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Attachments: 0400-0700 GMT Breakout Strategy
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0400-0700 GMT Breakout Strategy

  • #2,181
  • Jan 12, 2010 4:15pm Jan 12, 2010 4:15pm
Hello all, I just found your forum over the Cobraforex page and his THV system. I regard myself still in the training phase. I have numerous demo accounts with different brokers and MT4 and a small live account with Alpari UK and one with OANDA which I presently use for currency transfers. I am so amazed about your community that I promptly registered. I bought several systems on clickbank (and asked for pretty many refunds). In my first mail I want to warn everybody that I bought nearly exactly this system on Clickbank under http://www.forexcashfactory.com/ . They provide two instructive pdfs and an indicator which I attach. Maybe somebody knows if it is stolen from this forum and illegeally sold there. I have a lot to read now and hope to become a trader with a robust income within the next two to three years. (I am already 55 and would like to retire at least partially before 65) Kind regards to all shaban55
Attached File(s)
File Type: mq4 London-Break-Out-FCF.mq4   7 KB | 608 downloads
  • #2,182
  • Jan 13, 2010 12:53am Jan 13, 2010 12:53am
[quote=Hova;3358230]see attached


Thanks Hova
  • #2,183
  • Edited 5:14am Jan 13, 2010 1:30am | Edited 5:14am
Quoting shaban55
Hello all,...
there are always the shamsters out there especially it seems around forex i guess liek flies to a honey pot, Shaban this system is freely available and has been to retail traders like us for at least 2-3 years, then shamsters will pick over forums and take the ideas for their own and sell it to the unsuspecting, after all this is one of the most simple systems u can get, draw a box and trade it short or long in direction of the breakout at the London or as the orignal system is the NY open, difficult to package that up and sell it.

the real key to winning with this system is how you tweak your money management/run your risk and there are plenty of options on the feed back throughout i runa risk return profitle similar to scull with 40 pips stop loss min or the box range then TProfits of 25-50- 75, but have also been testing risk profile similar to grants of 1 position 20 pip stop and 40 pips TP 2nd position 15 pip stop loss and 75 TP and with BE adjustment after 25 pips of profit, there is more value in tis thread and the NY thread than ay of the pages in the shamsters PDF, read through and develop your emthod to suit you and no one else, dont simply copy others,

Digest teh entire thread and evolve your method
  • #2,184
  • Jan 13, 2010 4:23am Jan 13, 2010 4:23am
Lost four in a row. Using .5 box as SL/35 max. TP 37. Currently watching 04:00-07:15 GMT(entry at 07:15). Entry buffer 1, add spread to buys. No EMA/Slope filters. Pull orders 1 hr 15 min after session open. Close positions 15 min. before NY open. Manually backtested all of 2009. These settings proved best overall. Now they appear a recipe for disaster(In about 2 weeks of trading, already nearing max DD record for previous 52 weeks!!). Starting tomorrow, guess I will 1)ignore time changes from one season to another 2)use non-volatility based micro stops along with enormous profit targets(or perhaps micro profit targets along with enormous stops) 3)let orders and positions stand until the cows come home 4) filter trades with EMAs, SDLs, TSFs, Heiken Ashi, and 3 Line Break indicators. R8, here I come. BTW, In today's trade I was stopped by 2 pips before the market reversed and and hit my TP on the nose. Of these last 4 losses 3 were stopped by a total of 3 pips...0,1,2 pip stop outs, before reversal and TP hit. No Luck, No Glory.
Vincit qui se vincit.
  • #2,185
  • Jan 13, 2010 4:43am Jan 13, 2010 4:43am
Quoting Pippopotamus
Lost four in a row. Using .5 box as SL/35 max. TP 37. Currently watching 04:00-07:15 GMT(entry at 07:15). Entry buffer 1, add spread to buys. No EMA/Slope filters. Pull orders 1 hr 15 min after session open. Close positions 15 min. before NY open. Manually backtested all of 2009. These settings proved best overall. Now they appear a recipe for disaster(In about 2 weeks of trading, already nearing max DD record for previous 52 weeks!!). Starting tomorrow, guess I will 1)ignore time changes from one season to another 2)use non-volatility based micro...
-40 for me as well, however on this occasion if your SL was to the range it would have been +30.

