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LON-NY Breakout

  • #21
  • Jun 14, 2014 8:08am Jun 14, 2014 8:08am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
I guess what I am hoping for this system first off is that people see the potential that this offers when they scroll back through their charts with the indicator loaded.

I then hope this develops into a full blown profitable and simple strategy that does not take too much work. I am not a full time trader (would eventually like to be)

If fellow FF members see the potential I hope it gets enough interest for skilled members to invest the time to develop the following:

1. An indicator similar to the one in the SSBO thread which can easily show the breakout points and calculate the pips won/lost each day based on variable settings (SL/TS/TP). My hope would be that this enables us to fine tune the best settings based over a period of time.


2. An EA so that this could be traded from a VPS without much effort.


3. Or a simple profitable system with optimised rules that is very easy to follow manually.

An expert is a man who has made all the mistakes which can be made
  • #22
  • Jun 14, 2014 8:14am Jun 14, 2014 8:14am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting Jackub
{quote} NAH... NOT SHAME AT ALL.. its forum for thinking people not a free store for ready made stuff... concerning your boxes, have a little problem take look at my screen shot... {image} this is a special case when last candle close is a day high and box is not showing this corectly....
Just a thought on this....maybe I just need to set the box to finish an hour later? Will check this out.
An expert is a man who has made all the mistakes which can be made
  • #23
  • Jun 14, 2014 8:18am Jun 14, 2014 8:18am
neio..
You got any plan for the range time on this?.. bcz that's where it could get you.. and work beautiful in trending time, however not with too small of a stop, price tends to bounce in and out of this level before breaking it firmly for most times.
Passion, Persist, Patience, Protect
  • #24
  • Jun 14, 2014 8:20am Jun 14, 2014 8:20am
Does this system work with EU,EJ,UJ or it work for certain pairs as highlight on post #1?
Learn to Trade is Important. Keep your bias & ego aside.
  • #25
  • Jun 14, 2014 9:06am Jun 14, 2014 9:06am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting FXEmpire
neio.. You got any plan for the range time on this?.. bcz that's where it could get you.. and work beautiful in trending time, however not with too small of a stop, price tends to bounce in and out of this level before breaking it firmly for most times.
Hi FXEmpire,

I think you will find when looking through the charts that a lot of the ranging or consolidation happens within the breakout points. The breakouts tend to be quite clean.

False breakouts are difficult to avoid but I am hoping that My rules that I plan to implement will keep me from taking too many losing trades during these periods.

I am also hoping that we can hold out for exits that are multiple times the risk by using a small SL.

Willingness to take a small scalp in situations where the Price action is stalling may also help.

Again I don't have all the answers now but I am hoping that you see the potential in the many clean breakouts and that we can develop to find the best way to trade this.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #26
  • Jun 14, 2014 9:07am Jun 14, 2014 9:07am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting chaosbun
Does this system work with EU,EJ,UJ or it work for certain pairs as highlight on post #1?
I am focusing on the 6 pairs that I mentioned earlier:

EU, EJ, GU, GJ, EA, AU

I see no reason why it could not work on other pairs. Probably need pairs with decent spreads if you are planning to scalp these breakouts.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #27
  • Jun 14, 2014 9:18am Jun 14, 2014 9:18am
Quoting Neio
{quote} Hi FXEmpire, I think you will find when looking through the charts that a lot of the ranging or consolidation happens within the breakout points. The breakouts tend to be quite clean. False breakouts are difficult to avoid but I am hoping that My rules that I plan to implement will keep me from taking too many losing trades during these periods. I am also hoping that we can hold out for exits that are multiple times the risk by using a small SL. Willingness to take a small scalp in situations where the Price action is stalling may also help....
I understand.. but know this, that you can not depend on clean breakouts factor.. they could and would go on a bad cycle at time and it's hard to over come. I don't mean to be negative just stating my views based on my experience from different styles as breakouts as one of them.

anyways I wish you success on your BO journey.
Passion, Persist, Patience, Protect
  • #28
  • Jun 14, 2014 9:21am Jun 14, 2014 9:21am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting FXEmpire
{quote} I understand.. but know this, that you can not depend on clean breakouts factor.. they could and would go on a bad cycle at time and it's hard to over come. I don't mean to be negative just stating my views based on my experience from different styles as breakouts as one of them. anyways I wish you success on your BO journey.

Many thanks appreciate your input.
An expert is a man who has made all the mistakes which can be made
  • #29
  • Jun 14, 2014 11:02am Jun 14, 2014 11:02am
Nice and clutter free Neio, I like it..

And ...Jackub..."its forum for thinking people not a free store for ready made stuff..."

That is one of the best things that have been posted here lately...well said that man!!

