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A Simple London Breakout

  • #181
  • Apr 16, 2010 10:43am Apr 16, 2010 10:43am
Quoting joannesnoel
hours ago I setup buy/sell stops/limits for EURUSD, GBPUSD, USDJPY.. I believed in this strategy..

All trades are losers except for USDJPY. Lost total of 120pips or more..
I am using template 2 and see no loss on EURUSD...1st trade in USDJPY was a loss and 2nd was good.. GBPUSD was a loss and no second trade
  • #182
  • Apr 16, 2010 10:59am Apr 16, 2010 10:59am
Quoting rjlacha
I am using template 2 and see no loss on EURUSD...1st trade in USDJPY was a loss and 2nd was good.. GBPUSD was a loss and no second trade
that's because you're trading with a different trigger point due to different fibo's setting of template 2! try to load the template1 and you'll see the difference.... sometimes is better the first (earlier entry and tp) sometimes the second.....
this is forex isn't it?
  • #183
  • Apr 16, 2010 11:04am Apr 16, 2010 11:04am
Quoting The flame
that's because you're trading with a different trigger point due to different fibo's setting of template 2! try to load the template1 and you'll see the difference.... sometimes is better the first (earlier entry and tp) sometimes the second.....
this is forex isn't it?
Ya I understand the differences..I was just pointing out to the other poster which one I was using when comparing results...

Here are my USDJPY and EURJPY trades today with Template 2.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY041610.png Size: 41 KB
Click to Enlarge Name: EURJPY041610.png Size: 40 KB
  • #184
  • Apr 16, 2010 11:09am Apr 16, 2010 11:09am
why dont u use levels like in london progressive strategy (eurjpy and gbpjpy).. it's my favorite one.. working almost all the time
  • #185
  • Apr 16, 2010 11:10am Apr 16, 2010 11:10am
Quoting joannesnoel
hours ago I setup buy/sell stops/limits for EURUSD, GBPUSD, USDJPY.. I believed in this strategy..

All trades are losers except for USDJPY. Lost total of 120pips or more..

ye but we re on friday
  • #186
  • Apr 16, 2010 11:51am Apr 16, 2010 11:51am
what's with friday? is it bad to trade on friday?
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  • #187
  • Apr 16, 2010 12:19pm Apr 16, 2010 12:19pm
Most pro's only run from Monday to Thursday. Have a long weekend and keep more of your profits by not entering any trades on a Friday.
  • #188
  • Apr 16, 2010 1:15pm Apr 16, 2010 1:15pm
so, which currency pairs does this strategy best for? any recommendation? gotta win now since i've lost the first trade day using this strategy..
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  • #189
  • Apr 16, 2010 1:40pm Apr 16, 2010 1:40pm
Quoting rjlacha
Ya I understand the differences..I was just pointing out to the other poster which one I was using when comparing results...

Here are my USDJPY and EURJPY trades today with Template 2.

Hi can you tell me how get m15 and h1 and h4 chart on the side thks
  • #190
  • Apr 16, 2010 2:01pm Apr 16, 2010 2:01pm
Quoting desiboy
Hi can you tell me how get m15 and h1 and h4 chart on the side thks
With the attached file
Attached File(s)
File Type: ex4 Stratman_MiniChart_v12.ex4   37 KB | 696 downloads
  • #191
  • Apr 16, 2010 4:31pm Apr 16, 2010 4:31pm
Quoting mer071898
Gbp/Usd had 3 winning trades for +26 pips each.This was the only pair not to end with a losing trade last night so all we end up with is +78 pips since we don't need the multiplier. Tough to stomach, I know.
Accounting for the spread is a little less ... or you would not have make it through but excellent trades and strategy for the day anyways.

Accounting for the spread in an EA, I now have multiple re-entry and made 23.2pips each, considering you have to make a choice and whether placing an entry at Bid=TragetProfit(not losing the spread) or at Ask=ProfitTraget(losing the spread) (speaking of a short of course) ... but no way you have have get the whole thing (26pips).

Would you really re-enter even if the price action did not touch the low side of the Box, meaning do you re-enter on a bounce (such as the third entry)? is it is safer to enter only if price action went a little above the entry level like the second entry on my pics (I'm asking based on your experience, without accounting for the backtesting I did ;-) to have a better feel of you playing with the strategy based on your forward experience) ?

I'm now looking at the Martingale.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010.04.15_accounting for spreadt.gif Size: 27 KB
  • #192
  • Apr 16, 2010 5:11pm Apr 16, 2010 5:11pm
Quote
Took a hit on EJ and UJ already..Doubled up and got the UJ back and hoping for the EJ payback (Not Looking promising right now)

They cant all be winners.....

My Eur/Jpy was over 50 pips and the indicator did not place a box, are you using the updated indicators in post#1?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 88 KB
  • #193
  • Apr 16, 2010 5:16pm Apr 16, 2010 5:16pm
Quote
hours ago I setup buy/sell stops/limits for EURUSD, GBPUSD, USDJPY.. I believed in this strategy..

