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0400-0700 GMT Breakout Strategy

  • #2,941
  • Apr 26, 2010 8:41am Apr 26, 2010 8:41am
Quoting grant18265
Hi All,

Yonnie you must be psychic.

Over the last week or so i have had the very same conversation with a couple of traders i know and so have decided to make the following changes to the way i trade the grant system..

reduce intial TP depending on the amount of pips left to ADR (75 pips max)
move SL to BE @ +20

The new TP should still give an excellent Risk/Reward ratio

The reasons for the changes are many and varied but as Yonnie said the moves in Asia on certain days are eating a lot into that days ADR and imho the volatility is reducing...

Grant & Yonnie

This seems logical to me, but how to determine the movement of TP? Or am I missing something here?

Regards

Archie
  • #2,942
  • Apr 26, 2010 8:51am Apr 26, 2010 8:51am
Quoting Archie
Grant & Yonnie

This seems logical to me, but how to determine the movement of TP? Or am I missing something here?

Regards

Archie
Archie,

i will simply work out how many pips are left until the ADR will be hit in the direction of the trade and put that figure in as a TP...

Hopefully it will be in the 60 - 75 pip range

cheers

Grant
  • #2,943
  • Apr 26, 2010 9:07am Apr 26, 2010 9:07am
Could it be a good idea to use ATR or box size to ajust the stop loss ? Because a fix stop loss won't work all the time (volatility time..).

Maybe set up the SL by calculate fib and set the SL up to 61,8% level of the box. I don't hnow if it's pertinant..
  • #2,944
  • Apr 26, 2010 9:21am Apr 26, 2010 9:21am
Quoting Walcott
Could it be a good idea to use ATR or box size to ajust the stop loss ? Because a fix stop loss won't work all the time (volatility time..).

Maybe set up the SL by calculate fib and set the SL up to 61,8% level of the box. I don't hnow if it's pertinant..
Hi Walcott,

15 has always served me well for the risk/reward aspect.

but thats the great thing we can all take the same idea and tweak it to suit our trading styles and risk aversion levels.

cheers

Grant
  • #2,945
  • Apr 26, 2010 11:12am Apr 26, 2010 11:12am
You're right Grant, thanks for your implication anyway !

Just SL at 15 on GBP/USD looks tight on high volatility market, it's sad to see a good trade being stopped by a tight SL.
Maybe take a 13 pips SL + a variable on ATR (set your TP at 14pip on low volatility market, and arround 18/20 pips on hight volatility).. I don't think it's over-optimization. I ask you grant because you are experienced in this method. What you think about that ?

Is it true a small box means better chances to have a breakout ? If it's right, we can thing of a way to adjust position according to that fact.

Theses kind of optimization can make a real difference on results.

Thx you for your help
  • #2,946
  • Edited 12:14pm Apr 26, 2010 12:01pm | Edited 12:14pm
Quoting grant18265
Archie,

i will simply work out how many pips are left until the ADR will be hit in the direction of the trade and put that figure in as a TP...

Hopefully it will be in the 60 - 75 pip range

cheers

Grant

Grant,

Thanks for the explanation. What settings do you use for the daily range, that is the number of days to calculate the average?

Regards

Archie
  • #2,947
  • Apr 26, 2010 12:45pm Apr 26, 2010 12:45pm
Quoting Archie
Grant,

Thanks for the explanation. What settings do you use for the daily range, that is the number of days to calculate the average?

Regards

Archie

HI Archie,

i would use a 5 day average if your broker does not have any Sunday candles and a 6 day if your broker does have Sunday candles.

At the moment my 5 day average is 126 and my monthly average is 131

cheers

Grant
  • #2,948
  • Apr 27, 2010 2:33am Apr 27, 2010 2:33am
Morning morning

Today was no trade as the ema is in the box but i thought i'd attach a chart pic showing how i would have worked out the TP today assuming we entered short.

Hope this helps

cheers

Grant
Attached Image (click to enlarge)
Click to Enlarge Name: adr example 270410.gif Size: 67 KB
  • #2,949
  • Apr 27, 2010 6:27am Apr 27, 2010 6:27am
Quoting grant18265
Morning morning

Today was no trade as the ema is in the box but i thought i'd attach a chart pic showing how i would have worked out the TP today assuming we entered short.

