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Forex Breakout Direction Indicator & EA v5 (Set & Forget)

  • #261
  • Nov 15, 2016 12:32am Nov 15, 2016 12:32am
Hi Craig.

This looks great. Just signed up for the trial. I was using another 'Londonforexbreakout' strategy before, however your looks far better.

Just one question. What is your max total % risk per day? I need to keep drawdown under 10%, ideally 5%- so I will need to adjust risk to suit. Looks like your highest drawdown was around 20% so i'll need to 1/4 the risk (lot or % risk) size.

Thanks

Steve
  • #262
  • Nov 15, 2016 1:40am Nov 15, 2016 1:40am
Quoting pipshaman
Hello Krager and all! I usualy trade breakouts and this is why I have read all pages of this topic, because I am interested in an automatical breakout trading system. It looks like you have done a good job here. I have seen your losing month. I think is inevitable to have losing months in forex and I also think that to much filtering of your entries will result in a curve fitting system that will eventualy ruin your core system that at the momment works just fine. I have searched the internet to see how some serious and pro traders implement their...
Hi,

Many thanks for the web links and zip file. I will make time to read it over the next couple of days. Thanks again.
  • #263
  • Nov 15, 2016 1:43am Nov 15, 2016 1:43am
Quoting mackaozy
Hi Craig. This looks great. Just signed up for the trial. I was using another 'Londonforexbreakout' strategy before, however your looks far better. Just one question. What is your max total % risk per day? I need to keep drawdown under 10%, ideally 5%- so I will need to adjust risk to suit. Looks like your highest drawdown was around 20% so i'll need to 1/4 the risk (lot or % risk) size. Thanks Steve
Hi Steve,

My max trade with pair is 2%, I can get anything from 1 to 10 signals a day. If you want to limit your risk, then I would only choose max 3 pairs from different currencies per day (i.e not 3 x GBP crosses)

The other factor would be not to over leverage your account. Currently i'm on 500:1 to xm.com however when v6 is ready this will be set to 100:1

Regards
Craig
  • #264
  • Nov 15, 2016 1:45am Nov 15, 2016 1:45am
Thanks Craig.
  • #265
  • Nov 15, 2016 3:35am Nov 15, 2016 3:35am
Quoting pipshaman
Hello Krager and all! I usualy trade breakouts and this is why I have read all pages of this topic, because I am interested in an automatical breakout trading system. It looks like you have done a good job here. I have seen your losing month. I think is inevitable to have losing months in forex and I also think that to much filtering of your entries will result in a curve fitting system that will eventualy ruin your core system that at the momment works just fine. I have searched the internet to see how some serious and pro traders implement their...
Hi

I've read the eBook. Many of the things it states in there, I'm already doing. The eBook states
1. Have good money management - check
2. Don't have a fixed TP and SL - check
3. Don't trade all the currency pairs - check

Whilst I see your point about edit to the system to find the range and the start of the breakout, to capture the big moves of the trend, I believe this is not right for this system. The Forex Breakout Direction Indicator is just that. It trades breakouts.

Many thanks for your interest in this system, I do hope you will trial it sometime.

Regards
Craig
  • #266
  • Nov 15, 2016 3:40am Nov 15, 2016 3:40am
Quoting mackaozy
Hi Craig. This looks great. Just signed up for the trial. I was using another 'Londonforexbreakout' strategy before, however your looks far better. Just one question. What is your max total % risk per day? I need to keep drawdown under 10%, ideally 5%- so I will need to adjust risk to suit. Looks like your highest drawdown was around 20% so i'll need to 1/4 the risk (lot or % risk) size. Thanks Steve
Steve,

Welcome to the club. To add to Craig excellent advice, what you can do is go back through the myfxbook records and see how many days that multiple trades were triggered and perhaps make an evaluation from that.

Or while on the trial, place all the trades using 1% and depending on number of signals of course, just take the first 3 or 4 and then remove the EA from other pairs.

An easy way to keep risk low is use the setting at 0.10% for each leg, so total of 0.40% per pair traded, which is under the 1/4 you mention.

Good trades all, John
It takes a lot for me to IGNORE you, but you can try.
  • #267
  • Nov 15, 2016 5:17am Nov 15, 2016 5:17am
hi craig,
new version looks very good. when you will release it?
  • #268
  • Nov 15, 2016 12:34pm Nov 15, 2016 12:34pm
Quoting braddock69
hi craig, new version looks very good. when you will release it?
yes, looking forward to it as well. original member here.
  • #269
  • Nov 15, 2016 3:21pm Nov 15, 2016 3:21pm
Bug testing v6 today, it gained 562.9 pips, with currently 4 open trades 400 pips in profit!

