Simple GBPUSD Strategy (No Indicator Needed)

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237

Revloc, I sense that you are using a 5-digit broker (hence the 40 spread). Maybe the EA was made for 4-digit brokers (i’m not sure, i haven’t used it).

If you can code, just tweak one or two things… If you can’t, just ask the ea creator for a new/revised version which will accommodate 5-digit brokers.

238

You can also do the following at the US breakout time:

you need to do is the following:-

  1. Pull out a M15 Chart for a USD Major pair, example like GBPUSD.
  2. Draw a vertical line at 14:00 time on your Chart.
  3. Draw a vertical line at 16:00 time on your Chart.
  4. Draw a Horizontal line at the high of candles/bars in between the vertical
    line.
  5. Draw a Horizontal line at the Low of candles/bars in between the vertical
    line.

Thats it, Simply put a buy stop at the high and sell stop at the low with stoploss at the low (If your buying) and stoploss at the high (If your selling).

Ideal Targets: Around 30-50pips or no targets if you think it can go more

[B]Trailing Stop of 15pips[/B], if your using metatrader.

points to note:

  1. There are only 9 candles/bars in the 15 minute chart, between 1400-1600.
  2. If the Distance between the high and low is less than 50-60 pips, it could be very profitable.
  3. If the Distance between the high and low is more than 50-60 pips, it could be not very profitable.
  4. If the price doesn’t break the high/low, its a ranging market.
  5. The USD news are usually released around or after the 14:00-16:00 phase.
  6. The signals are only valid for the current day, Next day u again need to wait for the 1400-1600 time and 9 candles again.
239

I wonder if it is correct to wait for the CLOSE of the 1hr candle, which opened at 8:00 GMT. I think melodica spoke of a fix TIME 8:00 and not candles.

Could somebody please check?

Thanks

Baby24

240

Hi all,

The reason we are using 8GMT as starting point is because it is London open,correct me if I’m wrong…
During day light saving time (which is until the end of October) London opens at 7GMT :eek:.Are we going to adjust the strategy accordingly?:confused:

241

Started trading live on this strategy.
My order triggered long @ 1.588 just after 8GMT.SL/TP 40 pips.
Lets see what happens.
Is it just me or Mondays are not profitable on this strategy…Since the thread started as far as I observed the Mondays are always the loser.
I think for now I’ll scrap Mondays off as no trading day.
As I mentioned before I’m not trading every day because of my full time job.
My goal is 1-2% daily gain,I try not to risk more than 2% of my funds which is very difficult with this kind of strategy.As the stop-losses get tighter the drawdowns will increase.
Lets wait and see.:cool:

242

@ baby24,

I don’t know much about EAs as I’m a MAC user…banned Windows off my house years ago :smiley:
But waiting for the close of 8GMT candle will take you 2 hours into London open at DST and 1 hour into London open in winter time.
At the moment London open is 7GMT…Daylight saving Time is using GMT+1 in London until 31st Oct.
And that doesn’t correspond with Melodica’s rules.

243

Hi Lads. when i run back testing using the latest EA for GPBUSD H1, for 2 years i only seem to get 6 trades. Any Ideas?

245

First trade of my live account was hit S/L, lost 40 pips :eek:
I have set a fixed S/L of 40 pips to avoid a big drawdown.If I’ve used the original strategy my trade would be in profit now…Lesson learned,tomorrows trade will be as per the original Melodica strategy.

246

Second trade of my live account,

Buy Limit order 1.6050/ TP/SL 150pips,
Sell Limit order 1.5886/ TP/SL 150pips.

This time exact rules of Melodica but only change is I considered 7GMT rather than 8GMT due to daylight saving time.:wink:

247

Would be good to get some clarification on this from melodica. My intrepretation is a little different due to the fact that this thread was created back in August when London was already on daylight savings.

I do agree though on the logic of 8AM London time given that’s when the market opens.

250

@ Spinal

That makes sense…good observation,never thought about that.
At the moment I’m looking at combining this strategy with other breakout strategies to filter the bad trades…not easy though,we’ll always get some bad ones but less the better as the drawdown on braekouts is huge.

251

This trade still open…I’ll post any profit/loss as soon as the trade is closed.
Found another breakout strategy on Forexfactory…I’ll also start testing it on Demo.

252

Has anyone taken this idea and used it on daily timeframes? Using the highs and lows of yesterday

253

Another S/L hit today :eek:
Not good so far…
The new strategy I found on Forexfactory hasn’t triggered yet.

254

First profitable day since I started trading this on live account.
Recovered some of my loss by making 70 pips.
:slight_smile:

256

What stop loss is everyone using? The original stop loss is too big to use.

257

Im not going to trial this for the next month, using ops strat. From back testing it looks promising but we shall see, will post results

258

65 pips profit today,it’s still going up but I manually closed the trade.

@ Sam321
When the S/L becomes too big I use fixed figure between 50-70 pips…still too much but better than 120-140.Anything less than 40 pips fixed stoploss tends to be too small and gets hit easily.

259

Looks like it sa nice win for this strat today if you close now or it stays up for the rest of the day

260

Always be careful of having bad RR