Has anyone tried this method for other market opens?
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I have tried to implement it for Asia and Uk opening but it did not seem to work. I tried changing the time frame, the settings... I tried it for a short while on demo and back testing it for many month back... but it did not seem to work.
On USA it is working great with me even in ranging markets through the following settings:
buying stop at top of the range plus one pip... 15 trailing... 21 stop and 26 take profits..
Sellingstop same settings..
I have been doing it manually and life and the results are great especially on euro dollar.... i wish there is someone there who can help me develop an EA for it. Or use an old already existing ea on this thread and adjusting it. I am a good trader but a useless programer.
tks
Is there a PDF for this strategy floating around anywhere for people like me who just found this thread? Just wondering before I start reading LOL
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Im just starting to read this thread myself. a few dozen pages in. Its probably better to just start reading to see how people have traded this system. this way you can see where people made mistakes so you dont do the same.
i posted , but needs time it seems to be visible to you
because i got this message
(Your submission is not yet visible; it must first pass through the moderation queue. Submissions from Junior Members are hand-moderated as a quality control measure)
3 orders at 50 pips SL with proper money management works for me.
The total set of three orders if it were to lose represents 1.5% loss. Actually on my account it represents a .75% (less than one %) loss. I am about to increase lot size, but 1.5% is my max risk target for the three orders combined.
From a trading perspective,
Another way to look at it would be that you could open 1 order and if it goes in your favor, close a third at 10-15 pips, create a SL at BE, let the balance run, then close another third at some point, then close...
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Lets talk about set and forget system
I think the stop will be 50 , What you think the target should be?
Thanks
If its not boring .. you are not trading correctly
Watching a pair on the Forex Market is not unlike being a surfer waiting to catch a wave.
Every wave is different. Every trade is different. If you are looking for a technical target, you can draw a extended fibo from the previous low to the previous high of the past couple hours and get an idea of the possibilities of what the breakout can do.
As this is a breakout strategy, I let the first trade close at about 15 pips or so, move orders 2 and 3 to break-even +1 pip. Then I watch the Fibo, or wait until a new S/R forms. Then I close order #2 at the new S/R and set the Sl for order 3 to the previous S/R line and walk it up like a ladder.
For a set and forget...I'm not sure what to tell you. Fibo lines would be good. But the key is moving the SL to breakeven and then along S/r lines to create a safety against loss and lock in pips along the way. To set a 50 pip sl and targets along s/r or fibo points isnt enough in my opinion.
But just like a surfer, you can build the best surfboard in the world, but it still takes the human eye and reflexes to ride the wave.
Watching a pair on the Forex Market is not unlike being a surfer waiting to catch a wave.
Every wave is different. Every trade is different. If you are looking for a technical target, you can draw a extended fibo from the previous low to the previous high of the past couple hours and get an idea of the possibilities of what the breakout can do.
As this is a breakout strategy, I let the first trade close at about 15 pips or so, move orders 2 and 3 to break-even +1 pip. Then I watch the Fibo, or wait until a new S/R forms....
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Scottyb,
3 Orders and moving stops, I think its a more profitable way.
Thanks alot for your opinion.
If its not boring .. you are not trading correctly
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Joined Aug 2010
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Status: Something has gotta give....
|73 Posts
Does anyone have these indicators for TOS? I use that platform and would love to try this method.
I use a modified method I call 'Day Break.' It focuses on the prior day's high and low as key support and resistance levels to be broken (and the 50% value between them.) Using only a long approach, I wait for a product to be going through these levels on the 15 minute chart and only buy at that exact level. Then I wait for 10 or higher pips up and sell.
I use TOS and have created a study to color code these levels. They are green for the level above 50% to yesterday's high and red for the level between 50% and yesterday's low. When the price action passed though these levels (black, green or red) and is moving up I go long. I normally only do this between 8:15 AM and 3:00PM for NYC hours. Looking across multiple currencies I normally get 4 or more opportunities a day. I normally make between 20 and 50 pips a day.
I don't use any other indicators. I just look at the DX levels and how it is trending with the same study.
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Joined Aug 2010
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Status: Something has gotta give....
|73 Posts
Here is the study for TOS that makes the above green and red bars. Sorry I did not post it before. You can also use this for weekly and monthly strategies. Since it was so short I thought better to put it in the text instead of an attachment. Bill
3 orders at 50 pips SL with proper money management works for me.
The total set of three orders if it were to lose represents 1.5% loss. Actually on my account it represents a .75% (less than one %) loss. I am about to increase lot size, but 1.5% is my max risk target for the three orders combined.
From a trading perspective,
Another way to look at it would be that you could open 1 order and if it goes in your favor, close a third at 10-15 pips, create a SL at BE, let the balance run, then close another third at some point, then close the...
Im a beginner i would like to ask something...this breakout system look great..the post is on 2008..can the strategy still work now? can anyone explain to me about the magic number?
I have been consistently profitable with this strategy for over a year now making at least 20 pips everyday.. I have changed it a little to suit me and it works great.. I'll post some pics here in a bit to show how I trade this strategy.
I have been consistently profitable with this strategy for over a year now making at least 20 pips everyday.. I have changed it a little to suit me and it works great.. I'll post some pics here in a bit to show how I trade this strategy.
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Looking forward to your method. I too like this method but have had some losses.
thanks
Looking forward to your method. I too like this method but have had some losses.
thanks
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Hello ES Trader
i will show you how to cut your losses to almost zero! I love this strategy and the changes Ive made to it will have you profiting in no time guaranteed lol.. Many pips to all
Hello Everyone... I still use the same times to trade this strategy 7-9.. What I have done different is added a 60 sma to my chart to determine the trend.. I also wait for the candle to close above or below the box before I place my entry... I use a 25-30 pip stop I only place one position at a time and shoot for 20 pips everyday sometimes I get more, but my goal is 20.
If 60 sma is going through the box i do not trade.. only if you have never traded this strategy before.. but if you are good with PA then its easy to tell where price is going to go then can ignore trading with sma through box... Most of the time its either above or below the box.. Not sure if this helps, but works great for me.
7am-9am Big Dog USD Breakout Strategy