All trades are losers except for USDJPY. Lost total of 120pips or more..

http://cdn.forexfactory.com/images/buttons/quote.gif


I don't know if it's a different feed from the broker or if your using the London Breakout 2, but my Eur/Usd was a good trade and my box was over 50 pips on the Gbp/Usd
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 91 KB
Click to Enlarge Name: gbpusd.jpg Size: 85 KB
  • #194
  • Edited 5:37pm Apr 16, 2010 5:23pm | Edited 5:37pm
Quoting mer071898
My Eur/Jpy was over 50 pips and the indicator did not place a box, are you using the updated indicators in post#1?
Yes I am using the updated one...I change the setting so they show up. I know if the box is larger then 50 pips then we could have a range day but I play it accordingly.
  • #195
  • Apr 16, 2010 5:35pm Apr 16, 2010 5:35pm
I started using a directional approach trading the London open and opening the trade instantly if I observe the signal on my chart.

Let's say you enter a limit orders 20p above/below the current price vs. doing instant execution and that pair falls more than 19p, and you get filled on your limit sell.

Compare this to as if you used a directional approach using a MA, or other indicator (it doesn't matter) and the signal was short and you entered the trade immediately and used a 20p stop - you are ahead 20p at the beginning vs. using limit orders.

I realize the pair may instead go the other direction, but if it did, you would be stopped out for a 20p loss - the same pip difference from using limit orders vs. instant exectution. Besides, even more than 20p could be lost if the pair whipsaws if using limit orders, unless you're able to close out unfilled trade or if you have OCO capability.

For example:
Using limit orders:
1) e/u is at 1.3500 at beginning of London session.
2) You set limit orders 20p above/below 1.3500.
3) Assume pair goes below 1.3480 and continues moving down.
4) Say you close the trade at 1.3400, then your profit is 80p.

Using instant execution:
1) e/u is at 1.3500 at beginning of London session.
2) You enter market immediately and set 20p stop.
3) Say you close the trade at 1.3400, then your profit is 100p.

If you're using the instant execution method and the pair happens to move in the other direction and doesn't reverse, don't chase it - just wait for another opportunity during the next session. For those of you who are thinking, "well, if the limit order makes 80p, but the other guy that entered a market order lost 20p because the pair moved in a different direction than his signal", my response is, that may happen sometimes, but I still believe using market orders will be more profitable in the long run.

The examples above do not factor in the spread.

Attached is a chart of e/u trade I entered this morning at beginning of London session: 175p.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_30m_qqea.gif Size: 45 KB
  • #196
  • Apr 16, 2010 5:35pm Apr 16, 2010 5:35pm
Okay, this is how I ended up the week:

Eur/Usd, for me, ended with one winning trade for +35 pips. We have no multipliers in effect
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 91 KB
  • #197
  • Apr 16, 2010 5:42pm Apr 16, 2010 5:42pm
Usd/Jpy ended up with two losses of -29 pips each and two winners of +22 pips each.

No Martingale

-29
+22
-29
+22 =
-14 pips

With Martingale Multiplier

-29
+44 (+22 x 2)
-29
+44(+22 x 2) =
+30 pips
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.jpg Size: 100 KB
  • #198
  • Apr 16, 2010 5:53pm Apr 16, 2010 5:53pm
Usd/Chf had the initial trade stopped out for a -33 pip loss and a winning trade for +15 pips. I closed this trade early as I don't keep trades past 17:00 GMT on Friday.

No Martingale

-33
+15 =
-18 pips

With Martingale Multiplier

-33
+30 (+15 x 2) =
-3 pips
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.jpg Size: 107 KB
  • #199
  • Apr 16, 2010 5:54pm Apr 16, 2010 5:54pm
Both my Gbp/Usd and Eur/Jpy boxes were over 50 pips so no trades were taken.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 85 KB
Click to Enlarge Name: eurjpy.jpg Size: 88 KB
  • #200
  • Apr 16, 2010 6:15pm Apr 16, 2010 6:15pm
Quote
why dont u use levels like in london progressive strategy (eurjpy and gbpjpy).. it's my favorite one.. working almost all the time

That is why this is a different thread. I'm not going to bring something from a different thread to use here. If you want to use the levels in the London Progressive Strategy, be my guest, but keep it in that particular thread.

Quote
what's with friday? is it bad to trade on friday?

As I mentioned yesterday, holding trades over the weekend make your trades very susceptible to gaps in the market when the market opens back up on Sunday. If your a long term trader where trades last several days to several weeks or months, that's okay, but not if your scalping or trading intraday.

Quote
Most pro's only run from Monday to Thursday. Have a long weekend and keep more of your profits by not entering any trades on a Friday.

That's always a good suggestion, but there is still good market movement in the early morning hours but it usually dies off quickly after London session closes at 17:00 GMT.

Quote
so, which currency pairs does this strategy best for? any recommendation? gotta win now since i've lost the first trade day using this strategy..

Honestly, you can use this on any pair. It is highly suggested to use pairs with lower spreads. It wouldn't make sense to trade pairs with a huge spread as most of your profits get eaten up by the spread itself because you will generally deal with boxes less than 50 pips. You can always experiment and demo trade to find the best pair for trading.

Quote
Accounting for the spread is a little less ... or you would not have make it through but excellent trades and strategy for the day anyways.

Again, I already stated earlier in the thread that my results are not including the spreads. Since the .mq4 files are attached, anyone can adjust the profit Target fib level closer to your entry if that helps you with spread issues.
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