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A Simple London Breakout V.2

  • #1,201
  • Aug 23, 2011 5:13pm Aug 23, 2011 5:13pm
Hello everybody!
Im a trader from Pakistan.
I keep following forexfactory alot in fact i learned to trade from here. I have not been successful though but can't blame anybody for so because I never traded a system. I thought I m smart enough to trade without a solid system. As expected I've just blown my live account of 2200USD well that was a lot for me at least. At one point it was 4200.
I gave my background just to let you people know how brilliant a trader I m! Anyhow lets come to the point I want to share my humble opinion about the entries of London breakout system pardon me If you don't like. I wanted the entry to be at a distance of some percentage of Average Daily Movement of the pair. Lets assume we are entering at 50%of Average Daily Movement of last x days away from the box. So if Average Daily Movement of cable for last 10days is 126pips then we should enter at 63pips away from the box. I know it will decrease our gains for the day but I think it would give 30 to 50 pips most of the days. The percentage of Avg. movement for entries can be changed to what ever fits best to a system. I have not tested this method as yet but we need some calculation tools to help us do so. Just my humble thoughts. I would love if Sq can add this entry option to his indicator/EA. Sq your help as usual will be much appreciated. Thank you.
Eid Mubarik in advance to every body.
  • #1,202
  • Aug 23, 2011 5:56pm Aug 23, 2011 5:56pm
I appreciate your opinion awan, but that is really defeating the purpose of the strategy. When you enter the trade as you are proposing, you are limiting the amount of pips required to make up the losses you will occur with this. The main point of the strategy is not the entry point of the trade, but how the next trade size is determined to recoup the losses you incur and to get you back into positive territory. I highly doubt that this is an option that will make it into the EA, but feel free though to test this out on your own and I hope it works well for you.

You actually might want to check out the Stairstep Breakouts thread by forexhard as his indicator (made by sqaulou) has an option to put a pip buffer as many pips away from the box (which is calculated using a percentage of the Average True Range based on "X" number of bars) as you wish. If you want to put a pip buffer 63 pips away, you can do it.
  • #1,203
  • Aug 27, 2011 8:53am Aug 27, 2011 8:53am
Hi, i`m playing around with the different EAs of squalou and the open source ones and wondering if there is one with the modification "trail starts after BE" ? might be interesting.

love this strategy, thanks for great work.
  • #1,204
  • Aug 27, 2011 9:19am Aug 27, 2011 9:19am
We talked about that before we made this one and we decided against it because the EA moved the stops after each TP level already and visual testing showed no additional benefit.
  • #1,205
  • Aug 31, 2011 2:57am Aug 31, 2011 2:57am
Mer, could you keep charts coming?

PBh
  • #1,206
  • Sep 1, 2011 1:23am Sep 1, 2011 1:23am
It is very tough with my schedule to devote my time to posting charts. I will post a few charts from this week to help with the visuals, but you must get in there do some of the testing on your own as I am not here to do the work for you. I'm not trying to be harsh about this but in order for you to get better, it takes initiative on your part to learn. Are you having specific problems that you are not understanding?
  • #1,207
  • Sep 1, 2011 12:20pm Sep 1, 2011 12:20pm
Quoting mer071898
It is very tough with my schedule to devote my time to posting charts. I will post a few charts from this week to help with the visuals, but you must get in there do some of the testing on your own as I am not here to do the work for you. I'm not trying to be harsh about this but in order for you to get better, it takes initiative on your part to learn. Are you having specific problems that you are not understanding?
Only one, could you please post the Start Time, End time and Session End Time, EST? So, I'll be sure that I am using the right hours. I would post the daily charts then

Some recommended pairs would help me doing this.