Oh well battle lost today, but as long as you win the war, it'll be alright.
Trade the price action, not the cash!!!
  • #2,186
  • Jan 13, 2010 4:46am Jan 13, 2010 4:46am
shaban55

can you please attach those two pdf files that you have got with this purchase.

Thank you.
Knez.


Quoting shaban55
Hello all,...
  • #2,187
  • Jan 13, 2010 4:59am Jan 13, 2010 4:59am
Guys,

BE for me today, the UK open to the upside I felt was too close to the monthly pivot and so I added a few pips extra to the buffer (open at 1.6240). Moved my stop to BE at +20 pips and got taken out on retracement.

Scull do you use pivots in looking at setups? I know that yours is a mechanical method (and I have been pretty methodical following it) but I had a little bit more time on my hands this morning and it seems to have worked out okay.

cheers,

al
  • #2,188
  • Jan 13, 2010 5:03am Jan 13, 2010 5:03am
Quoting AlinCairo
Guys,

BE for me today, the UK open to the upside I felt was too close to the monthly pivot and so I added a few pips extra to the buffer (open at 1.6240). Moved my stop to BE at +20 pips and got taken out on retracement.

Scull do you use pivots in looking at setups? I know that yours is a mechanical method (and I have been pretty methodical following it) but I had a little bit more time on my hands this morning and it seems to have worked out okay.

cheers,

al
Hi Al - No i don't, i just trade this particular strategy as mechanically as poss as this is what my results are based on. I may use a bit of common sense now and then for exit levels etc, but generally just trade it mechanically. It's on +30 for the month so far using IG charts.
Trade the price action, not the cash!!!
  • #2,189
  • Jan 13, 2010 5:48am Jan 13, 2010 5:48am
Quoting tasciy
gbpusd results on 08 june to 06 july

980 pips in a month (21days)

http://img18.imageshack.us/img18/9643/resgu.png
Has he done as well since late last year?
every Saint has a past. Every Sinner has a Future
  • #2,190
  • Jan 13, 2010 6:48am Jan 13, 2010 6:48am
Quoting grant18265
Hi mate,

not the greatest start for Jan -2% (-30 pips), but the beauty of my RR is 1 win wipes that and more.... lol

however started trading Sculls method and have had 5 wins 2 losses thus far which is nice...

as for the new clients, i have my hands full with the ones i have already.... lol

cheers

Grant
Looks line a win for you today.

  • #2,191
  • Edited 8:34am Jan 13, 2010 6:50am | Edited 8:34am
Quoting Scullmeister
I would personally prefer not to be greedy and take the original profit.

For example using my way (Sculls BO), my target is +30 and that's it. Go play golf, watch a movie, spend time with the kids, sunbathe or snowbathe if you live in the UK, go by a new car (ok maybe not). But you get my idea.

Imo you don't need to go for max pips, just go for a decent amount of pips and that's all you require, no need to over complicate with moving SL's and splitting position sizes etc, etc, you are just making more work for yourself.

Depending on your cash...
Hello everyone and Scullmeister,
Scull this may be annoying and boring for you, but many people are more and more interested in your way of trading. It is really bad that we cannot edit the first page in the thread to post different strategies (most promising setups). I am testing different approaches to the breakout strategy and I am near to study yours one. Please answer a few questions of mine, and I think many people will thank you.
1. Box Time (GMT or your broker)?
2. Tp & Sl (also if use BE level, buffer for entry)?
3. Time you close your orders if TP is not reached or close your orders if not touched?
4. Do you use MA as a filter? If yes which parameters of MA and rules to use it?
5. Do you use pending orders if yes what time you place them and whether you have them both ways or not?
I think that is all for now. Thank you very much for your help.
The Road appears under the steps of walking men...
  • #2,192
  • Jan 13, 2010 7:22am Jan 13, 2010 7:22am
no a b/e

ep 1.6198
high 1.6231
s/l to b/e
retraced to 1.6191 so out
then went way up very unlucky

Quoting matlobien
Looks line a win for you today.

