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A Simple London Breakout

  • #41
  • Apr 12, 2010 11:46am Apr 12, 2010 11:46am
Quoting sangmane
Yes, vLow is always less than vHigh... I'm glad to know that some trader use this indicator.
WTF... seems my brain had his funny day

Hmmm... will try that easy workaround...

Inserted Code
ObjectCreate(objname,OBJ_RECTANGLE,0,dt1,vLow,dt2,vHigh);
  • #42
  • Apr 12, 2010 11:52am Apr 12, 2010 11:52am
Quoting xmph
PS: my only concern with such an EA .... I think there have been tons of breakout strategy EA on FF and I don't know if any are really profitable, or if this would not be re-doing what others did (eventually better). What do you think?
0400-0700 GMT Breakout Strategy 2892
7am-9am Big Dog USD Breakout Strategy 2515
4H Box Breakout 5023

BREAKOUT seem to rule
  • #43
  • Apr 12, 2010 5:55pm Apr 12, 2010 5:55pm
Quote
What is meant with the second or third trade???
Basically, when you are either stopped out or have hit your Profit Target, when the price retraces back to your entry point you may take another trade if you wish (see pic).Last Thursday, April 8th, was a very good example. We could've had 7 possible entries that day, 6 winners@ 16 pips each and 1 loser@ 21 pips. Now as I said before, you do not have to take every trade that presents itself. Some people may only want to take one trade a day and others may choose to trade more if the are willing to put in the screen time.
Attached Image (click to enlarge)
Click to Enlarge Name: london box.jpg Size: 126 KB
  • #44
  • Apr 12, 2010 6:13pm Apr 12, 2010 6:13pm
Quote
Frankfurt opens at 0600 GMT
London opens at 0700 GMT

This is due to Summer Time (DST)
This year, Summertime is from March 28 until October 31.
Thanks for the info.

Quote
G/J long stopped out !!! entry 144.19, sl 143.87 , tp 144.60
Yes, you may have been stopped out, but you also would have had a winning trade immediately after that. (see pic below)

Quote
attached below the corrected version of previous London Breakout 2 indicator. now buystop is always on the top edge of the box, sellstop is always on the bottom edge. also this indicator permit you to use StartTime = 22.00 and EndTime = 03.00. you can use London Breakout 2 template located on the first page
I want to thank sangmane for the fix as he did all the work on the original version of my box fibo indicator in my London Progressive thread, thanks again buddy, I owe you one. I've attached the fixed indicators and new templates to post #1.

Quote
PS: my only concern with such an EA .... I think there have been tons of breakout strategy EA on FF and I don't know if any are really profitable, or if this would not be re-doing what others did (eventually better). What do you think?
Quote
0400-0700 GMT Breakout Strategy 2892
7am-9am Big Dog USD Breakout Strategy 2515
4H Box Breakout 5023

BREAKOUT seem to rule
xmph makes a valid point though, most breakout strategies are inherently simple which is great for anyone to use but are also known to lack on the performance side. Hopefully this can be addressed eventually.
Attached Image (click to enlarge)
Click to Enlarge Name: london box.jpg Size: 109 KB
  • #45
  • Edited Apr 13, 2010 1:44am Apr 12, 2010 6:31pm | Edited Apr 13, 2010 1:44am
Here is my analysis of last nights trading on;
Eur/Usd
Gbp/Usd
Usd/Jpy
Eur/Jpy
Usd/Chf

All pips totals I mention are before the spread.

First the Eur/Usd. We had one trade entry that just miss our target and is now in a range. I would wait til your near the start of the box around 04:00 GMT and close the trade whether in profit or not. I was hoping to see the gap filled by now, but it may still happen.

***Update***

After narrowly missing our target twice, Eur/Usd stay ranging for most of the night and I would've closed out at 04:00 GMT for +36 pips (see new pic)
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 99 KB
  • #46
  • Apr 12, 2010 6:36pm Apr 12, 2010 6:36pm
Textbook trade on the Gbp/Usd for roughly 55 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 92 KB
  • #47
  • Edited 11:11pm Apr 12, 2010 6:44pm | Edited 11:11pm
Usd/Jpy was starting strong and died out just before hitting target. Now don't hesitate if you want to close the trade in profit, there's nothing wrong with that.

***Update***

Our initial trade was stopped out for -33 pips but we had a successful 2nd entry that just finish several hours ago for +25 pips. (see new pic)
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.jpg Size: 102 KB
  • #48
  • Apr 12, 2010 6:48pm Apr 12, 2010 6:48pm
Another solid trade on the Eur/Jpy for roughly +36 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 92 KB
  • #49
  • Edited Apr 13, 2010 2:07am Apr 12, 2010 6:50pm | Edited Apr 13, 2010 2:07am
Usd/Chf hit the entry quick and then stalled, similar to Usd/Jpy. I'd give it til 03:00-04:00 then close out for a small loss if you have to.

