A Simple London Breakout | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

A Simple London Breakout V.2 1,490 replies

SIMPLE EA for a simple method needed!! 2 replies

Another Simple London Breakout System (with a twist) 46 replies

Simple london breakout v.9.2 error 1 reply

Need help with this simple london breakout EA 2 replies

Attachments: A Simple London Breakout
Exit Attachments

A Simple London Breakout

  • #61
  • Apr 13, 2010 2:07am Apr 13, 2010 2:07am
Was this on your live account? If so, good job and keep us updated.[/quote]


Yes it was. Long triggered today, as we speak.
  • #62
  • Apr 13, 2010 2:11am Apr 13, 2010 2:11am
If you don't mind me asking, roughly what size account are you using and how many lots are you testing this out with?
  • #63
  • Apr 13, 2010 2:17am Apr 13, 2010 2:17am
Scott

I'm based in the UK. I use a spread betting account where possible as all winnings are tax free!

My account stands at just over £10k but i'm only using a £1 bet on this strategy at the moment.
  • #64
  • Apr 13, 2010 2:23am Apr 13, 2010 2:23am
Quoting mer071898
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.
ooh don't worry I only trade in 1 mini lot at a time thanks for your concern though
Raza
  • #65
  • Apr 13, 2010 2:24am Apr 13, 2010 2:24am
Quote
Scott

I'm based in the UK. I use a spread betting account where possible as all winnings are tax free!

My account stands at just over £10k but i'm only using a £1 bet on this strategy at the moment.
Tax free , sure rub it in to us yanks across the pond.

Quote
ooh don't worry I only trade in 1 mini lot at a timehttp://cdn.forexfactory.com/images/s.../yim/happy.gif thanks for your concern though
Whew , I would feel bad if someone blew an account without testing it out first, you know.
  • #66
  • Apr 13, 2010 2:27am Apr 13, 2010 2:27am
Quoting billbss
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.

Can i just clarify this please? GMT is the time in London.

Frankfurt opens at 0700 GMT and London actually opens at 0800 GMT. The market hours do not change for DST!

If your TimeZone does not operate DST then you will need to adjust -1 hour from 28th March until 31st October. However if your timezone operates DST and you are in it then the Market hours are the same.
  • #67
  • Apr 13, 2010 3:08am Apr 13, 2010 3:08am
I just utilize the time shown in the market watch and compare it to the time that's on my trading clock that I use (www.qlock.com). If my market watch is 1 hour slower than my trading clock, then I would adjust my inputs accordingly.
Attached Image (click to enlarge)
Click to Enlarge Name: pic1.jpg Size: 177 KB
  • #68
  • Apr 13, 2010 3:18am Apr 13, 2010 3:18am
today so far

UJ, EJ both longs triggered and hit targets

UC short in trade -- loss
GU long in trade -- loss
EU long in trade -- loss
GJ long in trade -- profit
  • #69
  • Apr 13, 2010 3:22am Apr 13, 2010 3:22am
Quoting roundrock
today so far

UJ, EJ both longs triggered and hit targets

UC short in trade -- loss
GU long in trade -- loss
EU long in trade -- loss
GJ long in trade -- profit
GU has not trigger a trade yeat today, not sure about the other pairs as I have not got them on my screen...
  • #70
  • Apr 13, 2010 3:27am Apr 13, 2010 3:27am
Quoting roundrock
today so far

UJ, EJ both longs triggered and hit targets

UC short in trade -- loss
GU long in trade -- loss
EU long in trade -- loss
GJ long in trade -- profit
UC GU and EU have not hit the entry points yet as per the fibs drawn for the box.....
Raza
  • #71
  • Apr 13, 2010 3:30am Apr 13, 2010 3:30am
Here is my box so you can check your setting for yours... also the box is 57 pips high, on the first post on this thread Wbafan suggest not taking trades if the box size is over 60 pips, I personaly would not be taking any break outs today of this pair..
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 20 KB
  • #72
  • Apr 13, 2010 3:53am Apr 13, 2010 3:53am
The first indicator & template for this strategy is WRONG and should I trade only with the 2nd one posted later in the thread,guys??Please help me with a quick answer!
  • #73
  • Apr 13, 2010 11:45am Apr 13, 2010 11:45am
Quoting vladv
The first indicator & template for this strategy is WRONG and should I trade only with the 2nd one posted later in the thread,guys??Please help me with a quick answer!
A Quick answer for some quick bucks .... I already love you my man. (what's really wrong about the first indi? anyways)

mer071898, I have a six hour flight over the week-end. I'll try to code the martingale in the EA and release it through next week. It will be for discussion purpose and far from reliable for live trading (although I will probably live trade what I will post but I'm quite open to risk ;-) )

