I have been interested in the various breakout strategies for some time but the thing that seemed to spoil them was the quick false breakout and the large range usually used.
Largely they all seemed to be about market openings. I have been looking at other times and suggest smaller ranges and more varied times.
Before we start I want to make it clear that I do not want to get into specifics about whether say 0500 GMT is 0400 broker time or 0600 something else time. The important thing is that you decide when to make your choice. The time is not so important that an hour out will make such a large difference.
My indicator is courtesy of Squalou and can be found on the 'Simple London Breakout V2' hosted by Mer. There is also an EA to support it. I have found that thread too complicated for me, discussion there is way above my head, I am a simple man.
The above is not any criticism of that thread and I would commend it to anyone a bit cleverer than me.
So... what is my strategy?
First only use a half hour range.
Second use the five trades per side, straddle indicator from the 'Simple London Breakout V2'
My choice for the early range is 0600am to 0630am London time.
Here is a 'cherry picked' illustration from 31st August GBP/USD
Before anybody asks:
I am not trading live, my net is not good enough;
I have only looked at GBPUSD, don't know how other pairs do with this.
I have no idea of the percentage wins.
Don't see the need for additional indicators, please don't post them.
Be nice! I don't want argument, discussion is welcome. Name calling will get the poster barred.
Only one bully allowed here, ME!
Lastly, this is all new to me so I will have to learn how to post pictures and find out what type they need to be.
Largely they all seemed to be about market openings. I have been looking at other times and suggest smaller ranges and more varied times.
Before we start I want to make it clear that I do not want to get into specifics about whether say 0500 GMT is 0400 broker time or 0600 something else time. The important thing is that you decide when to make your choice. The time is not so important that an hour out will make such a large difference.
My indicator is courtesy of Squalou and can be found on the 'Simple London Breakout V2' hosted by Mer. There is also an EA to support it. I have found that thread too complicated for me, discussion there is way above my head, I am a simple man.
The above is not any criticism of that thread and I would commend it to anyone a bit cleverer than me.
So... what is my strategy?
First only use a half hour range.
Second use the five trades per side, straddle indicator from the 'Simple London Breakout V2'
My choice for the early range is 0600am to 0630am London time.
Here is a 'cherry picked' illustration from 31st August GBP/USD
Before anybody asks:
I am not trading live, my net is not good enough;
I have only looked at GBPUSD, don't know how other pairs do with this.
I have no idea of the percentage wins.
Don't see the need for additional indicators, please don't post them.
Be nice! I don't want argument, discussion is welcome. Name calling will get the poster barred.
Only one bully allowed here, ME!
Lastly, this is all new to me so I will have to learn how to post pictures and find out what type they need to be.
Attached Image
