Sunday Breakout Strategy

[phil838]

Originally Posted by lavaman

I think I may give this one a try as well. Aside from the fact that it is a profitable strategy, I think a system with a high loss rate might actually help me get better at accepting losing trades.

Hey phil838, I know you trade this system and Nick B's scalp lines, are there other systems you use as well? Thanks for all your input on these forums. You've helped me a good bit for sure.

I don't use any other "systems". All my other trades are based on S+R lines, trendlines, candlesticks, chart patterns, etc. I wouldn't call it a system since there aren't any real rules to it, just general analysis of the charts.

Before last October I also traded the other aspects of Nick's system; S+R breaks, reversals, etc. But since GBP/JPY bottomed out and there were no historical S+R lines around I haven't been able to trade them. But now that price is moving back up I'll start trading them again soon.

[phil838]

Here are the numbers for this week's trades...

Long Entry: 1.5984
Short Entry: 1.5926

The stoploss this week is 48 pips, and the profit target is 248.

Let's hope we have another winner like last week!

[s050399b]

Originally Posted by phil838

And I think the calculation problem is that (10/10000) is not 0.0001. 10/10000 is 0.001.

OMG!!! I was working up to 3am just trying to find out why!!!! I must have been too tired......

[s050399b]

EA Version is located here with some other tools:
http://forums.babypips.com/133505-post986.html











Version 2 - 2009.06.15
- option to email and sound alert (for the move SL to BE when profit = twice of SL)
- to draw the 8 lines on screen
- remove displaying of the values on screen (too messy)
- added "move SL to BE when profit = twice of SL"




Version 1
- email
- display on screen
- will not go into infinite loop
- it will only work within this time frame Monday GMT 00:00:00 to GMT 04:00:00













This is the money management module, but I haven't integrate into this, you can use it - it's heavily documented, so it's quite easy to use.

[phil838]

Originally Posted by s050399b

ETA:
Bloody hell!! when a type is double, it doesn't know how to calculate integer types!!

so it will work only if I do this:
double OSP_Buy;
OSP_Buy = 1.0/5.0;

Yeah, that's the way it is in all programming languages, not just MT4. It's annoying, but you get use to it.

[s050399b]

Originally Posted by phil838

Yeah, that's the way it is in all programming languages, not just MT4. It's annoying, but you get use to it.

hmmm, I think I used C or C++ or VB before, but it didn't have the problem. hmmmmm,

[s050399b]

My broker trigger my long breakout, but didn't trigger my short breakout.....
what's going on?

[maxximuz]

I was triggered with short at 1.5926.

from my understanding, it is becoz of the spread that triggered your long entry. From my chart, current H4 bar high is 1.5979 (3mins+ to go), if the spread is 8pips, then it will hit your Long EP when bid price is 1.5975

Am I correct to say that?

Earlier I enter buy stop at 1.5987 (1.5983+spread), where my broker's spread for GU is 4pips. Hence, long entry did not trigger.

Btw, Phil838, do you take the spread into consideration when you place your pending order to enter and exit?

thanks

[s050399b]

if that's the case, should we add spread to OSP_Buy and OSP_Sell price? SL and TP too?

My broker is still doing 8 pips spread, what broker are you using?

Don't we use half of spread with stop price?

[phil838]

Originally Posted by maxximuz

I was triggered with short at 1.5926.

from my understanding, it is becoz of the spread that triggered your long entry. From my chart, current H4 bar high is 1.5979 (3mins+ to go), if the spread is 8pips, then it will hit your Long EP when bid price is 1.5975

Am I correct to say that?

Earlier I enter buy stop at 1.5987 (1.5983+spread), where my broker's spread for GU is 4pips. Hence, long entry did not trigger.

Btw, Phil838, do you take the spread into consideration when you place your pending order to enter and exit?

thanks

Maxximuz is right, you got caught by the spread. Whenever you place a long order you have to take the spread into consideration, not just with this system but anytime!

When you're going long you're buying on the ask price, not the bid price. The bid price is the one that's showing on your MT4 charts, but the ask price is always bid+spread. You got triggered because the ask price did go above 1.5983.

Whenever you enter a pending order for a long trade you have to make sure and add in the spread to account for this. You don't have to factor in the spread on short orders because everything is factored off the bid price on those.

Hope that made sense... It's a confusing issue that all new traders have to get used to.