BOWALF - Breakout with ALF Filter

Hey, great work forexweasel.

I have attached a template ment for the US session breakout trades. The rest of the indicators are same as mentioned in your post 7. The chart to be used is M15 GBPUSD.

StartTime = 13:45
EndTime = 15:45
SessionEndTime = 23:45

The above times are meant for server GMT + 3, so make sure to adjusted them to fit your broker's server time.

Best regards.

Raju

I shall give that a look, thanks.
Not sure that I am awake for US opening.

Been messing around a bit with this BOWALF thing, and some interesting patterns emerge.

It looks worth checking out doing the following for breakouts
A. Look for break out trades during the London opening hour, from 8AM until 10 AM UK Time (GMT in winter / BST in summer)
B. Plot the box with following settings on Alpari-UK MT4 start time = 8:30, end time = 8:59. Session end time can be set to 18:30. Alpari UK MT4 server is set to Continental Europe time year-round, so its always 1 hour ahead of local UK Time (i.e. box settings = 7:30-7:59 AM UK local time all year-round).

Some observations (more relevant if you think of this as a method rather than a purely mechanical system):
These settings will often print boxes that are 20-30pips wide.

The break of the box, either way (if it's a volatile trend breakout or a pump and dump) will usually take place during a highly liquid time of day...the London open.

Stop Losses can be finessed around the 15m ALF line in order to try and improve the R:R profile.

Day of the Week is important - seems as though Tuesday-Thursdays can be big trending days since the UK often has scheduled data releases at 9:30 AM UK Local time. Mondays and Fridays are a bit more flaky, who cares.

Other pairs to look at - in the current market environment the EURUSD average daily pip range is higher than GBPUSD (this used to not be the case), so plot these settings on EURUSD and see if you find something. Any pair with decent volatility might be tempting too, such as GBPCHF, GBPJPY, EURJPY but bear in mind the pip-spreads (keep your dealing costs low if you can).