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Daily Break Strategy

  • #21
  • May 16, 2012 3:07am May 16, 2012 3:07am
Quoting Basber
TP1 hit, SL @ BE from here ...

Regards,
Basber
Second half closed at Break Even. Buy orders for first entry and buy orders for Second Entry are still placed.

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: db9.jpg Size: 77 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #22
  • May 16, 2012 3:39am May 16, 2012 3:39am
Quoting Basber
Second half closed at Break Even. Buy orders for first entry and buy orders for Second Entry are still placed.

Regards,
Basber
Interesting that you still have your buy orders in place. If the buy order at yesterday's high is triggered, I suppose the sell orders would then be placed. Therefore, your system tries to take advantage of a ranging market as well as a trending market. Very good. I'll be watching with interest. Subscribed. Thanks.
  • #23
  • May 16, 2012 4:35am May 16, 2012 4:35am
Quoting frollollc
Interesting that you still have your buy orders in place. If the buy order at yesterday's high is triggered, I suppose the sell orders would then be placed. Therefore, your system tries to take advantage of a ranging market as well as a trending market. Very good. I'll be watching with interest. Subscribed. Thanks.
Hi Frollollc,

Welcome

Yes, you should place the sell order for "Second Entry" after and if the buy order above the previous day high had executed.

Some brokers provide "Activation Orders" which you can set an activation price then it will automatically place the order when buy order in "First Entry" Executed.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #24
  • May 16, 2012 4:53am May 16, 2012 4:53am
Thanks for sharing...Subscribed
  • #25
  • May 16, 2012 5:44am May 16, 2012 5:44am
Quoting liamg4x
Thanks for sharing...Subscribed
Welcome Liamg

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #26
  • May 16, 2012 7:02am May 16, 2012 7:02am
I will try to code a EA for this system.it seems good.
  • #27
  • May 16, 2012 7:50am May 16, 2012 7:50am
Quoting mahanxiong
I will try to code a EA for this system.it seems good.

Thank you publish the first version, then we will work more on it to make it better.


Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #28
  • May 16, 2012 12:57pm May 16, 2012 12:57pm
Hi Basber,
interesting system, keep going!
Regards,

Giulius
  • #29
  • May 16, 2012 2:13pm May 16, 2012 2:13pm
This looks like a very nice system. Have you ever thought about using it on weekly chart? I just made a small visual backtest and to my mind it might work.
  • #30
  • May 16, 2012 2:19pm May 16, 2012 2:19pm
Quoting Indrek
This looks like a very nice system. Have you ever thought about using it on weekly chart? I just made a small visual backtest and to my mind it might work.
The Idea is not bad Indrek. It may work. I'll look on to that too. Keep up Participating

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #31
  • May 16, 2012 2:20pm May 16, 2012 2:20pm
Quoting giulius777
Hi Basber,
interesting system, keep going!
Regards,

Giulius
Welcome to the thread Giulius

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #32
  • May 16, 2012 2:30pm May 16, 2012 2:30pm
I am always short of time, so just in case...Has anybody taken a good look at measuring the range from midnight UK time to 8am UK time and setting up for an entry from there?
If not, I will make time

Cheers,
Paul.
  • #33
  • May 16, 2012 2:36pm May 16, 2012 2:36pm
Quoting liamg4x
I am always short of time, so just in case...Has anybody taken a good look at measuring the range from midnight UK time to 8am UK time and setting up for an entry from there?
If not, I will make time

Cheers,
Paul.
I worked with a similar strategy called London Forex Rush, long time ago. It didn't went well on the long run when I backtested it. But you can do some research and maybe create a sub-system from the main strategy.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #34
  • May 16, 2012 2:37pm May 16, 2012 2:37pm
Quoting liamg4x
I am always short of time, so just in case...Has anybody taken a good look at measuring the range from midnight UK time to 8am UK time and setting up for an entry from there?
If not, I will make time

Cheers,
Paul.
Why do you want to use 8 hours range only? Better make it 24 hours from 8 am to 8 am

Would be convenient for people who live in Europe and sleep during Asian session.
  • #35
  • May 16, 2012 2:40pm May 16, 2012 2:40pm
Hi,
I am confussed on the trade. Today I would have Sold and it would hit my Stop Lose. Now what is my second entry a Buy or another Sell? Do I sell again on the second entry?
Ron
  • #36
  • May 16, 2012 2:40pm May 16, 2012 2:40pm
Quoting Indrek
Why do you want to use 8 hours range only? Better make it 24 hours from 8 am to 8 am

Would be convenient for people who live in Europe and sleep during Asian session.
The Idea is to take the breakout of low volume range with the momentum of London open I believe.

I like to have a 24 hour range because it's also a minor S&R zones and day traders and every medium-term traders notice these levels. So it will work far better because the idea supporting it is much more stronger than the 8 hour range ..

Just my 2 cents though ..

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #37
  • May 16, 2012 2:45pm May 16, 2012 2:45pm
Quoting Basber
The Idea is to take the breakout of low volume range with the momentum of London open I believe.

I like to have a 24 hour range because it's also a minor S&R zones and day traders and every medium-term traders notice these levels. So it will work far better because the idea supporting it is much more stronger than the 8 hour range ..
Smaller range means more false entries. Same as with timeframes - smaller timeframe has more noise. That is why I would suggest to test even weekly chart. But not less than 24 hours range.
  • #38
  • Edited 2:51pm May 16, 2012 2:48pm | Edited 2:51pm
Quoting packgreen49
Hi,
I am confussed on the trade. Today I would have Sold and it would hit my Stop Lose. Now what is my second entry a Buy or another Sell? Do I sell again on the second entry?
Ron
Comments are on the chart.

I hope it is clear ..

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: db10.jpg Size: 118 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #39
  • May 16, 2012 2:49pm May 16, 2012 2:49pm
Quoting Indrek
Smaller range means more false entries. Same as with timeframes - smaller timeframe has more noise. That is why I would suggest to test even weekly chart. But not less than 24 hours range.
Totally agree. Been there, done that ..

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #40
  • May 16, 2012 3:01pm May 16, 2012 3:01pm
Quoting Basber
Comments are on the chart.

I hope it is clear ..
Regarding the chart... I personally would delete the second entry after the first one is set to BE.
We basically trade the daily breakout and the 'second entry' is just for backup if the initial trade turns against us immediately. But it has no independent value as an entry. At least to my mind.
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