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7am-9am Big Dog USD Breakout Strategy

  • #2,661
  • Sep 30, 2010 4:03pm Sep 30, 2010 4:03pm
Quoting kakhuis
Hi Eurisko

You place 3 order and then use T/P 1,2 and 3. I can only place 1 order. If I go live I will have a small ac and can place only 1 order. How would I manage the trade to get max amount of pips ?

Thanks

Kakhuis,

Please do not use this strategy on a real account. That is a really bad idea. If your new to forex trading, and I have a feeling you are. I would suggest just playing around with a demo account. Even if the observation had decent results, you will not see true results until you actually demo the strategy.

I suggest, open a demo account with any decent broker like Alpari, forex.com, tadawulfx or even dukascopy. Trade the strategy for at least 3 months, if you are still very profitable then start to use a real account.

Please dont use a real account, you will loose your money, use this forum to post your questions regarding the strategy, I will help you.
  • #2,662
  • Sep 30, 2010 4:12pm Sep 30, 2010 4:12pm
Quoting wickstedFX
Hi Eurisko

Intersting comments, I have tried to load the template you atatched in the zip folder a few days ago but my computer "Says No"!

Can you please attach unzipped?

Thanks

WickstedFX
Your computer really said no? Did you try asking nicely?

Let me know if this helped fix the problem.
Attached File(s)
File Type: mq4 3 Tier London Breakout V.3.2b.mq4   21 KB | 975 downloads
File Type: mq4 Clock_v1_2.mq4   18 KB | 693 downloads
File Type: mq4 Moving Average.mq4   5 KB | 677 downloads
File Type: ex4 Pivots Daily.ex4   16 KB | 640 downloads
File Type: tpl sonic79amest.tpl   223 KB | 730 downloads
  • #2,663
  • Oct 1, 2010 1:18am Oct 1, 2010 1:18am
Hi Eurisko

As always thanks for the quick reply. No I am not using it on a live acc. Am demo trading now. Was just wondering about the exsit stragtegy.

Thanks
  • #2,664
  • Oct 1, 2010 6:45pm Oct 1, 2010 6:45pm
Quoting kakhuis
Hi Eurisko

As always thanks for the quick reply. No I am not using it on a live acc. Am demo trading now. Was just wondering about the exsit stragtegy.

Thanks
When I did my observation, I used the fib levels to determine the tp. each fib level is a possible tp level, determining which one to use is based on various technical and fundamental factor.
  • #2,665
  • Oct 2, 2010 3:38am Oct 2, 2010 3:38am
Quoting eurisko
Your computer really said no? Did you try asking nicely?

Let me know if this helped fix the problem.

Hi Eurisko

The computer he say yes...! Great that works
Cheers
WFX
  • #2,666
  • Oct 9, 2010 6:20am Oct 9, 2010 6:20am
Hi everyone,

i love this strategy very much since it is pretty simple yet profitable !
but there is some variation i did to fit my trading style and preference.
ie, TP 20, SL 10, Trailing stop 10 and the rest are follow the original rule.
the winning probability for backtesting this strategy for month of Aug 2010 is 46% (6 win, 7 loss) and Sept 2010 is 52% (10 win, 9 loss), which i think is very good !
why? let said if risk 3% of capital, the return will be 15% and 33% respectively!
i will start to going live today and will share the result by the end of this month!

happy pipping everyone !
  • #2,667
  • Oct 9, 2010 7:22am Oct 9, 2010 7:22am
Hi aeron_1025

Good luck and looking forward to see your results.

Keep well
  • #2,668
  • Oct 10, 2010 4:38pm Oct 10, 2010 4:38pm
Quoting aeron_1025
Hi everyone,

i love this strategy very much since it is pretty simple yet profitable !
but there is some variation i did to fit my trading style and preference.
ie, TP 20, SL 10, Trailing stop 10 and the rest are follow the original rule.
the winning probability for backtesting this strategy for month of Aug 2010 is 46% (6 win, 7 loss) and Sept 2010 is 52% (10 win, 9 loss), which i think is very good !
why? let said if risk 3% of capital, the return will be 15% and 33% respectively!
i will start to going live today and will share the result by...

Hi aeron_1025

Can I please clarify a few points?

When you did your testing if a limit order was triggered did you cancel the other order at the other end of the box. Also you set a TP of 20 pips, could you have made more if you let your profits run?

Thanks

WFX
  • #2,669
  • Oct 11, 2010 2:42am Oct 11, 2010 2:42am
Quoting aeron_1025
Hi everyone,

i love this strategy very much since it is pretty simple yet profitable !
but there is some variation i did to fit my trading style and preference.
ie, TP 20, SL 10, Trailing stop 10 and the rest are follow the original rule.
the winning probability for backtesting this strategy for month of Aug 2010 is 46% (6 win, 7 loss) and Sept 2010 is 52% (10 win, 9 loss), which i think is very good !
why? let said if risk 3% of capital, the return will be 15% and 33% respectively!
i will start to going live today and will share the result by...
Just a suggestion...

The tp seems way to small, the sl is also really small, and using a trailing stop...you will guarantee one thing, limiting your wins while maximizing your losses.

Having a 46% winning percentage I find to be rather low. I would not suggest using that strategy.

Again, my opinion.
  • #2,670
  • Oct 11, 2010 9:13am Oct 11, 2010 9:13am
Quoting eurisko
Just a suggestion...

The tp seems way to small, the sl is also really small, and using a trailing stop...you will guarantee one thing, limiting your wins while maximizing your losses.