Hope this helps

cheers

Grant

Grant,

Thanks for showing everything in detail.

Are you using CCI as filter or still just testing?


Regards

Archie
  • #2,950
  • Apr 27, 2010 6:41am Apr 27, 2010 6:41am
Quoting Archie
Grant,

Thanks for showing everything in detail.

Are you using CCI as filter or still just testing?


Regards

Archie
Archie

Still testing although at this stage, it hurts more than than it helps.

will keep you posted if i actually use it on my live trades

cheers

Grant
  • #2,951
  • Apr 29, 2010 3:30am Apr 29, 2010 3:30am
Quoting grant18265
Archie

Still testing although at this stage, it hurts more than than it helps.

will keep you posted if i actually use it on my live trades

cheers

Grant

Grant,

Do you have any results available for April? Would be good to compare, and I haven't taken all trades this month.

Regards

Archie
  • #2,952
  • Apr 29, 2010 3:51am Apr 29, 2010 3:51am
Quoting Archie
Grant,

Do you have any results available for April? Would be good to compare, and I haven't taken all trades this month.

Regards

Archie
i have and will post after tomorrows trade or non trade

cheers

Grant
  • #2,953
  • Apr 30, 2010 2:13am Apr 30, 2010 2:13am
Quoting grant18265
Archie,

i will simply work out how many pips are left until the ADR will be hit in the direction of the trade and put that figure in as a TP...

Hopefully it will be in the 60 - 75 pip range

cheers

Grant
hello mr. Grant,

what is ADR use for? is it indacator?
how to use it?

sorry, stupid question...
  • #2,954
  • Apr 30, 2010 9:44pm Apr 30, 2010 9:44pm
would it be possible for you to google ATR or ADR and learn from there?
  • #2,955
  • May 1, 2010 4:36am May 1, 2010 4:36am
Quoting feversam
hello mr. Grant,

what is ADR use for? is it indacator?
how to use it?

sorry, stupid question...
ADR = Average Daily Range

I have attached an ADR indicator which puts the information at the bottom of your screen.

This is a modified version which ignores Sunday data.
Attached File(s)
File Type: ex4 Daily_Range_Calculator_V2 - 5digit.ex4   17 KB | 649 downloads
  • #2,956
  • May 1, 2010 11:35am May 1, 2010 11:35am
Quoting WildWood
ADR = Average Daily Range

I have attached an ADR indicator which puts the information at the bottom of your screen.

This is a modified version which ignores Sunday data.
thank you very much mr. WildWood...
  • #2,957
  • May 2, 2010 1:02pm May 2, 2010 1:02pm
Hi,

My results for April was 1 win and 6 losses, so a net loss of 15 pips.

I am trading Grant's strategy with SL 15, TP 75 and BE at 20. I am adjusting it and testing ADR in May.

Regards

Archie
  • #2,958
  • May 3, 2010 5:26am May 3, 2010 5:26am
Hi,

Did anyone take the trade today since it's bank holiday?

According to my terminal it would have closed out for a 15 pip loss. At best a couple of pips away from BE at 20 pips.

Regards

Archie
  • #2,959
  • May 3, 2010 11:19am May 3, 2010 11:19am
Quoting Archie
Hi,

Did anyone take the trade today since it's bank holiday?

According to my terminal it would have closed out for a 15 pip loss. At best a couple of pips away from BE at 20 pips.

Regards

Archie
Yes, it was a stop loss:
gbpusd
Price: 1.52277
S/L: 1.52493
Close time: 2010.05.03 10:59
Closed: 1.52493
Pips: -22

I never considered on not trading when UK has a bank holiday
  • #2,960
  • May 3, 2010 12:25pm May 3, 2010 12:25pm
Hi All,

Attached is the SS of my results to date for 2010..

I took the trade today and got hit for -15...

cheers

Grant
Attached File(s)
File Type: xls Breakout System 2010 Comparison.xls   30 KB | 889 downloads
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