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Daily 10% Breakout

  • #21
  • Jun 23, 2009 8:29am Jun 23, 2009 8:29am
Thanks for sharing.
Have you backtested it? I have found very few breakout strategies that work in the long term.

Most seem to be working for a short period (sometimes only the sample period) and than start losing.

Try to confirm breakout with Moving Averages (to confirm strength of trend), or a pullback to the supportresistance level that was broken.
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  • #22
  • Jun 24, 2009 7:14am Jun 24, 2009 7:14am
Quoting M256
Thanks for sharing.
Have you backtested it? I have found very few breakout strategies that work in the long term.

Most seem to be working for a short period (sometimes only the sample period) and than start losing.

Try to confirm breakout with Moving Averages (to confirm strength of trend), or a pullback to the supportresistance level that was broken.
I did back test, but I don't think my backtesting was very accurate. As i try to project forward I don't any steady income, mostly staying even or losing a little.
  • #23
  • Jun 24, 2009 5:15pm Jun 24, 2009 5:15pm
Does exist an indicator to show the levels of the stop orders, the stoploss and the targetprofits?
  • #24
  • Jun 24, 2009 5:23pm Jun 24, 2009 5:23pm
An EA would be interesting to control the validity of the trading system.
But I am not programer?
Perhaps can SwingMan help us if he hears us or an another person!
  • #25
  • Jun 25, 2009 11:59pm Jun 25, 2009 11:59pm
Quoting balouf
An EA would be interesting to control the validity of the trading system.
But I am not programer.
Perhaps can SwingMan help us if he hears us or an another person!
I have studied the system, but for me there is no adjustment to the price dynamic...

I developed a similar trading idea, and if you will, you can try the indicators posted here:
http://www.forexfactory.com/showthre...59#post2830259
.
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  • #26
  • Feb 22, 2010 5:03am Feb 22, 2010 5:03am
Is there anyone able to create an EA for this simple system. Im curious to see how this simple system can perform. Instead of going for 10%, i might think that 5% is better so as to increase the probability. USD/JPY is the pair im currently manually testing.
  • #27
  • Feb 26, 2010 4:50am Feb 26, 2010 4:50am
Guidelines

1.Calculate previous day’s range.
2.Set a Buy and a Sell order 10% above and below current close price.
3.Set a Stop Loss at 2 times your Buy or Sell order.
4.Set a Target Profit at 10% above or below your Buy or Sell order.
5. Keeping Equity Management in mind set a new order before each major session open. Close any trade that has been open for 24 hrs.

Just not so clear about your entries...and referring to your guidelines, do you place 2 orders at the same time? Or how do decide whether to go long or short each time?
  • #28
  • Feb 26, 2010 7:37am Feb 26, 2010 7:37am
how many trades per day?
  • #29
  • Feb 26, 2010 9:12am Feb 26, 2010 9:12am
good ...short on jpy targets
if one of the order is triggered you close the other?
  • #30
  • Mar 6, 2010 1:57am Mar 6, 2010 1:57am
i traded this system last week, all days TP hit. but problem is i need to wake up at 5:30 AM before asia opens. i am using USDJPY
  • #31
  • Mar 9, 2010 5:53am Mar 9, 2010 5:53am
This looks a most interesting system - so simple. And "simpler" always seems to = "better". Very helpful of you to share it, Truckjrt.

I'm intrigued by the fact that only UJ seems to be profitable, however; none of the American/European pairs seem to work. There has to be logical reason for this. I just wonder, could it have anything to do with the time you use for the end of your trading-day?

I'd really like to look into this further, but I'm rather confused because I can't identify CDT, so I don't know for certain what time your trading-day, for measurement purposes, does end. (I'm in England; I'm guessing CDT may be a daylight-saving time? it was summer when you started the thread. But I don't want to rely on guesswork!) Foxclocks (in Firefox browser) has CST which I understand - is that the same thing? If so, your day-ending, at 10-11 pm (actually 4-5 am GMT), is right in the middle of the Asian session.

Is it just a coincidence that you get good results on JPY with this timing? Might an "end-of-measuring-day" in the middle of the London or New York sessions give better results with American and European pairs? Seems a crazy idea on the face of it, but sometimes the best ideas come out of something one stumbles across by accident, and they often seem silly at first.

I think I'll try some demo-testing of it anyway!

