Sunday Breakout Strategy

[dobro]

Thanks everyone for the comments, I understand now how the order placements work. Anxious to try it. d.

[phil838]

The Sunday candle has closed! Here are the trades for this week...

Long at 1.5947
Short at 1.5899

This week's trades have a stoploss of 38 pips (I rounded up to 40), and a takeprofit of 240 pips.

If you got your orders set right at the close of the candle you should already be in a short trade. If not it's only up +15 pips, not too late to jump in.

Remember to change the SL to breakeven at +80 pips!

[ryudox]

Hey. i can't find the sunday candle with my metatrader4, i turned my period seperator on and it only shows 25th May candle...

[phil838]

Which broker are you using? I know for sure that IBFX shows it, and that Alpari does not, but I've never tested out any other broker's MT4 charts.

Here is my current chart to compare to yours. Maybe your broker's time zone is different than GMT time and the Sunday candle actually closed on Monday.

The orange lines mark the entry points 10 pips above and below the Sunday candle. The short trade is already 40+ pips up!!

[Bird]

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[dobro]

Anyone -

How do you get the breakout line on the exact breakout price? I cannot get the price scale to show .5947 or .5899, I just have to guess. Thanks.

[phil838]

Originally Posted by dobro

Anyone -

How do you get the breakout line on the exact breakout price? I cannot get the price scale to show .5947 or .5899, I just have to guess. Thanks.

If you're using Metatrader you can double click your line to make it editable, then right click it, hit "Horizontal Line Properties", and then on the Parameter tab you can enter the price of the line manually and it will move the line to that price.

[dobro]

Originally Posted by phil838

If you're using Metatrader you can double click your line to make it editable, then right click it, hit "Horizontal Line Properties", and then on the Parameter tab you can enter the price of the line manually and it will move the line to that price.

thank you, d

[phil838]

This weeks short trade was a loser... -40 pips for me.

I doubt the long trade will get triggered because of the strong resistance on the upper side, but if it does I'll take it.

A lot of people will probably say it lost because of the holiday in the US and UK on Monday, but in my backtesting minor holidays don't show to be any more risky than normal for this system. Major holidays, such as Christmas, are another story though...

[s050399b]

Originally Posted by phil838

This weeks short trade was a loser... -40 pips for me.

Long side is coming~~ maybe it will even out! good luck!