Sunday Breakout Strategy - Page 30

phil838 · #**291** (**permalink**) 06-21-2009, 09:44 PM

Quote:

Originally Posted by pizal

So the stop is the high of the 20:00 GMT candle plus the spread, correct?

Right, it's 1.6502 on my chart. Some people worry about the spread and others don't, it's really up to you on that.

s050399b · #**292** (**permalink**) 06-21-2009, 09:52 PM

Quote:

Originally Posted by phil838

Yeah, the pips on GBP/USD always have been and always will be based on 4 decimals. Some brokers just throw in that extra decimal so they can have spreads such as 2.5 and such.

Okay, I will post an update of the code to truncate the reading of the values to 4 decimals before any calculation~

Rei · #**293** (**permalink**) 06-21-2009, 10:11 PM

Quote:

Originally Posted by Hypochondriac

Think I going to stay out of this trade. Last week my broker was close to IBFX. This time my high is 1.6514 the low is 1.6453

That's a difference of 12 pips on the high and 5 pips on the low. Wonder why there is such a large difference

Hi,

my high and low are 1.65184 and 1.64599 but I am still trying it out. I think it has to do with whether your broker shows the extra one or two candles at 8 - 9 pm GMT. From previous posts, I think Phil's doesn't which is why he has a lower high. This weeks high was at 8pm GMT. Sometimes the high and low occurs within 10-12 GMT which is why it might have coincided previously.

phil838 · #**294** (**permalink**) 06-21-2009, 10:24 PM

Quote:

Originally Posted by Rei

Hi,

my high and low are 1.65184 and 1.64599 but I am still trying it out. I think it has to do with whether your broker shows the extra one or two candles at 8 - 9 pm GMT. From previous posts, I think Phil's doesn't which is why he has a lower high. This weeks high was at 8pm GMT. Sometimes the high and low occurs within 10-12 GMT which is why it might have coincided previously.

Good point, Rei. My broker's data feed is starting at 10pm GMT, so if yours is starting earlier that would account for the difference.

Those few pips aren't going to mess up the system. It's true that you might lose a couple trades that I win, but it'll work the other way too. It's going to make very little difference in the long term.

phil838 · #**295** (**permalink**) 06-22-2009, 12:59 AM

I'm stopped out on the short trade.

I've got a good feeling about the long trade though, When it triggers I bet it's going to go up.

phil838 · #**296** (**permalink**) 06-22-2009, 01:04 AM

I'm going to break the rules a little here. Based on the candle patterns I'm seeing I'm moving my long trade stoploss down 15 pips to be below the bottom of the 00:00GMT candle.

s050399b · #**297** (**permalink**) 06-22-2009, 01:06 AM

Quote:

Originally Posted by phil838

I'm going to break the rules a little here. Based on the candles patterns I'm seeing I'm moving my long trade stoploss down 15 pips to be below the bottom of the 00:00GMT candle.

Could you explain more, and why? Thanks!

phil838 · #**298** (**permalink**) 06-22-2009, 01:18 AM

Quote:

Originally Posted by s050399b

Could you explain more, and why? Thanks!

The three previous 4H candles all are long wicked and the 00:00 candle is a hammer. This is a sign of a possible reversal, so I want the SL to be below that hammer.

And because I want my stoploss on the other side of this trendline on the 1H chart.

Also, just so everyone knows, I never record changes like these in my records. All my records are based on completely mechanical entries and exits via the system rules, so you don't have to worry about my changes messing up the system statistics.