This is an offshoot of the 0400-0700 GMT Breakout Strategy found here: http://www.forexfactory.com/showthread.php?t=183582
Out of necessity I altered this system to a 06:00 - 08:45 GMT time frame. with trade rules as follows:
On the M15 chart
Long entry at the high reached between 06:00 - 08:45 GMT
S/L at the low reached between 06:00 - 08:45 GMT
Short entry at the low reached between 06:00 - 08:45 GMT
S/L at the high reached between 06:00 - 08:45 GMT
If a trade does not trigger by 20:00 GMT, then I cancel it. I do not re-enter. I do not pyramid or use a Martingale method. I wanted to make and keep this as simple as possible.
As for TP, I have analyzed the results and came up with two TP's:9 pips and 13 pips. I know it does not sound huge, however I am all about frequency. I want a higher probability of wins than otherwise. In fact since the beginning of Feb 2010 though July 9th 2010, results have been as follows:
with 9 pip TP: 759 pips at 78.95% win rate
with 13 pip TP: 887 pips at 73.68% win rate
I began trading this with a 30 pip TP. It worked well at first, however did not fare so well when the EUR began trading choppy. I tested TP's of 1 pip through 60 pips and 9 and 13 came back with the best win rates and frequency. I am happy to provide the outcomes of any other targets if you like.
I have manually tracked my results since the beginning of Feb 2010 in a spreadsheet with data points and have began trading this on a live account. I began trading this on ToS (thinkorswim) and now have MT4.
This is where you come in...
I would like any feedback from anyone out there on how to make this system better. Also, and more importantly, if anyone out there can assist in creating an EA for this system, it would be fantastic. I think there could be great success in this system and I look forward in hearing from anyone out there with constructive ideas.
Thanks
Out of necessity I altered this system to a 06:00 - 08:45 GMT time frame. with trade rules as follows:
On the M15 chart
Long entry at the high reached between 06:00 - 08:45 GMT
S/L at the low reached between 06:00 - 08:45 GMT
Short entry at the low reached between 06:00 - 08:45 GMT
S/L at the high reached between 06:00 - 08:45 GMT
If a trade does not trigger by 20:00 GMT, then I cancel it. I do not re-enter. I do not pyramid or use a Martingale method. I wanted to make and keep this as simple as possible.
As for TP, I have analyzed the results and came up with two TP's:9 pips and 13 pips. I know it does not sound huge, however I am all about frequency. I want a higher probability of wins than otherwise. In fact since the beginning of Feb 2010 though July 9th 2010, results have been as follows:
with 9 pip TP: 759 pips at 78.95% win rate
with 13 pip TP: 887 pips at 73.68% win rate
I began trading this with a 30 pip TP. It worked well at first, however did not fare so well when the EUR began trading choppy. I tested TP's of 1 pip through 60 pips and 9 and 13 came back with the best win rates and frequency. I am happy to provide the outcomes of any other targets if you like.
I have manually tracked my results since the beginning of Feb 2010 in a spreadsheet with data points and have began trading this on a live account. I began trading this on ToS (thinkorswim) and now have MT4.
This is where you come in...
I would like any feedback from anyone out there on how to make this system better. Also, and more importantly, if anyone out there can assist in creating an EA for this system, it would be fantastic. I think there could be great success in this system and I look forward in hearing from anyone out there with constructive ideas.
Thanks
Attached Image (click to enlarge)