I will watching with interest Neio.
Regards,
Paul.
  • #30
  • Jun 14, 2014 11:27am Jun 14, 2014 11:27am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting liamg4x
Nice and clutter free Neio, I like it.. And ...Jackub..."its forum for thinking people not a free store for ready made stuff..." That is one of the best things that have been posted here lately...well said that man!! I will watching with interest Neio. Regards, Paul.
Hi Paul,

Appreciate your comments. I wanted to make the potential as visible as possible.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #31
  • Jun 14, 2014 1:08pm Jun 14, 2014 1:08pm
From my experience backtesting a intra day system produces quite undesirable results see big dog strategy and any intra day breakout that is mechanical will not work well especially these days, you are better off using a turtle style system with a much longer time frame period if you want to go mechanical. sorry be a downer but lets not forget who we are up against here.
All posts are my personal opinion
  • #32
  • Jun 14, 2014 2:30pm Jun 14, 2014 2:30pm
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting Rtm
From my experience backtesting a intra day system produces quite undesirable results see big dog strategy and any intra day breakout that is mechanical will not work well especially these days, you are better off using a turtle style system with a much longer time frame period if you want to go mechanical. sorry be a downer but lets not forget who we are up against here.
Thanks for your comments. Let's see how this develops.

The biggest change I have notice in the markets is the lower adr ranges. Seems to be more strategies that are popping up just taking small pips to achieve daily targets.

For me these breakout points seem to be a good place for movement for quick scalps but I also want to keep open the possibility of catching a big powerful move.
An expert is a man who has made all the mistakes which can be made
  • #33
  • Jun 14, 2014 3:04pm Jun 14, 2014 3:04pm
Hi,
I am having a hard to make the boxes. I am using FXCM. Can somebody help me?
Ron
  • #34
  • Jun 14, 2014 8:48pm Jun 14, 2014 8:48pm
Quoting Neio
{quote} Many thanks appreciate your input.
stp loss needs to be a lot larger e.g 30-40 pips..... to overcome the stop hunters

which means you will have to look for TP: 30-40 0r m0re pips.... which you can expect to get bey the next day (ATR issues you pointed out)
DON'T TRADE THE DIRECTION, TRADE THE MOVE
  • #35
  • Jun 14, 2014 9:45pm Jun 14, 2014 9:45pm
Hi Neio, do post your result on next week trading this breakout system with charts if possible.

I would help code an EA if its possible to show potential. and pass the EA copy to you.
Learn to Trade is Important. Keep your bias & ego aside.
  • #36
  • Jun 14, 2014 11:52pm Jun 14, 2014 11:52pm
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting packgreen49
Hi, I am having a hard to make the boxes. I am using FXCM. Can somebody help me? Ron
Hi Ron,

Can you give us some idea what you have tried? Have you put the indicator in the indicator folder of your MT4 install and applied the template?

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #37
  • Jun 14, 2014 11:59pm Jun 14, 2014 11:59pm
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting Pipomagic
{quote} stp loss needs to be a lot larger e.g 30-40 pips..... to overcome the stop hunters which means you will have to look for TP: 30-40 0r m0re pips.... which you can expect to get bey the next day (ATR issues you pointed out)
Thanks for your comments. I am just going by what I see in the charts. From what I can see most of the good clean breakouts do not require such a large stop. I view this more as a scalping strategy while keeping open the possibility of catching a large move. It is a lot easier to come back from 10 pip loss then a 30-40 pip one.
An expert is a man who has made all the mistakes which can be made
  • #38
  • Edited 1:04am Jun 15, 2014 12:10am | Edited 1:04am
Hi
u can try search by london newyork breakout big dog 7am 9am word. lot of system long time ago..maybe this could elaborate further

regards

Quoting Neio
Hi All, First of all this is a system that has not been fully developed yet but visually as you see it looks like one that could be very profitable. Maybe it has been before but I personally have never see it. Basically we are trading the breakout of BOTH the previous London AND NY trading sessions. The white boxes on the chart represent BOTH the London and NY trading sessions for each day. {image} This system will trade the breakout of the levels set by the previous box (see red lines) {image} As you can see the breakout can happen at anytime after...
Attached Image (click to enlarge)
Click to Enlarge Name: londonnewyorkbreakout.jpg Size: 78 KB
not euphoria follower
  • #39
  • Jun 15, 2014 3:10am Jun 15, 2014 3:10am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting chaosbun
Hi Neio, do post your result on next week trading this breakout system with charts if possible. I would help code an EA if its possible to show potential. and pass the EA copy to you.
OK been thinking more about this demo. I will have to trade it with more discretion as I do not have the time or tools to manage it.
I only really have the time to watch the markets during the first few hours of London open and sporadically during the day.

So for the demo I will do the following:

1. Set Market buy/sell stop orders before London open.
2. I will closely monitor trades that are triggered and attempt to move to BE once in profit.
3. I will set a nominal TP but will try to monitor the trades and close when I see fit.

As there will be discretion involved I am not sure that the demo will be of much use to you. My goal is to get a minimum of 3% a day. If the demo shows that I can consistently do this then I have met my own personal goal.

Personally I think just visualising the charts with the boxes show the potential for a more automated system but I do not have the skills required to code it so will trade as I see fit for now.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #40
  • Jun 15, 2014 3:16am Jun 15, 2014 3:16am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting iqyu5an
Hi u can try search by london newyork breakout big dog 7am 9am word. lot of system long time ago..maybe this could elaborate further regards {quote} {image}
Hi Igyu5an,

Thank you...will check it out to see if there is anything useful for developing my strategy.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
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