Thank you

PBh
  • #1,208
  • Sep 1, 2011 12:55pm Sep 1, 2011 12:55pm
Don't mind me. Just passing through...
To improve is to change. To perfect, is to change often.
  • #1,209
  • Sep 1, 2011 1:58pm Sep 1, 2011 1:58pm
Hi guys,
after manually backtesting many pairs, range duration, martingale numbers, fixed TPs... I found that G/U and E/J are pretty much the most profitable of all (for fixed TP). I've decided to trade live, few months ago, with TDFX (for leverage): G/U, breakout of 4-10AM GMT range (7x H1 candles), no buffer, no 15 min wait, Mart: 1,5,13,34 (maximum 4), range < 100 pips, no new trade until current one is closed.
I stopped trading it because they kicked me out, being a US resident, now I will probably look for another one. I made just like 20% profit due to a lot of mistakes.
I started with a small deposit (calculated to sustain 4 losses and one 100 pips range loss, until a margin call).
I traded starting with the EA for a new trade and then switched to manual trade to avoid opening of a new trade next day, if current one was not closed yet. I mean by this including martingaling until a winning trade is over, might be after few days. I would've preferred to have the EA being able to do this.
r u ready?
  • #1,210
  • Sep 1, 2011 4:32pm Sep 1, 2011 4:32pm
Quote
Only one, could you please post the Start Time, End time and Session End Time, EST? So, I'll be sure that I am using the right hours. I would post the daily charts then

Some recommended pairs would help me doing this.

Thank you

PBh

First off, if you read through the thread, the Start Time, End time and Session End Time are based on your broker's time, not your actual timezone. Just find out what your broker's time is in the MarketWatch and compare to the actual /GMT time and add/subtract those times to get the indicators time set correctly. The are really no "best pairs" to use as the results will generally be the same. Using pairs with good trending movement and small spreads are best but I've seen people use a variety of charts to trade on. THe pairs that I use are mostly Eur/Usd, Gbp/Usd, Usd/Chf, and Eur/Chf, but you can trade whatever pairs you desire.

Quote
Hi guys,
after manually backtesting many pairs, range duration, martingale numbers, fixed TPs... I found that G/U and E/J are pretty much the most profitable of all (for fixed TP). I've decided to trade live, few months ago, with TDFX (for leverage): G/U, breakout of 4-10AM GMT range (7x H1 candles), no buffer, no 15 min wait, Mart: 1,5,13,34 (maximum 4), range < 100 pips, no new trade until current one is closed.
I stopped trading it because they kicked me out, being a US resident, now I will probably look for another one. I made just...

If you are going to do this live, you really should use 1, 2, 5, 13 for your martingale as it will lower the amount of risk when your in the market. What do you do if you reach a multiplier of 34 and get stopped out??? About the closing of one trade while another is open is going to be addressed in the new EA. Hopefully you will be able to set the end time in the EA to close all trades at a specific time. Some people will want to close them early like the end of the U.S. session, some will wait until the candle before the new box forms, everyone will be different.
  • #1,211
  • Sep 1, 2011 5:22pm Sep 1, 2011 5:22pm
That was based on my assumption that 5th loss would be very rare (from backtesting) and somehow I would trade it with other methods, manually, hopefully without loss .
I thought 34 was needed to cover 3 losses (of 100 pips max) since the TP was very small and plus would give more profits sometimes, but you're right it works better with smaller numbers and psychologically it could be traded easier. My idea was to snowball a small account fast to a fixed amount (let's say 100k) then, start over again with 2k let's say (even this 2k withdraw it after you make them). Same thing then can be extended to 2, 3 pairs, different ranges, all fixed TPs... some will hit the ground, but at least one will eventually make it to my fixed amount, then withdraw and start from the beginning.
r u ready?
  • #1,212
  • Sep 3, 2011 4:20pm Sep 3, 2011 4:20pm
Hello there,

Out of curiousity I believe this is very similar to the 0400-0700 GMT Breakout Strategy here : http://www.forexfactory.com/showthread.php?p=4925506

Unfortunatly I read that entire thread (all 200 pages) over the past 3 days, and it's died off, I believe on page 199 someone mentions this thread, and it's very much alive !

