Another Simple London Breakout System (with a twist) | Forex Factory

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Another Simple London Breakout System (with a twist)

  • #1
  • First Post: Edited 5:31am Mar 16, 2016 4:08am | Edited 5:31am
Looking at the below two charts I see a total of 28 trades:

13 winners
15 losers

Here is the twist; All of my winners went for 70 pips, my losers for only 30 pips. 460 pips in 14 trading days.

ENTRY:

-During the first few seconds of the London's opening set two orders, one Long and one Short with the same size, using a SL of 30 pips (I only risk max 2% of portfolio per trade).
-Set both TP's to 70 pips
-Leave your computer and do something else!

Note:
-This system works best on non-major pairs. EU, EG, GU, UC tend to be a bit to volatile for this system.
-You will lose at least one trade every single day! get used to it, it is part of the system!

Attached Image (click to enlarge)
Click to Enlarge Name: London_Break1.PNG Size: 26 KB

Attached Image (click to enlarge)
Click to Enlarge Name: London_Break2.PNG Size: 29 KB


Losing 4 of 6 trades would still put you ahead by 20 pips (4*-30 = -120 pips & 2*70= 140pips).
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #2
  • Mar 16, 2016 4:26am Mar 16, 2016 4:26am
Quote
Who would like to know more?
Sure we want to know more!
Old ways dont open new doors
  • #3
  • Mar 16, 2016 4:32am Mar 16, 2016 4:32am
Do tell !!
  • #4
  • Mar 16, 2016 4:37am Mar 16, 2016 4:37am
how did you made those boxes?
  • #5
  • Mar 16, 2016 5:20am Mar 16, 2016 5:20am
The indy is called Sessions(auto) v1.7, I found it on here. I've also added the template. I'll post the entry, exit rules in the first post.
Attached File(s)
File Type: tpl London_Double_Break.tpl   25 KB | 1,138 downloads
File Type: mq4 Sessions(auto) v1.7.mq4   10 KB | 1,223 downloads
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #6
  • Mar 16, 2016 5:48am Mar 16, 2016 5:48am
5 winners, 7 losers:

+350 pips
-210 pips
---
+240 pips for six trading days. This mornings Long position got stopped out but the short position is still alive. I didn't take it this morning but might take it if price retraces the opening!

Attached Image (click to enlarge)
Click to Enlarge Name: London_Break3.PNG Size: 38 KB
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #7
  • Mar 16, 2016 6:01am Mar 16, 2016 6:01am
Quoting Shemski
Note: -This system works best on non-major pairs. EU, EG, GU, UC tend to be a bit to volatile for this system. -.
Thank you for the posting and sharing your system. is it for all non major pairs? or just certain ones.
  • #8
  • Mar 16, 2016 6:04am Mar 16, 2016 6:04am
[quote=Shemski;8816927 Note: -This system works best on non-major pairs. EU, EG, GU, UC tend to be a bit to volatile for this system. -You will lose at least one trade every single day! get used to it, it is part of the system!.[/quote]

Can you explain how you chose your pairs - You don't trade EG but do trade GA which is about 4 times more volatile?
  • #9
  • Mar 16, 2016 7:05am Mar 16, 2016 7:05am
Quoting Go5
{quote} Can you explain how you chose your pairs - You don't trade EG but do trade GA which is about 4 times more volatile?

Sure, take a look at when the GA pair is most volatile. It tends to breakout right after London opens. This is exactly what I'm looking for. EU or EG tend to swing around 20-40 pips "almost" 24/5. I'm not saying it isn't possible to trade majors, I just like what I've been seeing from the non-majors.

