Simple GBPUSD Strategy (No Indicator Needed)

[cheffrey85]

I have been testing this strategy on a demo account since Oct 14 on 5 different pairs, with good results so far. Below are my results

EUR/CAD +319 Pips
EUR/AUD +36 Pips
GBP/JPY +43 Pips
EUR/USD +108
GBP/USD +457

I have been using his rules as they were given, I set my trades and forget about them. I adjust my lot size so I never have a risk of losing or gaining more than 2% per trade, it’s a 1:1 risk reward ratio, but so far it has been pretty positive.

Edit: I am using an Oanda practice acount, so I cannot hedge my trades and once or twice a trade from the day before was closed due to a new trade executing in the opposite direction, this has affected my results, but like I said, it has happened only once or twice. Since Oanda does not allow hedging if I take this to my live account I will put all buy orders in one account and use a sub-account for all my shorts.

Edit #2: For those interested, I started my practice account fresh with 100k, and currently the account is sitting at about 106,500. +6.5% in 5 trading days

[thrustidle74]

Hi Cheffrey85,

I’m also using this strategy on a live Oanda account.
Can you post your 14th Oct trade (GBPUSD) so that I can compare with mine,my trade was a loss on the 14th around 150 pips. I’m wondering if there’s a difference between live and demo quotes.There shouldn’t be. Maybe I’m doing something wrong.

Cheers

[cheffrey85]

I actually didn’t have a trade trigger on the 14th for GBP/USD.

I have my orders for that day recorded as:

Buy: 1.60692 Sell: 1.58865
T/P: 1.62459 T/P: 1.57098
S/L: 1.58865 S/L: 1.60692

[thrustidle74]

Thanks for the reply.
Looks the same,in my case my trade also wasn’t triggered on the 14th, on the 15th it got triggered,went up to 1.6107 then it came back all the way down and hit S/L.
Well…still profitable strategy in my opinion,as long as low leverage used.

Thanks again.

[cheffrey85]

Ok, yeah same for me on the 15th, I think both trades triggered, the buy ended up hitting my stop loss, and my short hit my target price so I ended up even for the day.

[stuckinminorchords]

Hey guys

Could someone please post a step by step on how to get the EA working. I have never used an EA before and I am not sure how to add it to my chart.

Any help would be appreciated.

Thanks

[thrustidle74]

Yesterday’s trade was breakeven.
As the price moved half way down towards my target I moved the S/L to break even which got hit.
It was a good week,I recovered most of my losses.
Now getting into price action trading,I really like the idea and simplicity behind it.On the other hand set and forget side of the break out strategies is still attractive.

[thrustidle74]

Hey guys

Could someone please post a step by step on how to get the EA working. I have never used an EA before and I am not sure how to add it to my chart.

Any help would be appreciated.

Thanks

Sorry I’m a MAC user…I’m sure if you google it you’ll find the answer or better ask your broker,you are paying the spread for their service.

[sspremj]

Hi,

Please check this out. YouTube - How To Install, Load & Run Expert Advisors & Indicators MT4 Hope this helps.

Prem

Hey guys

Could someone please post a step by step on how to get the EA working. I have never used an EA before and I am not sure how to add it to my chart.

Any help would be appreciated.

Thanks

[vamos124]

Hi guys
Sorry if I look like a complete tool but I dont understand how you can just buy at the price you want? e.g. if I wanted to buy at max + 2 pips wouldnt I have to wait until the price actually gets that high to buy it? And if I wanted to buy at min - 2 pips wouldn’t I have to wait until it gets that low or am I completely missing something? Sorry I am a TOTAL newbie to this.
Thanks

[thrustidle74]

Vamos!!

I was asking the same questions a year ago.
It’s called Limit Order or Stop Limit order(depending on the broker)…
Basically the difference from Market Order is you set up what price you want to buy/sell,your target and your stop loss. Once the price target hits it’ll trigger your order.
I recommend you to read your brokers help/faq pages to get a better understanding.

[zipster31]

Hi folks, like the system, have started doing it on demo as per original instructions. Does anyone have a demo or live account to show using this strategy? How is it going for you Melodocia?
zipster31

[monstapips]

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.

How far above / below the highs and low do you set your orders?

[dobro]

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.

Is 14:00 & 16:00 GMT? If so then 14:00 in CDT/US (GMT -5) is 09:00 CDT & 10:00 EDT, well after any US news but maybe you would be so kind as to clarity. Or maybe that’s the point, “well after the US news.” Thank you, d.

[zipster31]

@ baby24,

I don’t know much about EAs as I’m a MAC user…banned Windows off my house years ago
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.

Can you pm Melodica and confirm this please? I would do so myself but have not posted enough times to do be allowed to do so. I agree with what you say thrustidle74 so would really like to know - though Monday’s trade using GMT +2hrs hit T/P

[zipster31]

Quick Note - I say +2 hrs GMT because my trading platform is +2 hrs GMT. So have been taking the high and low 1 hour after the London open, if that makes sense.

[zipster31]

I use this system for about 2 months.
9pm and 8am are the times when London is asleep.

Hello Melodica, hope you are all well and good. I would like to confirm with you that the high and low we are selecting is between London closing time and London opening time? If the answer is yes, then it is quite easy for us to work out our GMT times. So far, so good, am sticking to your exact rules (though a little in doubt as to times hence the post). Good money management is key here. Would be nice to see your stats for this method. Any chance of this old bean?

[Mercia]

I find this system has more success if base your trades from 9PM to 9AM British time.

[thrustidle74]

I didn’t trade on monday…My observation was mondays were mostly losers for some reason.
Tuesday was 60 pips profit,manually closed the trade,it came very close to T/P(around 100 pips) but didn’t hit.My strategy is to close the trade manually if the T/P doesn’t hit by the open of Asian markets.
So this system really works on trending markets.

[thrustidle74]

@ Mercia,

Thanks for the input,I’ll give it a try.
I also see potential between 20.00-23.59 GMT period.