Another Breakout Strategy?

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 and no money management is involve in it so i would prefer some review n feedback for the experts. Ive not yet trade this yet but its seems profitable.
Thanks.

JYC


12/11/2010 -
High Candle With 10Pips Buffer - 1.30000
Low Candle With 10Pips Buffer - 1.29500

Enter Long 2Lot @ 1.30000
Close 1Lot @ 1.30250(FIBO 1.500) = +25Pips
Close Another Lot @ 1.30500(FIBO 2.000) = +50Pips
Profit = +75Pips


I was looking at it, I’m no expert but just to point out - in the example the actual risk was 300 pips, suppose the 2nd leg of the trade targets were not hit?

I see your strategy worked this morning as well, very good.

Thats is the problem… How do i cut the risk? Need review from others but still the thread is deserted…

13/11/2010 -
High Candle With 10Pips Buffer - 1.32150
Low Candle With 10Pips Buffer - 1.31300

Enter Long 2Lot @ 1.32150
Close 1Lot @ 1.32575(FIBO 1.5000) = +42Pips
Close Another Lot @ 1.33000(FIBO 2.000) = +85Pips
Profit = +127Pips


Summary for Week 2 Month Of January

10/11/2011 -
High Candle With 10Pips Buffer - 1.29200
Low Candle With 10Pips Buffer - 1.28600

Enter Long 2Lot @ 1.29200
Close 1Lot @ 1.29500(FIBO 1.5000) = +30Pips
Close Another Lot BE +10pips @ 1.29300(FIBO 2.000) = +10Pips
Profit = +40Pips

11/11/2010 -
High Candle With 10Pips Buffer - 1.29950
Low Candle With 10Pips Buffer - 1.29400

Enter Short 2Lot @ 1.29400
Close 1Lot @ 1.32505(FIBO 1.500) = +28Pips
Close Another Lot BE +10pips @ 1.29500(FIBO 2.000) = +10Pips
Profit = +38Pips

12/11/2010 -
High Candle With 10Pips Buffer - 1.30000
Low Candle With 10Pips Buffer - 1.29500

Enter Long 2Lot @ 1.30000
Close 1Lot @ 1.30250(FIBO 1.500) = +25Pips
Close Another Lot @ 1.30500(FIBO 2.000) = +50Pips
Profit = +75Pips

13/11/2010 -
High Candle With 10Pips Buffer - 1.32150
Low Candle With 10Pips Buffer - 1.31300

Enter Long 2Lot @ 1.32150
Close 1Lot @ 1.32575(FIBO 1.5000) = +42Pips
Close Another Lot @ 1.33000(FIBO 2.000) = +85Pips
Profit = +127Pips

Current Total Profit = +280Pips

Hi to All…
The article is very informative and i am searching kind of information on the web when i came across this forum and now i am quite satisfied to become the member this forum.
I am beginner in this field of business and this discussion benefited me a lot.
You have worked out a very successful strategy.

14/11/2011 Eur/Usd

They have just form the high n low for the day…

High 1.33750 (with 10 pip buffer)
Low 1.33000 (with 10 pip buffer)
Diff of pips = 75pips

TP For Long Position are :-
TP1 1.34125 (37pips)
TP2 1.34500 (75Pips)
TP3 1.35250 (150Pips)

TP for short position are :-
TP1 1.32625 (37pips)
TP2 1.32250 (75pips)
TP3 1.31500 (150pips)

We quite a number of news later but not sure if the result will damage our trade… Im still new so i dont know which news is a serious ones…

Will update the trade when the day ended… Happy trading all!!

Update on 14/01/2011 Eur/Usd Trade

0830hrs EST candle had a long wick which activate my long position.
Currently on -3pips when the market close… Will see the result when market reopen…

High 1.33750 (with 10 pip buffer)

TP For Long Position are :-
TP1 1.34125 (37pips)
TP2 1.34500 (75Pips)
TP3 1.35250 (150Pips)
Profit = Currently on -3Pips when market close.

Thanks to the 10pips buffer which did not stop my long position.


Ive tried many similar strategies to the op. Personally i didnt find them very profitable over the long term but this might be different! Keep us posted on the results

sure will do but it doesnt guarantee it could be in profit in long term but u need to trust them… Im still doing paper trade to see how it goes… But at the mean time, im still trying to see how the money management can be include… Any ideas?

14/01/2011 Eur/Usd Trade

Enter Long [email protected] (with 10 pip buffer)
TP For Long Position are :-
TP1 1.34125 (37pips)
TP2 1.34500 (75Pips)
TP3 1.35250 (150Pips)
SL Hit @ 1.33000 Level
Profit = -150Pips

Enter Short [email protected] (with 10 pip buffer)
TP For Short Position are :-
TP1 1.32625 (37pips)
TP2 1.32250 (75Pips)
TP3 1.31500 (150Pips)

TP1 @ 1.32625 Hit… Close 2Lot = +74Pips
BE +1 @ 1.32980… Close Another 2Lots= +2Pips
Profit = +76Pips

Total Profit = -74Pips

Summary for Week 2 Month Of January

10/11/2011 -
High Candle With 10Pips Buffer - 1.29200
Low Candle With 10Pips Buffer - 1.28600