Xmph
  • #74
  • Apr 13, 2010 1:59pm Apr 13, 2010 1:59pm
Quoting Wbafan
Can i just clarify this please? GMT is the time in London.

Frankfurt opens at 0700 GMT and London actually opens at 0800 GMT. The market hours do not change for DST!

If your TimeZone does not operate DST then you will need to adjust -1 hour from 28th March until 31st October. However if your timezone operates DST and you are in it then the Market hours are the same.
You are mistaken.

The NY, London and Frankfurt market hours do change for DST. (Europe calls it Summer Time)

During Summer Time, London time is GMT+1. That makes the London open at 0700 GMT- Which is 0800 London local time.

Frankfurt is GMT+2 during Summer Time.
That makes the Frankfurt open at 0600 GMT- Which is 0800 Frankfurt local time.


Here is a link that shows the current GMT.
If you are in England, compare your local time against GMT. You will find that your time is one hour ahead of GMT.
http://wwp.greenwichmeantime.com/
  • #75
  • Apr 13, 2010 8:01pm Apr 13, 2010 8:01pm
Quoting mer071898
Another solid trade on the Eur/Jpy for roughly +36 pips.
I believe there is a bug in the indicator. The first box ever drawn on the first day of backtesting (not the repainted history boxes) contains 12 candles where every other one contains 13 candles. That changes the entry and every other levels ... only on the first time ..... rest is ok. (please my attached picture) - EA made 33 pips on that one due to the 12 candles box ... 13 candles would have made 36 as you said.

Anyhow, you said the box are drawn from
Quote
04:00 to 07:00 GMT
.... which means 12 candles in total ... why every other box (but the first one) is a 13 candles box? Am I understanding something incorrectly or reading the box/chart incorrectly ? Each of your charts show 13 candles boxes, until 7.15am GMT.

Finally, I realize you have a huge spike on Eur/JPY ... what is your broker? I don't have this on mine (see attached chart again).

Please, could you post few other charts as this help me verify that the EA is performing well (meaning accordingly), that there is no time issue and so on.

regards,

Attached Image (click to enlarge)
Click to Enlarge Name: londonbreakout_boxshift.gif Size: 29 KB
  • #76
  • Apr 13, 2010 9:27pm Apr 13, 2010 9:27pm
Quote
The first indicator & template for this strategy is WRONG and should I trade only with the 2nd one posted later in the thread,guys??Please help me with a quick answer!
I don't know what you mean by not being correct? All pics I have posted are using the first London Breakout indicator. After sangmane made the fix, I also made the adjustments to the first indicator as well and re-posted the correct indicators and templates in post #1. You may want to re-install the indicators and templates again.

Quote
You are mistaken.

The NY, London and Frankfurt market hours do change for DST. (Europe calls it Summer Time)

During Summer Time, London time is GMT+1. That makes the London open at 0700 GMT- Which is 0800 London local time.

Frankfurt is GMT+2 during Summer Time.
That makes the Frankfurt open at 0600 GMT- Which is 0800 Frankfurt local time.
billbss, I guess there is a little confusion on the time. Looking at the first pic below, the right side (from your link) shows us a GMT time of roughly 1:51 am. My broker's market watch time is roughly 2:51 am which indicates I'm at GMT +1. So in order for us the have the box correctly end at the Frankfurt open we would need to change the time from 03:00 to 06:00 instead of 04:00 to 07:00, correct? I just want to be clear so I don't mislead anyone and that we provide the correct information to those who follow the thread.(see pic 1)

