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[JimmyMac]

Those support/resistance barriers she plotted sure have been honored since that chart was posted huh?

They'll continue to hold water too on trips back & forth, as they represent solid previous activity levels through 2007.

It makes life easier when plotting your individual triggers if you got something to hang your hat on. It's a similar scenario on the GBPJPY/EURJPY charts they posted too by the looks.

Added alarm bell on the Cable for any Fibonacci observers is the fact we're 100 pips away from the 50% zone of this years low to high print. It currently resides at 2.0180.

[BillB]

Originally Posted by tonymand

I first learnt this approach from Jimmy Young although I am aware that there are many different versions. Clearly I am not going to reveal Jimmys tehnique as this is proprietary information. However I have adapted it sufficiently for my own use to feel comfortable that I am revealing what I do and not what Jimmy does. Indeed I introduced to Jimmys group the idea of using the 60SMA Jimmy is so fond of as the stop for the trade. I will outline the rules and the 2 winning trades for today. I trade GU and GY
At the europe open mark the high and low for the day. Trade the breakout with the stop 1 pip below the 60sma for GU and 50 pips for GY. The trade is closed out at a 1R profit level. If the stop on the GU is less than 20 pips then look for another reasonable place for the stop in the region of 20-30 pips. If it is more than 40 with spread included do not take the trade
This simple technique has had a net 6 winning trades this week and net 10 since the start of September. I have traded it since October last year (with various changes along the way) and have not had a losing month. The worst monthly return based on a 2% risk per trade was 3% and best was 32%

Hi Tony,
I know this post is old, but I just found it and am intrigued by your method.
I have a few questions, If I may:

1. Do you consider the European open as being 0700GMT standard time and 0600 Summertime?

2. You wrote:

At the europe open mark the high and low for the day

What do you mean "for the day"?
Do you mean the last 24 hour period or back to 0000GMT or back to some other time?

3. Is there a time you stop looking for the breakout?

4. Do you trade only one breakout per day, per pair?

5. I assume that you measure from price to the 60 SMA, at the time of the breakout, to determine the stop loss and profit target. Is that correct?

I appreciate any help you can offer.
Thank you


One last question-
Does 1 pip, below the low or above the high, constitute a breakout?

Thanks again

[tonymand]

[quote=BillB;31630]Hi Tony,
I know this post is old, but I just found it and am intrigued by your method.
I have a few questions, If I may:

1. Do you consider the European open as being 0700GMT standard time and 0600 Summertime?

Yes

2. You wrote:
What do you mean "for the day"?
Do you mean the last 24 hour period or back to 0000GMT or back to some other time?

Look back is to the NY close

3. Is there a time you stop looking for the breakout?

Only when I go to bed which is currently about 1330 GMT

4. Do you trade only one breakout per day, per pair?

No, I used to trade only 2 but now will trade 3

5. I assume that you measure from price to the 60 SMA, at the time of the breakout, to determine the stop loss and profit target. Is that correct?

Correct

I regularly review the rules and have included the trading log for last month which shows a net 16 wins. This month is currently up 4 (3 from last night and 1 so far tonight

[BillB]

[quote=tonymand;31631]

Originally Posted by BillB

Hi Tony,
I know this post is old, but I just found it and am intrigued by your method.
I have a few questions, If I may:

1. Do you consider the European open as being 0700GMT standard time and 0600 Summertime?

Yes

2. You wrote:
What do you mean "for the day"?
Do you mean the last 24 hour period or back to 0000GMT or back to some other time?

Look back is to the NY close

3. Is there a time you stop looking for the breakout?

Only when I go to bed which is currently about 1330 GMT

4. Do you trade only one breakout per day, per pair?

No, I used to trade only 2 but now will trade 3

5. I assume that you measure from price to the 60 SMA, at the time of the breakout, to determine the stop loss and profit target. Is that correct?

Correct

I regularly review the rules and have included the trading log for last month which shows a net 16 wins. This month is currently up 4 (3 from last night and 1 so far tonight

Tony,
Thank you for the reply.
I edited to add one more question that I'm sure you didn't see:

What do you consider a breakout- 1 pip below the low and 1 pip above the high or some other buffer?

Do you ignore news?. For example, did you trade the breakout that just occurred on GU due to the interest statement?

Thank you

[tonymand]

[quote=BillB;31633]

Originally Posted by tonymand

Tony,
Thank you for the reply.
I edited to add one more question that I'm sure you didn't see:

What do you consider a breakout- 1 pip below the low and 1 pip above the high or some other buffer?

Do you ignore news?. For example, did you trade the breakout that just occurred on GU due to the interest statement?

Thank you

Yes Bill 1 pip is sufficient and yes am in short following BoE release and its come up 4 pips short of target so far. I have found that exiting before news makes little difference overall. Sometimes news will kick a trade on or kick you out. For a continuation trade I ignore candle wicks so my MC 3 trade is set up for a break below 2.0190

[BillB]

[quote=tonymand;31634]

Originally Posted by BillB

Yes Bill 1 pip is sufficient and yes am in short following BoE release and its come up 4 pips short of target so far. I have found that exiting before news makes little difference overall. Sometimes news will kick a trade on or kick you out. For a continuation trade I ignore candle wicks so my MC 3 trade is set up for a break below 2.0190

Tony,

It's about 7AM here and I'm about to go to bed.
Tomorrow, if you don't mind, I'll try to find out more about your continuation trade.
This system looks very good looking back on charts. I have traded a version of Asian breakout, but I don't believe it's as good as this one.
I have been looking back at your postings and you are a wealth of valuable information.

Thank you again,
Bill

[Cowaboi]

Hi Tony, what TF charts do you use for the 60SMA?....just tried finding the thread for your BO strat...no joy though.

I trade a few automated BO strats in the background using GBP/USD so very interested in your variant. I'll be adding to the free systems thread soon...

[tonymand]

Originally Posted by Cowaboi

Hi Tony, what TF charts do you use for the 60SMA?....just tried finding the thread for your BO strat...no joy though.

I trade a few automated BO strats in the background using GBP/USD so very interested in your variant. I'll be adding to the free systems thread soon...

Its somewhere within this thread fairly early on. I use 5 min charts

[Cowaboi]

Tony, pls could you sanity check this Oanda chart against today's cable BO?

I appreciate the differences between feeds will vary results intraday.

Thanks in advance.

[BillB]

Tony,
Does the GJ also have limitations similar to the 20min. and 40max. which apply to the GU?

Assuming you could have (after adding the 50 pips) a 100 pip SL and a 100 pip PT on GJ, it is conceivable you could trigger a trade in the opposite direction while the initial trade is still open. I would again assume, you would close out the initial trade.

I'm assuming a lot:-)
I think I'll just wait for your answer and see how far off I am.

Thank you