***Update***

Usd/Chf did not breakout of it's range before 04:00 GMT so I would've closed out the trade at 04:00 GMT with a small 10 pip loss. (see new pic)
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.jpg Size: 97 KB
  • #50
  • Apr 13, 2010 12:24am Apr 13, 2010 12:24am
Wouldn't this strategy work perfectly fine without the fibonacci extensions?.Just enter on a breach of the high or the low of the box.
  • #51
  • Apr 13, 2010 12:59am Apr 13, 2010 12:59am
Yes I'm sure it probably could, but that's not what the thread is about. If you want to try it out that way, be my guest.
  • #52
  • Apr 13, 2010 1:15am Apr 13, 2010 1:15am
Quoting mer071898
Usd/Chf hit the entry quick and then stalled, similar to Usd/Jpy. I'd give it til 03:00-04:00 then close out for a small loss if you have to.
My backtest showed me, that almost the whole time USD/CHF is doing the opposite of EUR/USD (as we know, there is a anti-correlation)... so wouldn't it be better to leave out USDCHF?
  • #53
  • Apr 13, 2010 1:17am Apr 13, 2010 1:17am
Quoting mer071898
Yes I'm sure it probably could, but that's not what the thread is about. If you want to try it out that way, be my guest.
I think the concept with FIBs looks promising... nevertheless I changed your rules in two simple point...

One change is according to SL... I set my initialStopLoss in the middle of the box... Backtesting showed, that I will have only a few more losses but therefore smaller ones...
  • #54
  • Apr 13, 2010 1:24am Apr 13, 2010 1:24am
lot of times they are retracing after touching our entry levels. would it be prident to wait for a retracement and enter at a better price instead of blindly placing orders as per system ? we could miss some good trades but overall it gives better RRR
  • #55
  • Apr 13, 2010 1:26am Apr 13, 2010 1:26am
Quote
My backtest showed me, that almost the whole time USD/CHF is doing the opposite of EUR/USD (as we know, there is a anti-correlation)... so wouldn't it be better to leave out USDCHF?

I'm just showing examples using the major pairs. It is up to the trader to pick which pairs works best for them.

Quote
I think the concept with FIBs looks promising... nevertheless I changed your rules in two simple point...

One change is according to SL... I set my initialStopLoss in the middle of the box... Backtesting showed, that I will have only a few more losses but therefore smaller ones...

Good, glad to see your making it work for your trading style, that's exactly what I like to see. Good luck and keep it up.
  • #56
  • Apr 13, 2010 1:37am Apr 13, 2010 1:37am
Quote
lot of times they are retracing after touching our entry levels. would it be prident to wait for a retracement and enter at a better price instead of blindly placing orders as per system ? we could miss some good trades but overall it gives better RRR
Okay, I think we really need to understand that this strategy is just a base for you to trade off of and not to be construed as the perfect way to trade. We can have 100 people come in here and nit pick thing thing apart all day long if we wanted to, but I hoping it doesn't get that way. Take it and modify it how ever you choose. If you feel the fib levels are too close, move the entry point farther out, that's why I included two indicators in post #1. That's the beauty of this, change it to fit how you trade. For me, personally, I have a large enough account to be able to martingale my lots after a losing trade to recoup my losses. Now I know not everyone is able to do that but the strategy(as exph tested out and stated earlier in the thread) is strong candidate for it, so I will test it out and hope it can be profitable. But that is just how I'll choose to trade it.
  • #57
  • Apr 13, 2010 1:48am Apr 13, 2010 1:48am
Quoting mer071898
[color=Blue]Okay, I think we really need to understand that this strategy is just a base for you to trade off of and not to be construed as the perfect way to trade. We can have 100 people come in here and nit pick thing thing apart all day long if we wanted to, but I hoping it doesn't get that way. Take it and modify it how ever you choose. If you feel the fib levels are too close, move the entry point farther out, that's why I included two indicators in post #1. That's the beauty of this, change it to fit how you trade. For me, personally, I have...
I read your thread over the weekend and tried it yesterday on my live account......I normally trade off intraday and daily fibs and adding this strategy did wonders to my own way of trading....for the time being I tried it on GBPUSD and EURJPY.....as those are the only pairs I trade normally......I will keep posting my views over the next few days while I test it out.....but for me this strategy is definitely a keeper thanks
Raza
  • #58
  • Apr 13, 2010 1:51am Apr 13, 2010 1:51am
Yesterday we got of to a winning start..JUST!
+16 pips on a sell order for EUR/GBP.

Orders are set for today, will update with results ASAP.

I think we might need to be mindful of S/R and pivot level, if these are close to our orders, might be worth adjusting orders so these are just inside/outside the order price etc.
  • #59
  • Edited 2:13am Apr 13, 2010 1:52am | Edited 2:13am
Total simulated results from Monday:

Eur/Usd= +36 pips
Gbp/Usd= +55 pips
Usd/Jpy= -8 pips (+25-33)
Eur/Jpy= +36 pips
Usd Chf= -10 pips
______________________

Total= +109 pips (6 trades taken- 4 winners, 2 losers)

Again this is just how I see the trades happen. Now If I were to trade the way I really wanted to, I would have doubled up on the second Usd/Jpy trade (which would have made up for the initial loss) and would double up on the Usd/Chf trade for today.


Quote
Yesterday we got of to a winning start..JUST!
+16 pips on a sell order for EUR/GBP.
Was this on your live account? If so, good job and keep us updated.
  • #60
  • Apr 13, 2010 2:02am Apr 13, 2010 2:02am
Quote
I read your thread over the weekend and tried it yesterday on my live account......I normally trade off intraday and daily fibs and adding this strategy did wonders to my own way of trading....for the time being I tried it on GBPUSD and EURJPY.....as those are the only pairs I trade normally......I will keep posting my views over the next few days while I test it out.....but for me this strategy is definitely a keeperhttp://cdn.forexfactory.com/images/s.../yim/happy.gif thanks

Please don't take offense, but I'd be extremely cautious of trading immediately on live account until it really has proven itself. Now I can't tell you not to, but if you are determined to trade live, please use extremely small lots until you are perfectly comfortable with it.
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