George
  • #32
  • Mar 13, 2010 9:23am Mar 13, 2010 9:23am
japan market opens at 1 AM GMT. i calculate the h,l,c at thus time and enter the orders. all days in last week are profitable. sometimes the TP is only 5 pips, so there is a danger of SL being hit. also the market moves very sluggishly for 1 hr. may be the equity market opens 1 hr late, thats the reason
  • #33
  • Mar 13, 2010 10:41am Mar 13, 2010 10:41am
Is this method still being traded?
  • #34
  • Mar 14, 2010 11:15pm Mar 14, 2010 11:15pm
From Snowhyte --

Guidelines

1. Calculate previous day’s range.
2. Set a Buy and a Sell order 10% above and below current close price.
3. Set a Stop Loss at 2 times your Buy or Sell order.
4. Set a Target Profit at 10% above or below your Buy or Sell order.
5. Keeping Equity Management in mind set a new order before each major session open. Close any trade that has been open for 24 hrs.

Just not so clear about your entries...and referring to your guidelines, do you place 2 orders at the same time? Or how do decide whether to go long or short each time?
Could someone please clarify Snowhyte's question (as I would like to know the same thing)?

Also, this question from Mistersimple...It would be greatly appreciated! :-)
if one of the order is triggered you close the other?
  • #35
  • Edited Mar 15, 2010 12:51am Mar 14, 2010 11:22pm | Edited Mar 15, 2010 12:51am
Quoting roundrock
japan market opens at 1 AM GMT. i calculate the h,l,c at thus time and enter the orders. all days in last week are profitable. sometimes the TP is only 5 pips, so there is a danger of SL being hit. also the market moves very sluggishly for 1 hr. may be the equity market opens 1 hr late, thats the reason
Roundrock,

Do you close the pending order that was not executed? Or, do you trade both the Buy and Sell orders?

Thanks!
  • #36
  • Edited Mar 15, 2010 12:33am Mar 14, 2010 11:53pm | Edited Mar 15, 2010 12:33am
If I place a trade today (Sunday), would I use Friday's DR (daily range) or a Saturday candle?

If I'm supposed to use Friday's candle, is this correct?

HIGH - 91.07
Low - 90.16
Close - 90.45
DR - 91 pips
10% = 9

Long Order - 90.54
TP - 90.63
SL - 90.46

Short Order - 90.36
TP - 90.27
SL - 90.44

If this example is correct, then the Long Order would've triggered already (based on U/J stats for today below) and would be approaching the SL, and the short pending order is almost about to execute. :-?

U/J stats are as follows for today:

Open - 90.83
Low - 90.54
Not counting close for today yet...

Could someone please let me know if my thinking on this is right??
  • #37
  • Mar 15, 2010 1:01am Mar 15, 2010 1:01am
hi = 91.07, lo = 90.16

open = 90.59

buy above 90.68, sl 90.49, tp 90.77

sell below 90.49, sl 90.68, tp 90.40

buy was triggered and met with profits !!!!!

the key is to take the open at GMT+1 which is when japan opens
  • #38
  • Mar 15, 2010 1:02am Mar 15, 2010 1:02am
Quoting bnbb2004
Roundrock,

Do you close the pending order that was not executed? Or, do you trade both the Buy and Sell orders?

Thanks!
yes, close the other order. always trade only once
  • #39
  • Mar 15, 2010 1:05am Mar 15, 2010 1:05am
Quoting bnbb2004
If I place a trade today (Sunday), would I use Friday's DR (daily range) or a Saturday candle?

If I'm supposed to use Friday's candle, is this correct?

HIGH - 91.07
Low - 90.16
Close - 90.45
DR - 91 pips
10% = 9

Long Order - 90.54
TP - 90.63
SL - 90.46

Short Order - 90.36
TP - 90.27
SL - 90.44

If this example is correct, then the Long Order would've triggered already (based on U/J stats for today below) and would be approaching the SL, and the short pending...
your open value, time are incorrect. the open has to match with the japan market open which is GMT+1. any other time will not give same results. i always take the market open
  • #40
  • Mar 15, 2010 1:26am Mar 15, 2010 1:26am
Quoting roundrock
japan market opens at 1 AM GMT. i calculate the h,l,c at thus time and enter the orders. all days in last week are profitable. sometimes the TP is only 5 pips, so there is a danger of SL being hit. also the market moves very sluggishly for 1 hr. may be the equity market opens 1 hr late, thats the reason

Japan open at 00:00 GMT...
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