I change this setting to +1 to allow for the clocks changing in Oct will that be correct or do MT4 change their times aswell on their platform hence giving me a two hour shift instead... Does this make sense????

Blinkers.......
I believe it makes sense.

Go here for more info: http://www.timezoneconverter.com/cgi-bin/tzc.tzc
  • #140
  • Dec 14, 2009 8:44am Dec 14, 2009 8:44am
No trade for me today, the box is too big... Tomorrow will be another day, a profitable one I hope.
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