EURUSD Session Breakout and Reverse Strategy

It looks like two more winners today

Thanks for all of you who either publicly or privately confirm that this strategy is a pip maker.

Frankly, I have stopped trading this system due to time constraint and inconvenience trading it (also, I have become a successful trader by using other trading techniques that better fit my daily routine). So I just did not feel the urge to babysit my monitor and rush in to place the orders.

However, just as before, I still believe that this idea is worth to be molded into an EA. Those who follow up this thread are all waiting for someone with a programmer's skill to create the EA.

So, if anyone knows a programmer, who is willing to spare some time, please let us know. Even better, please let the programmer know about this idea so that s/he can decide whether it is a good idea to work on this project or not (I still have limited time to spare on the forum).

Why I like this strategy is that it operates with an SL order so those who run other robots with no SLs (like me) could use this strategy the same time.

Hi Rewand...any chance of sharing your other system with us???

Yes, see post #1, everything is shared.

cant see the other system on page 1 ?

also, when you say the session range high and low, do you have a specific time period in mind, i.e. session high and low between 8am to 2pm etc ?
otherwise how would you know what times to check the session high and low from ?

There are four sessions.

From post 1:


There are 4 sessions to watch [Hungarian Time: GMT+2], template is attached:

 

1. Asian full from 1am-8am,
2. Asian late 5am-8am,
3. EU 8am-14pm,
4. Big dog 14pm-16pm

This is an excellent system. It does require time and effort to fully understand it.

Its amazing that systems with indicators and other attachments get so much attention. Yet this solid system that focuses on price action is ignored.

Great job REWAND!

Hi Haro

How are you finding this strat
Do you find it profitable even thought it is time consuming
I have started trading it this morning by filling out the spreadsheet for the AL session
gonna do the same for EU sess but I think the EU is down down down today

Ta
Peter

by the way rewand thanks rewand , its a shame there are not more followers at the mo

Hi Peter,

I think, this strat is profitabe. Actually I do not trade it, because the lack of time but I am sure, it works. I had a phone conversation with Rewand today and we found, that it's a must trading the strategy. I think, it can be transformed to an EA but we need a coder. Creating an EA is possible, because setting an SBOR trade needs only answering yes/no quiestions, so it is binary, what means, can be coded.

Sometimes it has losses really but we are not on the quest for the Holy Grail.

Happy pips,

Haro

OK thanks for replying

One question , normally we expire a PO when the next session starts, according to the rules
Is that the case of the BD session aswell ie would I keep a PO going all evening until AF arrives , just in case it retraces
(I am same CET time as you )

I will test it and maybe program an EA, but I cant promise anything
I have written indies and scripts but not EA's

I run an algo variation of this system on my desk....I developed it about six months ago, very successful.

yes but iam based in the u.k. so what time would my session be ?

Nice to hear all this and thanks for all the compliments I received. Although once I had the time to develop I still do not have the time to trade this particular strategy due to its nature (I can not babysit the monitor all the time).

I will share a new template at the end of this year. Nothing fancy. I have only added the pivot SR lines and the trix indicator (with the divergence indicators) from the THV strategy and an adx indicator that Haro shared with me (to indicate trend exhaustion). Plus an indicator from the LCT strategy to show another important timeframe for trading. Plus a news indicator by Hanover, so that one can understand why price sometimes does not behave as expected. These indicators are good if one can relate them to price action and able to combine their indications into decisions. I will not give rules on how to use them, only willing to discuss what they mean. The template is for general manual trading but a good framework for this strategy and helps to understand what happens with price at the levels at which we want to enter the trade.

There is a good question about when to close the open orders after the big dog session. Because we do not have the data at hand, we need the robot to test the ideal value of this variable. I have some other ideas for improvements (eg. if there is a one candle trade opportunity AND a two candle trade opportunity it may be right to trade both) but I can not test them right now.

mfoste1, do you mind sharing the algo or at least sharing the idea behind?

+16pips nice

Hope the win rate is well over 50%, we shall see

Could someone just confirm my TP SL and SS levels when they have a bit of time thanks so I am on the right lines of entry etc

Hi,

Looks ok to me BUT: I have not entered the numbers because I use Alpari and my numbers are different. My OHLC data: 1.31941, 1.32097, 1.31927, 1.31955.

For these numbers it should be something different, so please give me the candle OHLC data so I can confirm whether your numbers are good or not.

R.

Yeh I put those numbers in for the 1 Candle (i am alpari uk aswell) but got the 2+C message so I entered
1.32011 1.32141 1.32011 1.32045
1.32043 1.32102 1.31966 1.31969 for the 2 and 3 candles which got me a T and these levels

sell stop ------- SL 1.32181 TP 1.31781 BS/SS 1.31941

seems ok

Attached is the picture that tells which candles are the ones to watch. Those are the first ones that hit and go beyond the session borders. The second ones doing the same thing are not qualified, or at least not tested for results.

Also, there are arrows and lines to show session borders for those who have difficulties in identifying the sessions. The picture is valid for 13.12.2011.

First check the first candle. If it does not qualify, the next 2 candles should be checked and the first one should be left alone.

Hi Rewand...any sign of your new template?

Hi,
Laziness and fatigue can be blamed.
I will upload the template latest this weekend.
Apology.
Rewand

Here it is. As mentioned, I will not go into details due to lack of time and I try to avoid what I see in other threads. If there is any problem you can always check them at their root. So I give you the sources of all information on the template.

Hanover's news indicator: I use the v3.03 version. you can update it by running the download news script on Sundays or Mondays, also you can change settings by running ffcal.exe. I have not found any better solution, automatic update does not seem to work, but it does the job. If in doubt or it does not work, read about the indicator. Well, if you sometimes do not understand why price moves in a certain direction, this indicator may help to understand.

andee's breakout indicator is used to indicate the 4 sessions.

THV's trix and pivots indicator: it is said and it is true that these lines are very much respected by eurusd. Change your plan based on your experience and knowledge about the market, watch these lines! There are settings on the indicators and I suggest to check your timezone and change them accordingly. I am in Hungary and my setting work for my time zone. If you do not see price withdrawing at these lines, stg might be wrong. The trix indicator is experimental, you can replace it with the ones you like or just remove it.

spread/swap monitor:as mentioned I use this template to trade daily, spreads and swaps are important to know.

Timelines: I do not call it a session but there is a strategy called london close trade and it gives an important clue on how to look at the relationship between time and price movement. If I put the lct timeframe on the chart it tells me a lot.

ADR: I consider adr when I make a trading decision, so it is on the chart. The related indicators are good to use with the lct strategy.


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The timelines are somewhat disturbing, because they cover the candles so you may want to alter the template by removing some of these lines in a different while trading in that timeframe.

The template changes when timeframe is changed so that you can draw your sr lines, fibos, etc. on practically clean charts.

I hope it helps. If it does not, go read and learn. If you feel lost, pm me, pls do not litter here with many posts. If the problem is universal I will address it here.

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For fun, I have attached a picture of the last two years' trades by this strategy (04.01.2010-27.01.2012).
Data period to use for strategy building and optimization (01.05.2010-01.03.2011 /approximately/ but overall 10 months' data was used)