I hope this helped! Feel free to add the template to a chart and do your own research. I'd love to hear what you have to say.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #10
  • Mar 16, 2016 7:11am Mar 16, 2016 7:11am
Quoting Shemski
{quote} Sure, take a look at when the GA pair is most volatile. It tends to breakout right after London opens. This is exactly what I'm looking for. EU or EG tend to swing around 20-40 pips "almost" 24/5. I'm not saying it isn't possible to trade majors, I just like what I've been seeing from the non-majors. I hope this helped! Feel free to add the template to a chart and do your own research. I'd love to hear what you have to say.
Hi Thanks for sharing...so what pairs do you suggest? sorry if i have missed

thanks
  • #11
  • Mar 16, 2016 7:23am Mar 16, 2016 7:23am
Quoting DeejaySnipes
{quote} Thank you for the posting and sharing your system. is it for all non major pairs? or just certain ones.

Honestly, I'm not sure yet but take a nice long look at AN. Very, very nice win/loss ratio.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #12
  • Mar 16, 2016 7:37am Mar 16, 2016 7:37am
Quoting Shemski
{quote} Honestly, I'm not sure yet but take a nice long look at AN. Very, very nice win/loss ratio.
Okay sure...one more question for entry rule...

both long and short will market execution and not the pending trade..i mean they will be taken at the same price...am i correct?

thanks
  • #13
  • Mar 16, 2016 7:44am Mar 16, 2016 7:44am
Quoting shg
{quote} Okay sure...one more question for entry rule... both long and short will market execution and not the pending trade..i mean they will be taken at the same price...am i correct? thanks
Correct. Just place both orders and set your SL/TP's afterwards.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #14
  • Mar 16, 2016 8:04am Mar 16, 2016 8:04am
Hi shemski what if the trade does not hit tp within the day itself, do you hold until the next day?
  • #15
  • Mar 16, 2016 8:05am Mar 16, 2016 8:05am
Quoting Shemski
Looking at the below two charts I see a total of 28 trades: 13 winners 15 losers Here is the twist; All of my winners went for 70 pips, my losers for only 30 pips. 460 pips in 14 trading days. ENTRY: -During the first few seconds of the London's opening set two orders, one Long and one Short with the same size, using a SL of 30 pips (I only risk max 2% of portfolio per trade). -Set both TP's to 70 pips -Leave your computer and do something else! Note: -This system works best on non-major pairs. EU, EG, GU, UC tend to be a bit to volatile for this...
Are you saying you are entering 2 positions in separate direction as soon as market opens with SL of 30 ? Why not set buy stop/sell stop order 30 pips above/below the price at London open time with TP of 40 (70-30 pips) and SL 60 pips? You can place one cancel the other order to cancel your long position if your short position gets triggered. This way you would avoid paying spread twice
  • #16
  • Mar 16, 2016 8:21am Mar 16, 2016 8:21am
Quoting stevox
Hi shemski what if the trade does not hit tp within the day itself, do you hold until the next day?

Let it ride! You could set your SL to BE as soon as you are about 40-50 pips in the plus,
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #17
  • Mar 16, 2016 8:23am Mar 16, 2016 8:23am
Quoting tonny47
{quote} Are you saying you are entering 2 positions in separate direction as soon as market opens with SL of 30 ? Why not set buy stop/sell stop order 30 pips above/below the price at London open time with TP of 40 (70-30 pips) and SL 60 pips? You can place one cancel the other order to cancel your long position if your short position gets triggered. This way you would avoid paying spread twice

Definitely an option. I gotta run, will look in to this later. Thanks
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #18
  • Mar 16, 2016 8:28am Mar 16, 2016 8:28am
Quoting Shemski
{quote} Definitely an option. I gotta run, will look in to this later. Thanks
its a no brainer if i understand your strategy correctly cut your transaction cost and be exactly in the same position
  • #19
  • Mar 16, 2016 8:32am Mar 16, 2016 8:32am
Quoting tonny47
{quote} its a no brainer if i understand your strategy correctly cut your transaction cost and be exactly in the same position

Yes, was sorta brainfrozen I guess. I'll adjust the rules later today. Off to a meeting.

Cheers and thanks!
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #20
  • Edited 9:02am Mar 16, 2016 8:34am | Edited 9:02am
Another nonsense system that's been done a thousand times and failed a thousand times.

Cherry picking results won't help you.

GBPAUD in February was 11 winning days 10 losing days = -160 pips, that's without spreads.
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