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GbpUsd 5 min breakout

  • #361
  • Jan 6, 2010 3:51am Jan 6, 2010 3:51am
Quoting tbardolph
it's 2 separate ones, actually ... and the default colors and position are a little different, but easily changed

Thanks tbar... I'll load them up now... with regard to your question about whether we use 2 or 3 candle..if you have a look at Cains post no. 100 on pg 7 he mentions using the price range between 7.00am and 7.15am. I took this to mean he is using a three candle set up..also I did some back testing last night from Feb 09 to Dec 09 using 3 candle box size and results were pretty amazing..however, as I mentioned in above post I have made a few small changes to Cains rules to suit my own style... Thanks again for the indi's.....
  • #362
  • Jan 6, 2010 3:57am Jan 6, 2010 3:57am
Quoting fxblinkers
I use slightly different rules than Cains insofar as I wait for a 5 min candle close above/below box before entry.
think I'll try that ... I just scrolled back a ways and it looks good ... thankx
  • #363
  • Jan 6, 2010 3:58am Jan 6, 2010 3:58am
Quoting fxblinkers
I was just giving my box size.. I use slightly different rules than Cains insofar as I wait for a 5 min candle close above/below box before entry. I have found that this filters out alot of false breakouts and I also wait for a close of candle to stop out my trade. I don't actually place a fixed stop-loss and will close out a losing trade after the candle closes outside the opposite side of my breakout box. During my manual/visual backtesting I have found that doing this greatly improves my % wins so I reckon its worth the extra effort.... Have...
Hi guys,

I agree with fxblinkers - it should be three candles. If you look at Cain's original description it says draw a box over the 8:00am to 8:10 candles - that that's one (8:00), two (8:05), three (8:10).

I've been using this and getting good results so far.

I've just started trialing it on the EUR/USD as well. Looking back I think it'll work as well but we'll see.

fxblinkers - you really find that works better (your filtering that is)? I might have to start trying things your way.

Pushers
  • #364
  • Jan 6, 2010 4:01am Jan 6, 2010 4:01am
Quoting tbardolph
think I'll try that ... I just scrolled back a ways and it looks good ... thankx

yeah it keeps you out of alot of bad trades...also if you have time to monitor your SL I think its better to wait for candle to close too..even if sometimes it costs a few extra pips they are easily recovered....
  • #365
  • Jan 6, 2010 5:11am Jan 6, 2010 5:11am
Hey everyone!

I agree with the last point mentioned about 2 or 3 bars. I use 3 bars, and I think that is correct according to the original system.

Also, have you experimented with different closing times for pending orders? I think that 23 (GMT +1) the following day is quite a long time keeping them open.


Archie
  • #366
  • Jan 6, 2010 6:48am Jan 6, 2010 6:48am
Quoting fxblinkers
No not quite mate...

See below...

1 = win first trade and no second trade.
Correct

1a = no first trade, win second trade.
Wrong - Lose first trade, double up and win second trade

2 = win first win second.
Correct

0 = lose first trade, win second trade.
Wrong -win first trade and lose second trade

-3 = lose first, lose second.
Correct.......

Hope this helps.....

Yes this does help many thanks.
  • #367
  • Jan 6, 2010 7:12am Jan 6, 2010 7:12am
Quoting fxblinkers
I'm not 100% sure I correct either but I have been using the next candle also (7.10-7.15) So my entries for yesterday would have been 1.6162 (long) and 1.6107 (short) incl buffer.. I am using an indicator to drew my box daily and it matched with other peoples entries back in December so maybe Cain could shed some light on this one for us... Results shouldn't differ that much but at least I get an extra 5 min in bed......... another 39 pips in the bag this morning.... Entered at 993 and exit at 035..happy days..only 2nd day live but 2 out of 2 so...
I would match up Blinkers,if the 3rd candle opens and closes inside the range of the first 2 candles.
I entered at 988 today and exited at 028.
The only thing about your system is it could have a much bigger box size,if that matters,i dont like anything bigger than 55.

