I hope everyone had a great Easter break. It was good to get away from the screen for a while!
The first thing I should do is post my results for March. My birthday was this month so I had hoped for a nice present but it wasn’t to be! This is the first month I have finished in negative territory with the system - down 50 pips!
Ok, ok, so I have read a lot of the threads on here and other boards and I guess with any system you have to accept that you will have down months - its all part of trading. However in my birthday month!
The good thing is that I was able to pocket a few extra pips by using the indicator on the EUR/USD pair which caught a good early move. I should probably trade this pair more regularly with the indicator although I am keen to avoid too many risks and being caught out by similar early morning moves on both pairs (GBP/USD and EUR/USD).
Due to the break ( I didn’t trade on either Bank Holiday) there hasn’t been too much activity this month. I pocketed 20 pips on a move at the start of the month and lost out on a false break for -45 pips. A breakout trade was triggered this morning which is still open with a target of 1.5951 so we shall see how this goes by the end of the day.
Hi I’ve been looking for some information on this system and followed your thread on babypips. I’m thinking about getting this system and wondered if you are still trading it and if so how are you getting on? The results on the site seem to be holding up quite well over the summer and in difficult markets.
Yes I have still being trading the system though haven’t been posting on here due to one reason or another (holiday was the last one! :p)
It still sees to be working quite well - given the swinging markets of late and also what I’ve read about quieter summer markets.
I have also been using it on EUR/ USD a bit more regularly but instead of trading at 8am I have been trading this pair an hour earlier at 7am. Again not regular as I am not always available at that time. However I have booked around a couple hundred pips per month over the last couple of months by doing this as well as the main strategy so pretty pleased to be trading this!
Have you got the system yet? I’d be interested to hear how you have got on with it.
Just noticed your post so thought I would respond.
Yes I’m still trading it and though tracking performance is not really my thing. I don’t use fxbook as trade it on IGIndex and have also been doing some binary trades on the breakout as well which have worked out well.
What I can tell you though is that it works well at 8am (london time) and just as well at 7am (london time) - though for the early sitting if I am around I tend to trade the EUR/USD more so.
I might take a look at seeing if I can put the indicator to more use for say, the US open. They do say in the FAQ that the indicator can be used for other applications (Frequently Asked Questions).
If anyone has tried this I would love to hear about their setup and what the performance was like.
We still trade the system each morning and have a number of traders around the globe using this - perhaps it is just so simple and defined that it doesn’t need a huge amount of discussion!
It’s been a great year for the strategy - you can check out the monthly results on the website.
Of course if you have any questions then please feel free to post them and we will do our best to answer them for you.
We only trade the Conservative and False breakout strategy now - the advanced results are still logged more for posterity.
The conservative strategy is 1:1 risk reward and the False breakout is the same.
With the conservative strategy the that we manage risk is to open three orders, each with a separate profit target and incremental stop. This helps to lock in profits as the moves progress.
The indicator identifies whether a trade is ‘on’ at 8am each morning. It then just takes 5 minutes to open up the relevant orders at the recommended levels and place the applicable profit and stop levels.
The latest indicator has also had some changes to allow customization of the settings. This makes it easy to pick up on breakouts on pairs other than the GBP/USD and set custom profit and stop levels (A good suggestion here is to trade EUR/USD at 7am).
While it would seem a great candidate for an EA and can be traded entirely mechanically with good results, the best approach is to validate with the news which does require a manual involvement. News is generally released at 9:30 each day in the UK and we have some suggested guidelines for trading around this. This is the second 5 minutes you need to invest in trading the strategy!
Latest results posted. +400 pip in May. Also two False breakout trades in the last few days that reversed two pips from our target. Still another good result and we continue to make steady profits month on month. :10:
London Forex, I have a question for you.
I realize that a breakout or trend can continue for a long time, but normally how long does it take to see the color of the cards after the opening? One hour? Two hours? Longer?
I ask because I would prefer to monitor the trade manually.
Thanks for your attention.
Hi Monreyferret. It really depends. The markets tend to go through cycles and therefore some times a breakout may happen almost immediately while at other times there can a lapse after the open before the market gets going. The system looks for action to happen quickly as orders are pulled at either 09:30 or 10:00 depending on how aggressively the strategy is traded.
The outlook for GBPUSD is perhaps looking slightly better than it’s European couterpart as we head into the last part of the year, given the upbeat economic figures coming out of the UK. However there continues to be a lot of volatilty and side ways action in the markets.
The results for November across all strategies have been updated on the site here - Results - London Forex Open
Still another good result and we continue to make steady profits month on month. :10:
