A Simple London Breakout V.2

It just means you don't have to add or subtract any time from the indicator times, so 5:00 GMT is 5:00 GMT. The times in the indicator are just the default times, you can experiment around and try out whatever times you feel comfortable with. You can try it on a 1 hour timeframe if you wish. I've always used 15 minute, so I can't tell you how it will work out.

hi mer, progressing well on demo, just a thought...suppose you were to use trailing stop for this strategy, rather than moving stop losses as targets are hit, what would it be based on, me thinking of % of box size. want to take care of times when targets are not reached on ranging market which has been a profit killer with support from martingale. Thanks in advance, Kish for Africa.

I'm sure that could work, you just have to experiment and find out what works best. Just try not to trail too close as you want to make sure the trade has room to breathe.

Hello mer,

Thanks for the great EA! My question is:
What are the correct settings for the SL? I would like to set the SL to BE when I'm 10 pips in profit?
Is this the correct setting:
Breakevenprofitinpips = 1
Move rampaging factor = 10

or

Breakevenprofitinpips = 10?

Please help! 10 is the correct entry for a 5 pip brokers?

Kind regards

H

Hi everybody.

I'm quite impressed of this EA and the lots of comments here. I've tried to read all but that's the mission impossible.

Please let me know what is the latest version of this EA and indicator and where can I find it!

Thanks in advance!

Korbis

3 Tier London Breakout EA v1.3b.mq4

Compare post 1 & post 1235.
Try the attachment icon (paper clip) at top rh side and then hide images.

cheers scalpz

Since i'm not overly comfortable trading this method, mainly due to my lack of funds, i think i'm going to just enter and the buy or sell signal and sell at the first target every day. My stop loss will be half way between the buy and sell signal. Of course i will have my losing days but it looks to me that i'd come out in profit most days.

Might even trail my stop?

Thanks for sharing!

mer071898, need your help.
I have attached the EA to instaforex platform which is a 4 digit broker. ECn or not i'm not sure, but no trades was bought or sold, and some of the chart has wordings on the left side of the chart but some don't have.
Care to help me...

Please....

My apologies for taking so long to get back to you as I was out of town. I do not know anything about coding. If you have questions about the EA, send a PM to squalou, he is the creator of the EA and should be able to answer all your questions.

No problem. will pm squalou... Thanks ya

Hi MER071898

I've been reading through the thread and couldnt find an answer to the question I'm about to ask. is there a way to filter the entry? I am trading this manually and would like to enter trades with more than a break above or below the box. Maybe like a 10 pip break above or below... Can you help me?

Hey John, did you get an answer on this one? If so, could you please share it? Thanks!

Yes Mer... The Martingale you've told me has saved my Day....

http://www.forexfactory.com/[IMG...om/2yvl1dg.jpghttp://www.forexfactory.com/[IMG...om/2yvl1dg.jpghttp://i41.tinypic.com/2yvl1dg.jpg

Thanks

good day

somebody can help me with the EA setting. I live in panama and I need to know how is the correct time setting to the EA, I use alpari UK

I install the london breakout v.4 with the londondon breakout template v9
I set it at 5-8GMT, but I don't have good profit.


thanks.

I am not sure about the EA you are talking about, but the simple London Breakout strategy should have you in a nice profit today. The problem in EA's is that they don't always work. A manual trade would have you in profit at this time 16:15 GMT.

Thank you very much mer071898 for this thread .

HedgeGuy wrote

http://www.forexfactory.com/images/icons/icon1.gif Profit April 16
"....... The problem in EA's is that they don't always work. A manual trade would have you in profit at this time 16:15 GMT...."

HedgeGuy ,I experienced what you just mentioned . I set the EA 3 Tier London Breakout EA v1.3b.mq4 on the live account in the morning today . Both Buy and Sell orders were enabled . When I came home late in the evening I saw that EA opened a Sell order at 1.58211, but the EA failed to close the order at 1.58573 and it also failed to open a Buy order at that time .Computer was on and running as usual , I dont know what prevented the EA from working regularly .Pic is attached .

Good Luck everybody.

http://www.forexfactory.com/images/buttons/quote.gif

Interesting looking stuff

1. here is an interesting approach to setting the box based on identifying the low volatility overnight period using atr. Doing it on a 5 min chart I find it is more likely to avoid missing drawing the box after the breakout has started. Running it back the atr cross back up over the ema of the atr can happen any time between 0330 and 1000 gmt
http://forex-strategies-revealed.com...eakout/cpage-9

2. I have not read the complete thread yet so apologies if this has been addressed by the ea coders already. With regard to writing an ea you have to be picky about placing pending buy and sell stop orders if they are close to the current price or you will get errors. Many metatrader brokers won't let you place a pending order, take profit or stop within a defined number of pips of the current price (determined by stoplevel parameter - usually about 2 pips for eurusd). In this kind of breakout strategy there are 5 possible entry prices depending on where current price is when you place your order

a. price is inside the zone by more than the stoplevel - place a simple pending stop buy or sell order

b. price is inside the zone but within the stoplevel value of the edge of the zone (i.e. 1 or 2 pips from the edge of the zone) - this would give an error if you just placed the pending stop order above so in this situation place it at the current price plus + stoplevel instead. You are deliberately slipping yourself but only a little.

c. price is on edge of zone - probably easiest to just place a market order

d. if you are using the method described in the link above you can have price outside the zone by the time the zone forms. If price is very close to the edge of the zone you have the option of placing a market order or placing a limit order a distance equivalent to the stoplevel away.

e. if price is outside the zone by more the the stoplevel amount you have the option of placing a market order and sucking up the slippage or placing a limit order at the edge of the zone and hoping it retraces to fill you

I don't know enough mql to code this but having worked with coders on expert advisers I know to my cost it is a problem that will lead to errors and missed trades if it is not dealt with,.

Hello I want to use this EA on under 4 digit broker. I need perfect setting for this EA. I was try but fail to use. Some kind of Error msg showing Like "NOT TRADING" (BOX SIZE)

Sorry for Bad english..

I wonder if there is a way to make this ea to place only 1 trade per BO, and to stop at TP1 if hit, if it doesnt hit and goes to the other side then close at stop loss and martingale to the other TP1.
Im trying to use the "users guide" of the EA but I have no idea of what im doing.

This BO system is great btw!

Hi Mer,
i've looked all over the thread and at the attachments top right but I can't see whether the new EA was updated with your idea of larger lot sizes with the first of the 5 corrective trades so as to diminish outr mart risk?

Did this ever happen. Are you still using this sytem and is it still so profitable for you. Would appreciate a reply thanks