"The person who knows that enough is enough, will always have enough". .
  • #2,193
  • Jan 13, 2010 7:54am Jan 13, 2010 7:54am
Quoting maq
no a b/e

ep 1.6198
high 1.6231
s/l to b/e
retraced to 1.6191 so out
then went way up very unlucky

yep a b/e if you used grants method, but i got +25 and +50 on the 5-07.15 box very lucky though coz of using 7 pips buffer either side, think scull uses 10 pips to the long side i use 7 both sides
  • #2,194
  • Jan 13, 2010 9:08am Jan 13, 2010 9:08am
scull was your entrie 1.6231 and s/l 1.6191 which touched and knocked you out?

am going by ibfx charts

Quoting Scullmeister
-40 for me as well, however on this occasion if your SL was to the range it would have been +30.

Oh well battle lost today, but as long as you win the war, it'll be alright.
"The person who knows that enough is enough, will always have enough". .
  • #2,195
  • Jan 13, 2010 9:23am Jan 13, 2010 9:23am
Quoting matlobien
Looks line a win for you today.

I missed it today but my chart has it as breakeven...
  • #2,196
  • Jan 13, 2010 9:25am Jan 13, 2010 9:25am
May i ask if anyone has any statistics/backtest results for this strategy going back over the past 5/10 years

Thanks
  • #2,197
  • Jan 13, 2010 9:39am Jan 13, 2010 9:39am
Quoting matlobien
Looks line a win for you today.

no mat,

finished BE today, 2 loss 2 BE this month thus far..

cheers

Grant
  • #2,198
  • Jan 13, 2010 10:16am Jan 13, 2010 10:16am
Quoting Scullmeister
-40 for me as well, however on this occasion if your SL was to the range it would have been +30.

Oh well battle lost today, but as long as you win the war, it'll be alright.
you got a loss ? why ? i banked the 30 pips ( 2% )


you where in @ 7.30 candle right ? :/
Never whishing, always trading.
  • #2,199
  • Jan 13, 2010 11:29am Jan 13, 2010 11:29am
Hello Everyone,

I've just joined, but have been following this breakout thread with interest for some time. Thanks to all of you for your ideas and experiences.

One question occurs to me, which I don't think has been clearly dealt with. Let's say Trader A goes for a simple TP30 take profit, while Trader B divides the trade in two and goes for TP30 with one part, and TP60 with the other (adjusting to break even should the second part fail). What exactly is the difference between the two strategies? If you think, perhaps from back testing or experience, that there's a better than 50/50 chance of reaching TP60, wouldn't it be better just to go for TP60 with the whole trade in the first place?

Of course there's a psychological difference, because dividing your trade into two or more means that you'll win something more often and probably feel happier - but in terms of financial reward in the long term does it actually help?

Or am I missing something? Thanks for any advice...
  • #2,200
  • Jan 13, 2010 12:05pm Jan 13, 2010 12:05pm
Quoting Tam Lin
Hello Everyone,

I've just joined, but have been following this breakout thread with interest for some time. Thanks to all of you for your ideas and experiences.

One question occurs to me, which I don't think has been clearly dealt with....
i just did a quick backtest and gotta admit, for Nov. and Dez. your right

i chose SL= 60 TP= 60 & move stop to BE @ 30 pips (covers some losses trust me)

Nov: 15 wins / 7 Loss / 7 BE = 480 pips
Dez: (stop trading on 23rd) 15 wins / 1 Loss / 2 BE = 840 pips
Never whishing, always trading.
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