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07-03-2009, 08:27 AM
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07-03-2009, 10:01 AM
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TREVPICK001 thanks for sharing this idea. I would like to master it as well. I got 2 concerns, if you can give me explanations for both that will be great.
1. today I set up my pending orders (even it is a US holiday, it was very tempting when I back tested it) for g/u for an entry and it triggered my order, the price went down about 15 pips which I was targeting for 40pips and then it retraced back up 57 pips and hit my stop loss which was 30 pips. Look at the chart #1. What do you recommend to that. Maybe I should have left more space since it is g/u pair would have more valume? I would like to have a risk ration 40-30 but risking 30 pips is not enough for this pair. I could of taken 10 pips too on this trade. 2. In the 2nd picture if you notice the price triggers for an entry long by breaking the high line with 9 pips which is more then 6 pips above the high line but the price then sharply moves down against me, and this is happening right at the london session opens. Should I have waited coupld of candles or what? give me some suggestion on this one thanks. I am in the eastern time frame and the 2 lines are at 20:00 - 6:00 GMT. My 2nd line is right at the UK session open. When I move that line to a hour after UK open it looks better where the price would have not triggered yet. Last edited by fed; 07-03-2009 at 10:17 AM.
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07-03-2009, 10:10 AM
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Ok that might answer one of my questions, I guess in this business we will have alot of long weekends  Man thanks again for sharing your idea really thank you. 
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07-03-2009, 10:24 AM
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for some reason trading when the usa is on a holiday changes the rules, dont ask me why because i dont know, when i was demo trading this stratergy 6 months ago i noticed days like today were alll loosers, i trade live now and took the auth not to trade when either usa or uk are on holiday, both your trades look good for a normal day however your win to lose ratio will change if you are targetting 40 pips not always does it go that far before a retracment, if you look at the chart for the last month you would have been succesfull overall using a 30/40 stratergy. 40 pips at the moment is a good target but dont expect to win as often as if you say went for 10 pips up untill today cliff as won for the last 11 days at 10 pips per day for example also just to make you aware that after the first trade has been triggered normally i close the second one down, again it because i trade live and i am going for senarios that i think will work best, if you are demo trading fill your boots and go for the second trade it will be good experiance my personall target is random due to i use a trailing stop of 5 pips prefered to a target, althought the result of going for a take profit of 10 pips are simular my reason for my trailing stops is becasue there are some ocasions were the price plumets thought the pending order level yeilding higher returns, although latley its plumeted on average 15 pips before retracing then plumetting some more, so i myself i looking to amed it my plan slighty to take advantage of the current conditions, from a week monday i will be manuallly placing a stop +10 and leaving the trade alone until it get to +25 +50 for example, my only fear is that if the trades can be amended as quick as id like, this is why i wouldnt mind a ea that maybe does that part automaticly, anyway its good to see some one else joining the fun have a good week end and im sure all will be back to normall Monday
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07-03-2009, 10:44 AM
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07-03-2009, 11:03 AM
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ok thanks for the reply. I will then probaly will extend my profit and stop loss. I will still have to back test it. I am thinking of putting the stop loss to the above the highest or below the lowest points in that time frame and target the # of pips that i risk, if that doesn't go then I will go with your suggestion. Last edited by fed; 07-03-2009 at 11:06 AM.
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07-03-2009, 11:18 AM
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07-03-2009, 11:28 AM
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I was adhering to the timeframe too much I guess. I mainly watch the EUR/USD so I'm not as familiar with the GU but looking back I see the resistance points you were talking about and it really was a very bad place to get in.My short did trigger @ 6318 though and I offset the loss a little bit on that one. On the spreads, I don't generally pay too much attention because my spreads are not fixed so there is really no way to predict the exact spread unless I'm sitting in front of the computer but they are usually within 1 pip on EU and 2 or so on the GU. Mike
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07-03-2009, 04:27 PM
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Welcome to the Breakout Gang. Regarding your time interval, you are off by 2 hours. The G/U Breakout Strategy, as Trevor introduced it, defines the "overnight" period as 7pm - 5 am London time. That's the BST time zone. That translates to 2pm - midnight EDT (New York time), 18:00 - 04:00 GMT, and 8pm - 6am CEST (Zurich time). Quote:
Clint
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07-03-2009, 04:57 PM
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 TREV in that EA the orders go in at 0600GMT, ie the 5am candle is counted in highs or lows. This is because that's when the low volume finishes as Frankfurt opens at 0600GMT (8am their time)...isn't it? It's minimal anyway as your whole low volume period essentially runs from end of NYSE to start of Frankfurt. You never see the 1hr ATR pick up until then. Last edited by SanMiguel; 07-03-2009 at 05:02 PM.
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