Having a 46% winning percentage I find to be rather low. I would not suggest using that strategy.

Again, my opinion.
Hi Eurisko

Are you currently using this strategy, if so what TP / SL are you using and what is a approx percentage wins?

Thanks

WFX
  • #2,671
  • Oct 11, 2010 11:34am Oct 11, 2010 11:34am
Quote

Can I please clarify a few points?

When you did your testing if a limit order was triggered did you cancel the other order at the other end of the box. Also you set a TP of 20 pips, could you have made more if you let your profits run?

Thanks

WFX
No, i will only cancel the pending order at 12 EST as when the intersection of London and New York session end. because the chances of breakout would be very less after that.

Mean that in between 9.15 EST to 12 EST there might be no order triggered, only one order triggered or both buy and sell order also triggered.

i do not ride on the profit of more than 20 pips, but there is always can ride on profit for more than 20 pips depend on your own trading portfolio.

Quote
Just a suggestion...

The tp seems way to small, the sl is also really small, and using a trailing stop...you will guarantee one thing, limiting your wins while maximizing your losses.

Having a 46% winning percentage I find to be rather low. I would not suggest using that strategy.

Again, my opinion.
Hi eurisko,

i appreciate your opinion. i understand that the TP would be quite small, but what i am looking for is not the quantity of pips, but rather quality of pips, just to catch may be 20% to 50% of the breakout is enough for me, to ensure the higher probabilities of my trade to hit TP.

As for very small SL of 10 pips, is because this is breakout strategy, means breaks the support or resistance, so when it penetrates, it PENETRATES!

Take a scenario of war, let say (pardon my poor example), when the British wants to attack Germans. The British either has to attack France/Belgium (as support or resistance) first in order to get into Germany. But when they succeed in breaking that France/belgium (support or resistance), they will eventually attack the Germans. They usually will not retreat, but will move quite far!

my Risk:Reward is 1:2, and i am comfortable with 50% win probabilities as compared to R:R 1:1 but with 70% win probabilities. it depends on individual risk management.

Maybe Eurisko you would like to share on how you manage your TP, SL and risk management on this strategy. i am looking forward to learn more from you.

just my own opinion about breakout as newbie feel free to comment or correct if something not so right
  • #2,672
  • Oct 11, 2010 11:53am Oct 11, 2010 11:53am
What currency pairs are you trading with this system
  • #2,673
  • Oct 11, 2010 7:55pm Oct 11, 2010 7:55pm
Quoting wickstedFX
What currency pairs are you trading with this system
Hi wickstedFX

GBP/USD only, as mentioned by CTGUY.
  • #2,674
  • Oct 12, 2010 11:20am Oct 12, 2010 11:20am
I have been testing this system on Euro. It is fantastic and really simple. Only problem I have is putting current GMT. I live in chicago and time here is -5 Gmt. But when I called IBFX with whom I have account,they say Ibfx corresponds to GMT time and should put Zero. Confused.
  • #2,675
  • Oct 12, 2010 11:34am Oct 12, 2010 11:34am
Use your broker's GMT offset time, not your home time zone. Zero is correct for IBFX.
  • #2,676
  • Oct 12, 2010 2:41pm Oct 12, 2010 2:41pm
Hi Everyone, I've heard that Friday is a bad day to trade, because it's the end of the week. Are you experienced traders, using this system on Fridays? Thanks
  • #2,677
  • Oct 12, 2010 3:16pm Oct 12, 2010 3:16pm
Quoting Joel
Hi Everyone, I've heard that Friday is a bad day to trade, because it's the end of the week. Are you experienced traders, using this system on Fridays? Thanks
I have been trading it everyday, really a great and very simple system
  • #2,678
  • Oct 12, 2010 3:58pm Oct 12, 2010 3:58pm
Quoting eurisko
Rules

Whenever the top or bottom of the range is price by price action, I entered 3 trades, My first trade TP would target #1, second trade would target #2, third trade would target #3.

Note: Becareful with a range less then 30.
Hello eurisko, can you pls clarify the statement above? also how is your demo trade doing so far?
  • #2,679
  • Oct 12, 2010 7:54pm Oct 12, 2010 7:54pm
Hello 'Big Dog Breakout' Traders,

I have been reading this thread trying to gain an understanding of what impact the height of the range has on profitability. In post #1 this was described in points 2 and 3 below...

Quoting dznmrd
2. If the Distance between the high and low is less than 50-60 pips, it could be very profitable.
3. If the Distance between the high and low is more than 50-60 pips, it could be not very profitable.
Are any of the current traders of this system looking at the height of the range and making any decisions based on that ?

Attached Image (click to enlarge)
Click to Enlarge Name: bigdog-gbpusd-m5-20101012.gif Size: 14 KB

  • #2,680
  • Oct 12, 2010 8:29pm Oct 12, 2010 8:29pm
Quoting keni
Hello eurisko, can you pls clarify the statement above? also how is your demo trade doing so far?
Hmm, I just read what I wrote, and even I was a little confused at first.

I basically set three buy/sell stops at either the top of the range or bottom of the range.

The first trade, would target the first fib tp. The second trade would target the second fib tp. The third trade would target the third fib tp.


aeron_1025,

I do not understand your example regarding the British and Germans. I still believe your trading strategy will not work, based upon my own personal trading experience. I would be interested to see what your demo results are.

Note: I have not been using this strategy recently, the performance test which i ran located here was attempt to get a general idea regarding the performance statistics. I will be using this strategy at a later date.
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