Im still a newbie in forex but ive been playing around with breakouts such as london breakouts. Ive stumble upon a breakout strategy which maybe most of u guys already know. But i need some help on EA to see the past result how the strategy goes.
The box for breakout i use is before 1hr before New York Market open.
Timeframe im looking at is 15min chart so it will be from 0700hrs-0745hrs GMT candle and 0800hrs will start trading.
I will take the high n low of that section add on a 10 pip buffer to avoid whipsaw.
I enter a trade with 2Lot.
Target profit i will use Fibo which setting is:
1.500
2.000
3.000
But the downside is when i lost a trade, i will reenter again with 4 lot
Target profit
1.500 - Close 2 lot which only cover half of ur previos lost
2.000 - Close another 1 lot to recover all ur losses
3.000- To get a few Pips as profit
Example :
Eur/Usd - 04/01/2011
High Candle - 1.34171 ( With 10pip Buffer)
Low Candle - 1.33669 ( With 10pip Buffer)
Diff Of 50pips
Enter long 2Lot @ 1.34171
SL @ 1.33669
Got Stop Out
2lot x 50pips = -100pips
Profit = -100pips
Enter short 4Lot @ 1.33669
SL @ 1.24171
TP1 (Fibo 1.5000)= 25pips @ 1.33418
Close 2Lot x 25Pips = 50Pips
TP2 (Fibo 2.000) = 50Pips @1.33167
Close Another 1Lot x 50pips = 50Pips
TP3 (Fibo 3.000) 1Lot x 100pips = 100pips
Profit = 200pips
Total profit 200-100Pips = 100pips
Im still new on this so i would prefer some review n feedback for the experts.
Thanks.
JYC;)
