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Attachments: 7am-9am Big Dog USD Breakout Strategy
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7am-9am Big Dog USD Breakout Strategy

  • #2,421
  • Mar 15, 2010 10:50am Mar 15, 2010 10:50am
Quoting jaimebmg
1. You can use whatever help you to figure out trend to trade only with the trend, that can help you improve your chances.
2. I recommend you 2 websites that can help you to figure out Hours:
www.qlock.com
http://forex.timezoneconverter.com/
Very good. Here are a couple more links:

http://www.forexfactory.com/showpost...postcount=1076

http://www.forexfactory.com/showthread.php?t=225971
  • #2,422
  • Mar 15, 2010 2:13pm Mar 15, 2010 2:13pm
This system has been working well for me, but I'm not sure I want to be using one that has to be monitored as closely as I do (the way I trade it). I suppose if you just tried a set and forget SL and TP, it might do well, but that is not the way I trade it.

Todays trade was triggered soon after placing it.
Monday eur/usd +37 pips on .4 lots

Week:
+37

Month:
+266
  • #2,423
  • Mar 15, 2010 4:26pm Mar 15, 2010 4:26pm
for those who have been following this thread, i saw some posts by " gangsta1 " , he has been demo-ing with the system of SL 10 pips and TP of 50 pips. And looks like it's pretty profitable as i did back testing from Nov 09 to March 10.


The R:R is 1:5 , therefore even though the number of losses might be more than the winning traders, it is still profitable. May i know why no one seems talk about it anymore ? is there something i missed here ?

Please let me know. Thanks so much ...
  • #2,424
  • Mar 15, 2010 5:43pm Mar 15, 2010 5:43pm
Quoting foobee
for those who have been following this thread, i saw some posts by " gangsta1 " , he has been demo-ing with the system of SL 10 pips and TP of 50 pips. And looks like it's pretty profitable as i did back testing from Nov 09 to March 10.


The R:R is 1:5 , therefore even though the number of losses might be more than the winning traders, it is still profitable. May i know why no one seems talk about it anymore ? is there something i missed here ?

Please let me know. Thanks so much ...
Nice observation...

I have not back tested it, however, it probably is not spoken much because 10 pips stoploss in hunt of 50 pips is likely to be taken on many more occasions than TP.

On top of it, I have noticed that this breakouts usually gives quick 15-20 or in some cases 30 pips but for 50 pips, you should engage thorough understanding of your trade. Some additional help such as RSI, Trendlines, or whichever indicator you feel confident with.

Thanks & Regards,
  • #2,425
  • Mar 15, 2010 6:08pm Mar 15, 2010 6:08pm
Quoting forex_fan
Nice observation...

I have not back tested it, however, it probably is not spoken much because 10 pips stoploss in hunt of 50 pips is likely to be taken on many more occasions than TP.

On top of it, I have noticed that this breakouts usually gives quick 15-20 or in some cases 30 pips but for 50 pips, you should engage thorough understanding of your trade. Some additional help such as RSI, Trendlines, or whichever indicator you feel confident with.

Thanks & Regards,

Thanks for the response, i kinda agree with ya.. because i just finished back testing for a month with simulator and found out that the price can move up and down before closing on the candle so ... yes. you might be right.


with your system TP 15 and SL 15 , do you include buffer ? Thanks!


And how long have you been testing with the system, i plan to do some back testing using simulator
  • #2,426
  • Mar 15, 2010 10:26pm Mar 15, 2010 10:26pm
Quoting forex_fan
Nice observation...

I have not back tested it, however, it probably is not spoken much because 10 pips stoploss in hunt of 50 pips is likely to be taken on many more occasions than TP.

On top of it, I have noticed that this breakouts usually gives quick 15-20 or in some cases 30 pips but for 50 pips, you should engage thorough understanding of your trade. Some additional help such as RSI, Trendlines, or whichever indicator you feel confident with.

Thanks & Regards,
Absolutely correct Forex-Fan. More often than not we will get a 15-40 pip run, then a retrace. You and I have definitely experienced that often. This is what experience using this system in THIS timeframe has taught me. Now foobee, maybe experimenting with a breakout during a timeframe when there is more chance of price continuation might be something to look at. I might look at the 10 pip SL, but more TP in the 20-30 pip range. that might work well if you catch the short term trend.

good luck!
  • #2,427
  • Mar 15, 2010 10:59pm Mar 15, 2010 10:59pm
i always go for TP 40, SL 30
  • #2,428
  • Mar 15, 2010 11:13pm Mar 15, 2010 11:13pm
Quoting roundrock
i always go for TP 40, SL 30
How has that worked out? Win loss ratio? How many pips/week/month average? Just curious. Looking at past results seems to look pretty good. Maybe a couple false breakouts, but over all, not too bad.

How long do you let the order run?
  • #2,429
  • Mar 15, 2010 11:21pm Mar 15, 2010 11:21pm
Quoting slc12312
Absolutely correct Forex-Fan. More often than not we will get a 15-40 pip run, then a retrace. You and I have definitely experienced that often. This is what experience using this system in THIS timeframe has taught me. Now foobee, maybe experimenting with a breakout during a timeframe when there is more chance of price continuation might be something to look at. I might look at the 10 pip SL, but more TP in the 20-30 pip range. that might work well if you catch the short term trend.

good luck!

Hi, thx for the reply. May i know what system you are using for now ?. Do you trade multiple pairs together ? Thanks!


Foobee
  • #2,430
  • Mar 16, 2010 9:36am Mar 16, 2010 9:36am
Quoting foobee
Hi, thx for the reply. May i know what system you are using for now ?. Do you trade multiple pairs together ? Thanks!


