Breakout + Spread!! Sure!!!

Hi Jackinthe box,

Thanks for saving our time and money.

p/s I'm about to review the system here...but I'll stay with what i already got.

Thanks for sharing this system which looks great !

I start trying it today and this week.

See u soon for the results.

Hi all, I have followed the early part of this thread and wanted to thank Eagle for posting it. Personally I am a big fan of simple strategies, and I also believe that human judgement and intuition will walk all over technical indicators anyday.

To that effect I have been trading the GBPUSD and EURGBP only, and using a trailing stop of 10-20 pips. If that isn't hit I'll take over manually. I usually make around 2-3% of my total bank each day. So far I have not had a losing day, it's been about two weeks.

The thing about these breaks is, they are often far more than 10 pips, so why not let them run? At least then when you find you're in a fakeout, you can take a 20 pip loss on the chin and still re-enter when it breaks the second time.

Thanks again for such a simple, commonsense post.

Cheers

Dazman

I'd like to thank Eagle for coming up with a profitable strategy like this, i've paper tested this strategy for four months and average monthly pips is 1800 for both gbp/usd and gbp/jpy pairs with tp/sl of 80/40 and 100/60 respectively on different break-out times, i only look 2 hours back on my chart, i also use a moving average indicator to help prevent me from entering others on ranging market conditions, it greatly fishes out situations where both sell and buy orders would execute and both hit stop losses.
With proper money management, patience & dedication to ur style, one should be able to make 50% - 75% ROI after an average of every 20 trading days (a month of trading).

fxtrayda,

How do you implement the use of an MA with this breakout system? Could you please elaborate on how you are trading?

Thanks!

I use 14SMA (levels 5 & -5) for both pairs, i don't place orders if three or more candles prior to my trading time were touched by the sma or any of it's levels, however i still take trades if the range (Highest - Lowest) price of the last two candles is greater than or equals to 80 pips irrespective of the sma touching issue. i also do not place orders if the range is less then 40 pips. please demo trade this and get used to it b4 attempting on a real account, best of luck. i'm not good in programming but i believe it shouldn't be difficult to find someone to make an EA for this.

Hmm.. I think above all, this is just the same with using EA. the trigger will automatically callculated by the systems (EA)and what we do just use our gut to make the decision.
Im the big fan of Jesse Livermore... he's the true chartist.. by 'Observing' the market Movement he can analysis the trend and the strenght.
But again System is the heart and the mind of today's trader.. some still lose money -due to lack of dicipline and some make a heck of money - due to lazyness or neglected to their emotion (EA doesnt need u to be present when trading)
I think traders today are losing a very important think intrading - their xperiences. Old scool took them years to master, but we just need few day to be the same level with them.

Cheers

Waw ... nice nice ...
Thanks mate

Hello guys im newbie here and im newbie in forex trading. I want to say that this system looks good for me but i have a problem about the time.

1. Why in my trading window the market watch time is different with my laptop account or time in my country ( Gmt+7 jakarta )??

2. i use 6-9am indicator but i dont understand is it time in europe?? Usa?? Or??

I know about the rules how to deal with this system, but i dont understand about the the time, is it the time in my window correct or i have to change it?? i need ur help guys. sorry for this silly questions, sorry. thanks.

joao
Indonesia

Hi just to check, is anyone still using this system? If there is, how's the system performing?

Thanks,

Andrew.

Hi Andrew, I just found it too. I am also looking at 'BOWALF' and 'Box Breakout - Set and Forget' Lots of the same idea. You might be interested.

is the two systems you mentioned the same as the one described here? Anyone still interested in this thread? Is it still working and making profitable pips?

Hi, what is the setup time for begin and end if my broker GMT+0? If someone can help. Thanks