Quote
I believe there is a bug in the indicator. The first box ever drawn on the first day of backtesting (not the repainted history boxes) contains 12 candles where every other one contains 13 candles. That changes the entry and every other levels ... only on the first time ..... rest is ok. (please my attached picture) - EA made 33 pips on that one due to the 12 candles box ... 13 candles would have made 36 as you said.
You may want to recount the candles in the first box in your pic. I zoomed in on the date you saw 12 candles and I still counted 13. (see pic 2)

Quote
Anyhow, you said the box are drawn from Quote:
04:00 to 07:00 GMT
.... which means 12 candles in total ... why every other box (but the first one) is a 13 candles box? Am I understanding something incorrectly or reading the box/chart incorrectly ? Each of your charts show 13 candles boxes, until 7.15am GMT.
In order for the box to be drawn on the 07:00 candle you must include the price action of the whole candle which goes to 07:15. If you want the box to only include price action up to 07:00, you must change the time to 06:45. But then the end of the box will be drawn at the 06:45 candle instead. That's why you get the 13th candle in the box, because your including the additional price action of the last candle to the mix.

Quote
Finally, I realize you have a huge spike on Eur/JPY ... what is your broker? I don't have this on mine (see attached chart again).
It's probably just the difference in the price feed.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: hours-2.jpg Size: 249 KB
Click to Enlarge Name: pic2.jpg Size: 100 KB
  • #77
  • Apr 13, 2010 9:34pm Apr 13, 2010 9:34pm
I hate to put the thread in a holding pattern, but I will be holding off on posting my analysis until billbss can confirm the correct times we need in the indicator.

I would rather wait and provide everyone with the correct settings than to mislead anyone and have too much confusion on the subject, thanks for the patience.
  • #78
  • Apr 13, 2010 10:03pm Apr 13, 2010 10:03pm
billbss, I guess there is a little confusion on the time. Looking at the first pic below, the right side (from your link) shows us a GMT time of roughly 1:51 am. My broker's market watch time is roughly 2:51 am which indicates I'm at GMT +1. So in order for us the have the box correctly end at the Frankfurt open we would need to change the time from 03:00 to 06:00 instead of 04:00 to 07:00, correct? I just want to be clear so I don't mislead anyone and that we provide the correct information to those who follow the thread.(see pic 1)


I agree, from the screenshot, your broker's time is set for GMT+1.

Frankfurt opens at 06:00 GMT. That is 07:00 on your chart.

Your box should end at the 06:45 (15M) bar. The 06:45 bar ends at the last tick before 0700. If you set it to include the 07:00 bar, the box would actually end at 07:15.

If it is 3 hours long, it should begin at 04:00.

I hope this made sense.
  • #79
  • Apr 14, 2010 12:21am Apr 14, 2010 12:21am
Well, that definitely clarifies the time, thanks. Everyone will need to base the indicator's start and end times on GMT +0 which would translate to 03:00 to 06:00 GMT. I personally will keep my time at 04:00 to 07:00 since I'm at GMT +1 on my broker and I've already posted results using these times. If you want to set your end time 1 bar earlier, I'll leave it up to the discretion of the trader.

I will also start analyzing the trades with and without martingale lot sizing. The martingale sizing will start after the first loss. The multiplier is calculated to make sure you will end up recouping any losses on all your previous losses. Once a profitable trade is made you will go back to the original lot size you've decided to use. Remember, martingale strategies are inherently risky and should not be used unless adequate capital is available.

The lot multiplier I will be using after each loss will start as follows:

after 1st loss- X 2
after 2st loss- X 5
after 3st loss- X 13
after 4st loss- X 34
after 5st loss- X 89
after 6st loss- X 233
after 7st loss- X 610

So if you start with .01 lots and you incurred 7 losses, you would trade using .02, .05, .13, .34, .89, 2.33, and 6.1 lots respectively. Because everyone will be using various lot sizes, I will be multiply the pip totals by the multiplier. It may seem confusing but you'll visually see how it will work when I put it in my posts.

  • #80
  • Apr 14, 2010 1:40am Apr 14, 2010 1:40am
Mer,

Thanks for sharing your system and indicators.
working on similar breakout M15, but without Fibs.
would love to try this strategy.

Jan.
0 traders viewing now