Now I'm really not ready to read all this thread, well not until tomorrow as I'm tired of reading (3 hours worth so far tonight) and just want to know if this is similar to the other strategy and is it profitable.

I will read tomorrow !



Thanks.
  • #1,213
  • Sep 5, 2011 4:09am Sep 5, 2011 4:09am
for long term trading, BreakOut system will only have a negative result
  • #1,214
  • Sep 5, 2011 9:47am Sep 5, 2011 9:47am
I have been testing the EA and it seems to TP @ level tp3 or tp5 depending on how it is setup "level 3 or 5". it does not close one @tp1 then tp2, tp3 and so on, has anyone else experianced this? keep pipin
  • #1,215
  • Sep 5, 2011 2:20pm Sep 5, 2011 2:20pm
Quote
Hello there,

Out of curiousity I believe this is very similar to the 0400-0700 GMT Breakout Strategy here : http://www.forexfactory.com/showthread.php?p=4925506
Every breakout method will have similarities and I'm sure if you search the forum you'll find 100 or more threads on breakouts. Like I said before, you must read the thread through and that will answer most of your questions. There have been some changes that are being worked on as we speak, so be patient.

Quote
for long term trading, BreakOut system will only have a negative result
Since you are obviously a newbie here with only 10 posts as of this reply, you might want to read up on the difference between long term trading and intraday trading as no where in this thread does it mention that this is a "long term" strategy.

Quote
I have been testing the EA and it seems to TP @ level tp3 or tp5 depending on how it is setup "level 3 or 5". it does not close one @tp1 then tp2, tp3 and so on, has anyone else experienced this? keep pipin
As I've mention numerous times before, if you have issues with the EA you need to pm sqaulou as he is the coder and he is better suited to answer any questions regarding problems with the EA or the indicator.
  • #1,216
  • Sep 5, 2011 3:42pm Sep 5, 2011 3:42pm
sorry, but what is the last version of 3 tier london indicator?

i have v. 3.2b... is this?

thanks!
MY telegram channel: https://t.me/https://t.me/tnavieurusd
  • #1,217
  • Sep 5, 2011 4:37pm Sep 5, 2011 4:37pm
The last modified indicator is in post #1178 on page 79.
  • #1,218
  • Sep 6, 2011 1:07am Sep 6, 2011 1:07am
Hi Guys, this indicator does not draw a box on a Monday, I specified 04:00 to 07:00 and my broker is IBFX with 00.00 GMT as the start of a new day. Past Mondays are OK but on Monday itself the box only gets drawn late in the afternoon, round about 16:00 GMT. I have mentioned this before but recieved no reply.
  • #1,219
  • Sep 6, 2011 1:29am Sep 6, 2011 1:29am
oook, thanks again, mer.

but, i have a v.9.1

http://i54.tinypic.com/23uvjte.jpg

jejeje
MY telegram channel: https://t.me/https://t.me/tnavieurusd
  • #1,220
  • Sep 6, 2011 1:41am Sep 6, 2011 1:41am
Quote
Hi Guys, this indicator does not draw a box on a Monday, I specified 04:00 to 07:00 and my broker is IBFX with 00.00 GMT as the start of a new day. Past Mondays are OK but on Monday itself the box only gets drawn late in the afternoon, round about 16:00 GMT. I have mentioned this before but recieved no reply.
I've PM'd sqaulou and asked him to look at it since he is the one who made the indicator. I'm having the same issue while testing out Oanda's MT4 platform and it's due to the Sunday trading. Go Markets does not have Sunday trading so there is no issues with the indicator. I can only suggest not trading on Sunday/Monday while using the indicator until it is fixed. Oh, and by the way, my IBFX demo is GMT-1 (see pic), strangely enough.

Quote
oook, thanks again, mer.

but, i have a v.9.1

That might actually be from the first breakout thread before this one, not sure though without going back to look.
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