Win ratio

[Clint]

For those trading Trevor's G/U Breakout Strategy, the next "overnight" period, which begins in about 3 hours, will be interesting. Fifteen minutes after the beginning of the period, the FOMC Statement and the Fed Funds Rate will be released.

If the GBP/USD reacts strongly to these releases, then the next "overnight" period High, or Low (or both) could be established within the first 30 - 45 minutes of the period. Then, we will have to decide whether these High and Low prices are valid for the Breakout Strategy. There are no rules for this. It will be a judgment call for each of us to make.

We can compare notes on this in about 12 hours, after the dust has settled, and before we have to place our entry orders.

Here are the times for the "overnight" period, and for the FOMC/Fed Funds releases, in several time-zones:

[Oskar]

I think the "dust" should be settled till midnight (EST). I will take this trade just the way it will be.

[Clint]

Originally Posted by Oskar

I think the "dust" should be settled till midnight (EST). I will take this trade just the way it will be.

Not sure what you're saying.

The dust I'm talking about hasn't even been kicked up yet. That will happen around 2:15pm EDT today.

Clint

p.s. - 2 more posts and you won't be "junior" anymore!

[Oskar]

Originally Posted by Clint

Not sure what you're saying.

The dust I'm talking about hasn't even been kicked up yet. That will happen around 2:15pm EDT today.

Clint

What I meant was from ~14:15 (EDT) till midnight is a loooong time. Since we don't place anything before midnight, the news should have settled and everybody "licked his wounds" and forgot already.

Happy Trading

Should have made 2 posts out of it

[Oskar]

BTW everybody watched GBPUSD and EURUSD?
It was a beautiful down streak so far, just jumped out of EURUSD before this posts.
Happy Trading

Now I am old

[tymen1]

Originally Posted by Clint

The correct application of this strategy is to place Buy and Sell orders 6 pips above the High (of the pink area), and 6 pips below the Low (of the pink area), respectively.
....................

I determine the High on a chart of ASK prices, and the Low on a chart of BID prices.

If you draw .......................................you will find that the "scary" problem areas on your chart go away.

Thank you for that solution Clint!!

I shall work on it!!

p.s.- it appears that your chart is a chart of BID prices, but I can't be sure.......... I am able to click a button and switch back and forth from BID ..................... Are you able to do this on your platform?

Hmmmmm.
I have never tired that.
Never needed to.
But I think I can so I will see what I can do.

[SanMiguel]

Just been thinking about this R:R a bit more.
It seems the main strategy in gunning for 5-10 pips with a trailing stop is that you are highly likely to make those pips on a breakout so it doesn't matter so much having a 30pip SL leaving it room to breathe. The probability of ending up with positive pips is high.

If we go for more than 5-10 pips then there doesn't seem any benefit in making this 3:2 risk:reward or other nominations, we should just go for 1:1. This is because the probability of reaching more on your target is less than the method above.
Is 23-30 pips either side of the entry enough or too much for this pair...is then the next question.

I'm not sure about the benefit of the 2 lots system unless you are going to use it in conjunction with S&R lines. The 2 lots system relies on at least 50% of your trades running further assuming the other 50% come back to stop you out a break even, in which case you are probably going at slightly better than 1:1.
For example, your 1st target profit is 20pips, you close half (equivalent of 10 pips). If PA comes back to hit your stop you have only made 10 pips and not locked in any of the other half, In which case you have risked 1 to gain 0.5. When used in conjunction with S&R lines, you lock in the profit AND allow it to run further. However, this is generally used when targeting more than we are here.

[Oskar]

SanMiguel
KIS(S) is always the answer. Last (S) is in brackets because anybody looking for answer is not (stupid).
Trading manually is the best. If it gets to much then make a TS and SL and walk away. Come back later, if trade is still going delete the TS SL and watch it again.
Simple
Happy Trading

[TREVPICK001]

so who has had success with this so far

[Oskar]

Originally Posted by TREVPICK001

so who has had success with this so far

I did, but it is lousy to get up at midnight.
Tymen is not a "Team-player" and doing it for us. Brrrrrr
I also trade it according to your thread page 2 setup. Made only a few pips so far because I was to eager to go back to bed again.
So far, Thanks for it and I keep it playing. I was already thinking how to change my "sleeping" habit.
Happy Trading