Note v6 shows you the pips banked on the chart!
Attached Image (click to enlarge)
Click to Enlarge Name: v6.1.png Size: 46 KB
  • #270
  • Nov 15, 2016 3:25pm Nov 15, 2016 3:25pm
Todays results on v5

Pips banked = 281.3
Account growth = 4.17%

After yesterday's losing day, it makes this week so far -

Pips banked = 48.2
Account growth = 0.54%

So far in November -

Pips banked = 1445.2
Account growth = 14.58%

I'm dropping the leverage down to 100:1 as from tomorrow, so I can test against v6 and v6news

Regards
Craig
www.forexbreakout.co.uk
  • #271
  • Nov 15, 2016 3:26pm Nov 15, 2016 3:26pm
Quoting braddock69
hi craig, new version looks very good. when you will release it?
Hi mate, did you see the answer to this on the whatspp group?
  • #272
  • Nov 15, 2016 4:55pm Nov 15, 2016 4:55pm
Quoting krager
{quote} Hi mate, did you see the answer to this on the whatspp group?
yes i saw... many thanks
  • #273
  • Nov 16, 2016 12:10am Nov 16, 2016 12:10am
Nice result Craig!

Do you have a set file for the EA you would please share?

Thanks

Steve
  • #274
  • Nov 16, 2016 1:11am Nov 16, 2016 1:11am
Quoting mackaozy
Nice result Craig! Do you have a set file for the EA you would please share? Thanks Steve
I've sent this to you, forex factory does not allow .set files to be uploaded

Regards
Craig
  • #275
  • Nov 16, 2016 2:00am Nov 16, 2016 2:00am
Quoting aagarcia
{quote} yes, looking forward to it as well. original member here.
Hello mate, I will send this to you once it's ready. Hope you doing good.

Craig
  • #276
  • Nov 16, 2016 2:04am Nov 16, 2016 2:04am
This is the demo account for v6 bug testing

https://www.myfxbook.com/members/afk...6-beta/1859879
  • #277
  • Nov 16, 2016 2:40am Nov 16, 2016 2:40am
Risk Reward chart results year to date from June 2016 to October 2016 for the v5 system

Results are calculated by my own formula, data taken from myfxbook

- = lost money on this pair
0 = breakeven
+ = gained money on this pair
Attached Image
  • #278
  • Nov 16, 2016 6:21pm Nov 16, 2016 6:21pm
Quoting Erebus
{quote} Steve, Welcome to the club. To add to Craig excellent advice, what you can do is go back through the myfxbook records and see how many days that multiple trades were triggered and perhaps make an evaluation from that. Or while on the trial, place all the trades using 1% and depending on number of signals of course, just take the first 3 or 4 and then remove the EA from other pairs. An easy way to keep risk low is use the setting at 0.10% for each leg, so total of 0.40% per pair traded, which is under the 1/4 you mention. Good trades all,...
Thanks for your help John :-)
  • #279
  • Nov 16, 2016 6:28pm Nov 16, 2016 6:28pm
Hi Craig,

Many thanks for the set files. Just a few more questions.

I'm trading 12 out of the 14 pairs listed in the manual. I've ditched GBPCAD (due to poor results) & EURCHF (hate this pair due to SNB intervention).

So of instance, if you get say 10 signals with breakout strength over 90% do you trade every signal? Or do you personally pick a selection from those 10?

Also using the EA to place the trades do you apply the EA just before 8am GMT?

Thanks mate,
Steve
  • #280
  • Nov 16, 2016 7:21pm Nov 16, 2016 7:21pm
Quoting mackaozy
Hi Craig, Many thanks for the set files. Just a few more questions. I'm trading 12 out of the 14 pairs listed in the manual. I've ditched GBPCAD (due to poor results) & EURCHF (hate this pair due to SNB intervention). So of instance, if you get say 10 signals with breakout strength over 90% do you trade every signal? Or do you personally pick a selection from those 10? Also using the EA to place the trades do you apply the EA just before 8am GMT? Thanks mate, Steve
Hi Steve.

I'm tempted to ditch those two pairs as well. I trade all the pairs which have signals apart from certain red news events. Our free whatsapp group let traders know which pairs I'm trading if you want to join.

I place my EA on the chart anytime between 6am to 7.50am London time

Regards
Craig
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