Foobee
Foobee
I am using this system, the only thing different that I am doing is using a slightly different timeframe. I am trading a 5am-7am PST (8am-10am EST) breakout as I live in California and also because these hours suit me the best.

I have not experimented much, but since this is a simple breakout method, I believe you can use whatever hours you like. With that said though, I'd stick to 7am-9am (or very close to it) because at those times, there is still some life left to the trend.

I personally don't trade multiple pairs as my money management will not allow myself to trade over 3% per trading session. So far, the only pair I have traded is the eur/usd and very very occasionally usd/jpy on an asian breakout that I had tried. I find that concentrating on ONE pair allows me the opportunity to better predict its movement.

Tuesday results:
+19 pips
Week:
+56
Month:
+285
  • #2,431
  • Mar 16, 2010 1:43pm Mar 16, 2010 1:43pm
Quoting slc12312


I personally don't trade multiple pairs as my money management will not allow myself to trade over 3% per trading session. So far, the only pair I have traded is the eur/usd and very very occasionally usd/jpy on an asian breakout that I had tried. I find that concentrating on ONE pair allows me the opportunity to better predict its movement.

Tuesday results:
+19 pips
Week:
+56
Month:
+285
Excellent results..

Todays results for me:

+15
Month to date: +220 ( 33 trades)

I somehow would like to reduce the number of trades, but so far results are impressive.

Even removing the spreads, nearly 120 pips positive.

Anyone for scalping definitely going to love this breakout one.
  • #2,432
  • Mar 16, 2010 1:43pm Mar 16, 2010 1:43pm
http://savepic.org/353440.gif

http://savepic.org/331936.gif

http://savepic.org/376995.gif

http://savepic.org/383139.gif
  • #2,433
  • Mar 16, 2010 1:48pm Mar 16, 2010 1:48pm
Quoting foobee
Hi, thx for the reply. May i know what system you are using for now ?. Do you trade multiple pairs together ? Thanks!


Foobee
system - 7-9am - EST breakout

Multiple pairs - yes and well depends, if I see some major S/R levels nearby I avoid or hold longer.

By the way, one more thing, on most occasions, the trades act similarly, for example, if EUR/USD reaches your set TP after breakout, USD/CHF and AUD/USD are mostly going to follow unless some important data release or news for the particular currency.

So, you might as well add the lots rather than executing trades on different pairs and missing the move.

Thanks & Regards,
  • #2,434
  • Mar 16, 2010 2:22pm Mar 16, 2010 2:22pm
Hi,

My Broker time zone : GMT +3
My PC time zone : GMT +2

What should be the indicator settings?
  • #2,435
  • Mar 16, 2010 3:21pm Mar 16, 2010 3:21pm
i suggest u lookup a timeclock, and adjust accordingly.
This is exactly the reason why most pro traders get f+++ked off.
  • #2,436
  • Mar 16, 2010 3:27pm Mar 16, 2010 3:27pm
Quoting forex_fan
system - 7-9am - EST breakout

Multiple pairs - yes and well depends, if I see some major S/R levels nearby I avoid or hold longer.

By the way, one more thing, on most occasions, the trades act similarly, for example, if EUR/USD reaches your set TP after breakout, USD/CHF and AUD/USD are mostly going to follow unless some important data release or news for the particular currency.

So, you might as well add the lots rather than executing trades on different pairs and missing the move.

Thanks & Regards,

Thanks for the reply, for S/R levels, do you look it based on the TF you are placing your order entry or you will look at higher TF for S?R ? And what timeframe are you using for entry ? 15 ?

FOobee
  • #2,437
  • Mar 16, 2010 10:57pm Mar 16, 2010 10:57pm
Quoting xfiles
Hi,

My Broker time zone : GMT +3
My PC time zone : GMT +2

What should be the indicator settings?
It shouldn't matter, just use one of the many world timeclocks and figure out when 7am-9am EST is in relation to your location. Then play around with the indicator settings to make the box match up. For the TF I use, my indicator shift is -1GMT. I don't know of any other way to figure it out.
  • #2,438
  • Mar 16, 2010 11:06pm Mar 16, 2010 11:06pm
Quoting foobee
Thanks for the reply, for S/R levels, do you look it based on the TF you are placing your order entry or you will look at higher TF for S?R ? And what timeframe are you using for entry ? 15 ?

FOobee
I personally look at all TF's for S/R, especially the 4hr and daily. I might be wrong, but I think most of us are trading from the 15m chart.

I place orders on the 15, then monitor the trend all TF's, usually pulling out within 1-2 hours to avoid the retrace.
  • #2,439
  • Mar 17, 2010 10:31am Mar 17, 2010 10:31am
I have been using a similar box strategy for a while now before I came across this forum. I am looking to extend my trading to cover different openings for instance UK as well as US. I see that there is a seperate thread about this. Unfortunately until I can stop working and live off forex (a good few years away yet) I miss the UK opening. I have downloaded the ea in this thread but it appears to wait until the breakout before placing the trade and as a result of this my trades get placed near the top of the candle. Maybe I have used the wrong settings and any guidance would be appreciated. But I was also wondering if it was possible to code the ea to place pending trades as soon as the box was drawn, ie 09:01. I am more than useless at coding so would appreciate any thoughts.
  • #2,440
  • Mar 17, 2010 11:53am Mar 17, 2010 11:53am
Well, today was one of those days, good thing they don't happen all that often.

Bottom got triggered then reversed for a loss of -30 pips. Then of course, price ran to the top of the box and triggered the long. But then as it goes sometimes, price reversed again and stopped me out a second time.

Cant say that this happens often, but it does. Normally I close the opposite order from the one that gets triggered just so this does not happen. I didn't this time, oh well.

for the day, Wednesday:
-55
Week:
+1
Month:
+230
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