Enter Long 2Lot @ 1.29200
Close 1Lot @ 1.29500(FIBO 1.5000) = +30Pips
Close Another Lot BE +10pips @ 1.29300(FIBO 2.000) = +10Pips
Profit = +40Pips

11/11/2011 -
High Candle With 10Pips Buffer - 1.29950
Low Candle With 10Pips Buffer - 1.29400

Enter Short 2Lot @ 1.29400
Close 1Lot @ 1.32505(FIBO 1.500) = +28Pips
Close Another Lot BE +10pips @ 1.29500(FIBO 2.000) = +10Pips
Profit = +38Pips

12/11/2011 -
High Candle With 10Pips Buffer - 1.30000
Low Candle With 10Pips Buffer - 1.29500

Enter Long 2Lot @ 1.30000
Close 1Lot @ 1.30250(FIBO 1.500) = +25Pips
Close Another Lot @ 1.30500(FIBO 2.000) = +50Pips
Profit = +75Pips

13/11/2011 -
High Candle With 10Pips Buffer - 1.32150
Low Candle With 10Pips Buffer - 1.31300

Enter Long 2Lot @ 1.32150
Close 1Lot @ 1.32575(FIBO 1.5000) = +42Pips
Close Another Lot @ 1.33000(FIBO 2.000) = +85Pips
Profit = +127Pips

14/11/2011 -
High Candle With 10Pips Buffer - 1.33750
Low Candle With 10Pips Buffer - 1.33000

Enter Long 2Lot @ 1.33750
Stop Loss Hit @ 1.33000
Profit = -150Pips

Enter Short 4Lot @ 1.33000
Close 2Lot TP1 @ 1.32625 = +74pips
Close Another 2Lot at BE +1 = +2pips
Profit = +76Pips

Total Profit = -74Pips

Total Profit Week 2 Month Of January= +206Pips

17/01/2011 Eur/Usd

High 1.33600
Low 1.33000

Enter Short 2Lot @ 1.33000
SL @ 1.33600
TP1 @ 1.32700 = 30pips
TP2 @ 1.32400 = 60pips
TP3 @ 1.31800 = 120pips

Looks like market going slow and waiting to break 1.32800 Level to get to TP1.

17/01/2011 Eur/Usd

High 1.33600
Low 1.33000

Enter Short 2Lot @ 1.33000
SL @ 1.33600
TP1 @ 1.32700 = 30pips
TP2 @ 1.32400 = 60pips
TP3 @ 1.31800 = 120pips

Close 1Lot @ TP1 = +30pips
Close Another 1Lot @ BE +1 = +1pips
Total Profit For The Day = +31pips

18/01/2011 Eur/Usd

High 1.34300
Low 1.33700

Enter Short 2Lot @ 1.33700
SL @ 1.34300
TP1 @ 1.33400 = 30pips
TP2 @ 1.33100 = 60pips
TP3 @ 1.32500 = 120pips
2Lot Stop Loss Hit = -120Pips

Enter Long 4Lot @ 1.34300
SL @ 1.33700
TP1 @ 1.34600 = 30pips
TP2 @ 1.34900 = 60pips
TP3 @ 1.35500 = 120pips

Close 2Lot @ TP1 = +60pips
Close Another 2Lot @ BE +1 = +2pips
Profit = +62pips

Total Profit Of The Day = -58Pips

For The Next Trade, I Will Adjust My 2Lot to 1Lot on my first trade and let it run to TP2 instead of TP1… And If SL Hit, Will Re-enter the trade with 4Lot again and the TP1 will still the same at 1.5000 Fibo to recover my loss for first trade and let another 2Lot run to get some profit if not will stop at BE +1.

On 14/01/2011, I Have a loss for the day with 2Lot But lets see if I enter the trade with 1Lot first… Then still with 4Lot to renter But BE will move to BE +10

High Candle With 10Pips Buffer - 1.33750
Low Candle With 10Pips Buffer - 1.33000

Enter Long 1Lot @ 1.33750
Stop Loss Hit @ 1.33000
Profit = -75Pips

Enter Short 4Lot @ 1.33000
Close 2Lot TP1 @ 1.32625 = +75pips
Close Another 2Lot at BE +10 = +20pips
Profit = +95Pips

Total Profit of the day = +20Pips

On 18/01/2011 We Have a loss also n lets see if we enter 1lot for first trade and re-enter 4 lot if sl hit

High 1.34300
Low 1.33700

Enter Short 1Lot @ 1.33700
SL @ 1.34300
TP1 @ 1.33100 = 60pips
TP2 @ 1.32500 = 120pips
1Lot Stop Loss Hit = -60Pips

Enter Long 4Lot @ 1.34300
SL @ 1.33700
TP1 @ 1.34600 = 30pips
TP2 @ 1.34900 = 60pips
TP3 @ 1.35500 = 120pips

Close 2Lot @ TP1 = +60pips
Close Another 2Lot @ BE +10 = +20pips
Profit = +80pips

Total Profit Of The Day = +20Pips

Although the risk is high, but i have no loss…