London Breakout Strategy - 1H Timeframe Modified

Gabzie17 · July 26, 2020, 9:26pm

Hello. Am new here on this platform. I would love to learn more about forex from you. Your help will be highly appreciated. Thanks

Cloudninee · July 27, 2020, 10:54pm

If overall it is still profitable, then I guess there is nothing wrong with what you are doing. My only concern in the long run is if you keep letting you SL run full and stopping your TP short, just not overly sure in the long term game it will be profitable. Win rate might be higher this way but just not sure $ wise.

But I am not testing it, you are, so I guess if you are happy and comfortable with it, then keeping going

Cloudninee · July 27, 2020, 10:56pm

Thanks for the comment. I see you have put quite a bit of effort into this and I am hopeful it will work out well for you.

I see no issues with your planning. All the best!

Cloudninee · July 27, 2020, 10:59pm

Hi Iandorra, thank you for your comment.

I am not trying to sell anything nor am I trying to impress anyone and as mentioned above, I am nowhere near being a professional trader, so no, I don’t offer a myfxbook page. I am simply sharing a strategy that has worked for me to people and welcome feedbacks along with other people’s idea to potentially make this strategy their own. That’s all.

Cloudninee · July 27, 2020, 11:02pm

I have never tried it with GN and GA, so I am glad to see someone trying it out to see how it works.

The size of the range is definitely something to pay attention to. As mentioned here before, on days that the range is too big (if you like numbers you can compare this to 1x or 2x ATR if you like), I don’t trade the pair.

Managing your trade is great. Only issue with cutting TP early and letting you SL run full is you are taking away potential profits. This may raise the winning rate but $ wise in the long term it may hurt. Of course, this is rather your own initiative so if it works, nothing is wrong with it!

Mondeoman · July 28, 2020, 1:09am

Hi Cloudninee,
Thank you for reviewing this planning. I will share with you any backtesting results I document for this particular Algorithm.

supshin · July 28, 2020, 5:23am

Thank you, CloudNinee, for your reply. You are right. I need to follow the strategy as closely as possible. Can you share your weekly result please which will help us adapt to the strategy please? Thanks once again.

Cloudninee · July 28, 2020, 6:29am

Hi Supshin, I have not been trading this strategy for the past 2 weeks as I have been on the road quite a lot of the time for work. As mentioned in my earliest posts, I only trade this when time allowed which is usually when I am home and are not travelling for work.

I still trade daily but I use a different strategy on the daily charts which doesn’t require a lot of monitoring.

My strategy with this has not changed since my original post. But as mentioned, don’t follow everything exactly if you are not comfortable with it. My strategy is there as a guide, but you can tweak and change as you find necessary to your own style of trading.

supshin · July 28, 2020, 7:29am

Thank you, CloudNinee. I appreciate your knowledge. Can you please share your day strategy which doesn’t require much monitoring please? May be, I will do some testing.

frederickpe · July 28, 2020, 11:29am

I backtested it and run a bot for this strat I got a better result when you leave the trade open and wait for lose or win for that trade

frederickpe · July 28, 2020, 11:30am

I also backtested using EA that eurusd is a losing trade if i revised it to trade until it reaches tp or sl. I tried closing at 1600 but it do more harm than good.

Cloudninee · August 3, 2020, 12:45am

I did have a plan to write up a separate post on this however with my full time work returning and a few other personal matters I have not been able to sort out a time to do it. I’d rather do it properly so people can follow rather than write up something quickly which can be interpreted wrongly and people lose money because of it.

Cloudninee · August 3, 2020, 12:49am

Yes, you can do that also. That’s another approach to the strategy.

For me, as explained in the original post, I close all my trades before the market changes over (if the trade is still running and haven’t yet hit SL or TP).

supshin · August 3, 2020, 7:36am

Thank you, CloudNinee

supshin · August 4, 2020, 12:17pm

Hi CloudNinee, Yesterday all 4 forex pairs hit SL which lead to Loss for all 4 trades. Can you please advise if there is any special scenario so that next time I will be careful not to open trade please?

supshin · August 4, 2020, 12:18pm

Yesterday means 3rd Aug 2020 Monday

Cloudninee · August 5, 2020, 11:13pm

Hi supshin, unfortunately that may and will happen from time to time. No strategy is perfect and the market will do what it wants.

Amongst this thread we did discuss this a number of times but again, it comes down to the trader to decide.

For me, here are 2 main situations where I’d avoid trading a pair:

If major news (especially NFP) is coming out
If the “range” is too wide (too much movement before London opens)

supshin · August 6, 2020, 10:42am

Thank you, CloudNinee.
Any idea please about too wide range from your experience, say, 40-50 pips max?
About major news, you told NFP. Can you give examples of any other major news from your experience/observation please?
I appreciate no strategy is perfect. But I like to see if I am doing any mistake. If you are facing different trading result this week (3rd to 7th Aug), I like to review my entry point, SL or target. Maybe, I am doing some mistake. Can you share your trading result or picture for this week’s trading please?
Sorry for too many questions. Please do not get irritated. I appreciate your help undoubtedly.

Cloudninee · August 7, 2020, 2:45am

Hey supshin, no irritation here, I am happy to help where I can, so feel free to ask any and as many questions as you like. I’d like to see you succeed too especially when the base of the strategy starts from mine.

In terms of the wide range, there are many different ways to determine this, here are a few example of things I have used and I have seen others used in the past:

Last 3 candles of the Asian sessions are unusually larger compare to the rest of the session - this is quite ovbvious, you will see the last 3 candles being exceptionally huge compare to the others prior.
Some people also uses ATR, so if they see the range is larger or is close to equal the ATR itself, they would not trade.

For news, NFP is quite obvious, I’m not sure what you use to check out news but most should tell you if something is major. It’s hard to say what will affect a pair more than another, so you just need to do research into it. If you use tradingview, clicking into the news session will tell you more details about a particular news and how it may or may not affect a pair.

As I have mentioned before, as work is slowly coming back for me along with other personal matters right now, I don’t have the time to trade this strategy so I don’t have any results myself. I can take a look into for you if you’d like and I will reply in another post to let you know my finding about this week’s trades based on my strategy.

supshin · August 8, 2020, 4:18am

That will be excellent, CloudNinee. If you can give your views it will help really.