London Breakout Strategy - 1H Timeframe Modified

Cloudninee · September 30, 2020, 6:23am

No that’s not correct.

GBPJPY and GBPUSD both hit SL yes due to market being sideways the whole of London and New York sessions - not much you can do there.

EURUSD and EURGBP however both hit TP of 1.5 RR so it was actually a profitable day still although not by much. The magic of having 1.5 RR trades even if you only win 50% of your trades, you still come out on top

Calculations:
GBPJPY SL hit -1R
GBPUSD SL hit -1R
EURUSD TP hit +1.5R
EURGBP TP hit +1.5R

Overall: +1R

Let me know if you are confused and I can try to explain further.

SiggiSmilez · September 30, 2020, 6:27am

I have EU, GU, EG and EJ open.

according to @Cloudninee instructions only GU was -1R, the other three pairs took the 1.5R easily

I though you were watching EU, GU, EG and EJ o.O

Cloudninee · September 30, 2020, 6:31am

Nicely done.

No, my original post shows 6 pairs: EURGBP, EURUSD, GBPJPY, GBPUSD + 2 other USD pairs but I no longer use them for this strategy due to them being unstable.

Don’t get me wrong, there’s nothing wrong with using EJ for this strategy, it’s the London session and it moves well so no reason not to use if it works.

SiggiSmilez · September 30, 2020, 6:33am

alright

GJ doesnt look like a “Zone” today… the “Zone” is already 44pips. Almost the same picture in GU

Cloudninee · September 30, 2020, 6:37am

Yea massive long wicks. Seems like it’s being trapped in an area of consolidation for the last nearly 2 days and cannot get out.

I wouldn’t trade it until it can break out of that consolidation.

GU for example:

supshin · September 30, 2020, 7:22am

HI CloudNinee,
I understand most of these.
GU - Buy - hit SL
GJ - Buy - hit SL
EU - Buy - hit TP
EG - I selected SELL - hence hit SL. Is SELL wrong? why? I didn’t use any other input. As per original strategy I saw only Breakout direction at 8AM candle and selected Sell. Is it wrong please?

supshin · September 30, 2020, 7:58am

It seems today 30/09/20 8AM BST breakout candle for GU Sell, EG Buy., GJ and EU - Undecided

SiggiSmilez · September 30, 2020, 8:07am

correct, but GU is risky:

To your other Post:

The yellow rectangle shows the zone of yesterday, it was very close but the bearish candle did not close outside. At least at my Metatrader Data.

supshin · September 30, 2020, 9:10am

Today EG Buy hit SL for me, GU Sell struggling, EU Sell so far so good

Cloudninee · September 30, 2020, 10:19am

EG did not CLOSE outside of the range. You don’t just enter the trade if the price exit the range, the candle needs to close.

plasticjacko · September 30, 2020, 10:22am

supshin · September 30, 2020, 10:44am

Hi,
This is my EUR/GBP 8AM Current UK time (7AM GMT) Green Candle today 30/09/20. IG platform. It closed beyond range. Am I doing something wrong? Please help.

SiggiSmilez · September 30, 2020, 10:46am

everything correct. hit SL

Cloudninee · September 30, 2020, 10:51am

You might be confused with EG the other day my friend.

Today’s EG did hit SL yes. Your range was correct and trade was correct as well. Just how the market goes, can’t win them all.

supshin · September 30, 2020, 10:59am

Thank you, CloudNinee and all. I am relieved. I thought I did some mistake for EG. It’s ok that it hit SL. Today’s market is not friendly it seems.

supshin · September 30, 2020, 11:03am

Today - Both EG Buy and GU Sell hit SL today. EU Sell running. GJ no trade.

rtripath · October 1, 2020, 4:52am

Hello everyone, wanted to give some more update on this strategy. After running for 2.5 month (july 14-sep 30). I tried EG,GU,GJ,GBPCAD,GBPCHF,EU and recently GBPNZD (only for 2 week) . I have designed an EA and using that everyday. Based on my experience, since last one month I am having almost 50% trade loss. Sometime it just open a sell order and then immediately reverse and hit SL. Even after this behavior I am still able to double my account . Because someday it gives massive profit (e.g this monday I got almost 75 pip in each of these pair) which covers its losses . However on tuesday and wednesday it gives overall loss. Hoping for a good result for rest of the week. If you want to test this strategy through my EA send me a pm and I will be happy to give my EA for testing.

Cloudninee · October 1, 2020, 4:59am

Hi @rtripath, lovely to see this and well done to you for sticking with it.

Also great to see even with the EA which does not have human’s touches when it comes to trading decisions, you are still able to make it work.

Glad I could be of help.

All the best.

supshin · October 1, 2020, 7:14am

Fantastic!!! Your observation is perfectly right.

supshin · October 1, 2020, 7:56am

8AM Candles show huge surge. Is it wise to follow Breakout direction?