You've had a brillant start,i've been trading 2 weeks and have grew my a/c by about 22%. Long may it last.

Regards Arrow (Wexford)
  • #368
  • Jan 6, 2010 7:45am Jan 6, 2010 7:45am
yeah I just checked this mornings trade and I entered at 993 and exit at 030 for 37 pips... I then jumped back on and went short at 6050 and got out at 5987...good day so far......... I'm not too concerned about box size as long as there is room within the daily range for what I'm looking for..however if its above 80 pips I would prob stay out... I am more concerned about ratio of wins to losses day on day as using good MM I reckon this method will work long term...
  • #369
  • Jan 6, 2010 3:32pm Jan 6, 2010 3:32pm
Quoting Pushers
I've just started trialing it on the EUR/USD as well. Looking back I think it'll work as well but we'll see.
because of their high correlation, I don't like taking GBP/USD and EURUSD both at the same time ... if I'm going to take 2 trades at once, I like the second to be in completely different currencies ... I haven't traded it yet, but draw your boxes around EUR/JPY and scroll back ... looks pretty good to me
  • #370
  • Jan 7, 2010 3:05am Jan 7, 2010 3:05am
anyone in a trade this morning?
  • #371
  • Jan 7, 2010 3:13am Jan 7, 2010 3:13am
yes
Quoting Intel
anyone in a trade this morning?
  • #372
  • Jan 7, 2010 3:33am Jan 7, 2010 3:33am
Me, too
  • #373
  • Jan 7, 2010 3:40am Jan 7, 2010 3:40am
Hope you both missed the first tag on the upper band!!!

I'm still in the testing stage but if I wasn't, I'd be short at 1.5928.

How about you guys?
  • #374
  • Jan 7, 2010 3:49am Jan 7, 2010 3:49am
Here's what I have:

Buy -------------- Sell

Entry1.59871.59314
Stop1.593441.5984
Limit1.603961.58788
  • #375
  • Jan 7, 2010 3:49am Jan 7, 2010 3:49am
Quoting Intel
Hope you both missed the first tag on the upper band!!!

I'm still in the testing stage but if I wasn't, I'd be short at 1.5928.

How about you guys?
HI Intel,

On my FXDD chart, the long trade was missed by just 1 pip! Usually the breakout move happens pretty quickly...instead price is ranging around the short breakout entry...I may set my TP to break-even + 1 pip because of the lack of price movement.

What do you think?
  • #376
  • Jan 7, 2010 3:54am Jan 7, 2010 3:54am
Quoting Bobcat2
HI Intel,

On my FXDD chart, the long trade was missed by just 1 pip! Usually the breakout move happens pretty quickly...instead price is ranging around the short breakout entry...I may set my TP to break-even + 1 pip because of the lack of price movement.

What do you think?

I think you could be right but, PA still looks SEMI favourable in that it hasn't broke the last retrace high yet. I think i'd still be in for now.

I'm using FXCM and it tagged the upper band for me exactly but, I dont enter until it passes by 3 pips so I wouldn't have taken it.
  • #377
  • Jan 7, 2010 4:01am Jan 7, 2010 4:01am
And I'm out with a 1 pip profit on the short trade!
  • #378
  • Jan 7, 2010 4:01am Jan 7, 2010 4:01am
Sorry Cain...no patience tonight!
  • #379
  • Jan 7, 2010 4:02am Jan 7, 2010 4:02am
Quoting Bobcat2
And I'm out with a 1 pip profit on the short trade!

profit is profit!!

Better than a loss for sure
  • #380
  • Jan 7, 2010 4:03am Jan 7, 2010 4:03am
Quoting Bobcat2
And I'm out with a 1 pip profit on the short trade!
lost the faith


fibs show favour but with big news coming market may range a little
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