Out of country for a week or two, so put on EA with 30TP, & made +30 today see how the EA goes til I get back. EA just on GU
Hols in France Germany & CHF today so grab what you can !
I was a fraction away from hitting my TP today and I almost let emotion pull the trigger on a 50 pip gain but held off. I have to take that emotional part away and let the rules of the system dictate the wins/losses. It is reversing now but I think it will regress a hair and then head back in a positive direction. Weāll see. Still up 15 pips for the day so far. I also opened a long term long position on EUR/USD today too.
Iām heading to Europe in late June so itāll be easier to watch this from there (as getting up at 3-4AM here on the US east coast is tough (but doable for positive pips!).
Inflation reports are out this week for UK, China and US so weāll see how that influences our pip action.
TP was hit again today! So, Monday = +57 pips. It ran a bit more (20+ pips) in the positive but I am happy with 1X the 8AM candle. Perhaps I should watch it a hair more and place a trailing stop on once it hits or surpasses the TP level. Either way, a good start to the week. Hopefully Tuesday will be more of the same!
unfortrunately I was out early today with no computer access, and same tomorow so I will have to wait until wednesday to try again. I have backtested since I came home and I would have made 2% on my capital so when I add up at the end of the week I will have to take that into account.
how did you come up with the strategy in the first place, is it just experience, skill, luck, or have you studied somewhere about how to create strategies?
blue tony
Good deal Blue Tony! Keep up the positive pips!
Nutrader posted this system a while back and, while looking through some of the free systems on babypips I came across it. I was looking for something very simple, with a fairly set timeframe and something that I couldnāt āmis-readā regarding chart patterns. After backtesting this system many months I thought Iād give it a college try using an Oanda demo account. Honestly I havenāt been testing it for that long (only a few weeks) but thus far it is proving to be pretty legit. Iām up just under 10% over a two week periodā¦so no complaints.
Remember that the UK announces their inflation numbers tomorrow. I havenāt traded this system on a news day so I donāt know what to expect. The good news is they are announcing their inflation numbers at 8:30ā¦so what comes about during the 8-9AM candle could prove to be exciting. If it jumps (either way) at the close of the 9AM candle, Iāll jump in and watch it closelyā¦ride the news wave.
Happy pip chasing!
In today (short) after the 9AM candle broke out (just after the inflation news was released). I was a bit worried about trading this after news, coupled with the very short 8AM candle (since TP and SL is set based on the length of the 8AM candle). I got in at 1.6393 and almost immediately my SL was hit on a major reversal. I lost 48 pips. I got back in just after that at 1.6404 with SL = 1.6462 and a TP = 1.6347. Itās been ranging all day but now finally it is headed down and Iām up 34 pips. I may take the 34 pips and refresh for tomorrow. If I close out my 34 pips and couple that with my 48 pip loss this morning I would be -14 for the day but +43 for two days.
On a better note, the long position I put on yesterday on EUR/USD hit my TP and I closed out at a nice 136 pip win today.
Happy hunting!
Vary good performance
blimey that was annoying! set up my entry orders at 1.6365 long and 1.6328 short, allowing a bit of leeway on the 8.00 high and low; it tripped long at 9.28, rose another 10 pips and fell through a hole in the floor dropping 58 pips in a minute. Needless to say it hit the stop loss.
It all happened so quickly that I had only just cancelled the sell orders before it went low enough to open them and the irony is that if I hadnāt been watching it, then the sell orders would have kicked in and Iād be in profit by now ! perhaps thereās a lesson there?
Oh well tomorrow is another day.
blue tony
Blue Tony.
Ouch, however I feel your pain as I placed my buy and sell order just after the close of the 8AM candle yesterday and today, not waiting for the trend. Wonāt do that again. I was trying to catch the trend early by setting up my automatic entry points based on the 8AM candle range. I didnāt leave enough cushion and my long position was triggered.
So, note to self: If I want to place auto short/long orders based on the 8AM candle close and want to head back to bed after that, I better put in at least a 20 pip cushion on each side of the candle. The problem with that is that there will be no SL or TP set until I get out of bed a couple of hours later. I think if I set the cushion large enough, then the trend will have some legs once the short/long position is opened and I can put on my SL and TP points later.
Down fairly large today as a result of this noob maneuver. Still refining. Even still, my long cable position just may come back to at least a respectable loss or even a moderate gain.
hi nutrader and others
i have been looking for this kind of trade for a while, and will be following from now on, and demo-ing it Great Post.
dave
hi all
i got in at 1.63159 yesterday
t/p 1.62405
s/l 1.63660
so 75 pips
does this sound right?
regards
dave
Knothead,
I can only think it was something to do with the UK unemployment figures which came out at 9.30 and were worse than expected. As I have read, before, technical analysis alone sometimes isnāt enough and you need to look at functional stuff as well. Another lesson learned I suppose.
Dave.
Great first day! My day yesterday (read above post) was a disaster never to be repeated. Looking at the charts today, if I would have done the same thing as yesterday Iād be down 50+ pips today too. Iām in today after trend confirmation at 1.6107 (short) with TP set at 1.6068 and a SL at 1.6183. Massaging the TP SLs a bit. Hopefully all goes well today and I can get back on the winning side of things.
Blue Tony.
Absolutely right. TA isnāt the entire pictureā¦though if I would have cushioned my long and short orders I would have made 120+ pips yesterday. Mistake noted in CAPS in my trade journal.
GLTA!
Hi to all. re yesterdays trade
without going into the specifics, closed trade at 8.45am, 5 pips! Better than a loss though!!
dave
Take a gain any day Dave!
I got in yesterday and neither my TP or my SL was hit. So, I carried it over to this AM to hope the direction would continue in my favor. It didnāt and I ended up selling for a 21 pip loss. Then I jumped back in again right after the close of the 10AM breakout candle. In long at 1.6166 with SL at 1.6080 and TP at 1.6209 . So far not so good. Was up 20 at one point. Still, this system usually trends back a bit after the initial breakout. Not worried.
hi to all, todays trade;
got in at 1.61524
t/p 1.62352
s/l 1.60945
been away from screen till now so will exit at 4.45 gmt currently showing 38 pips up
regards dave
Nice day trading Dave!
Thus far today I am still holding on. Iām -3 for the day as of right now. My London Breakout System numbers for the week, Monday = +57, Tuesday = -27, Wednesday = -125 (yeah I knowā¦the truth hurts), Thursday = zero - sold the next AM for a -21 pip loss, Today I am still holding. So, My London Breakout for the week stands at -116 pips with Friday to be determined. I had two days of woeful returns on the LB system this week (Tues. & Wed.) but those were my own fault and I know what I did wrong. These arenāt the numbers I was hoping forā¦but this is why a journal is crucial in order to work out the kinks. Last week was a nice week.
Thus far this week on my EUR/USD testing, I am up +136, plus my closes today of +473, so +609 pips. Total account is up just over 10% in two weeks. Iāll take that!
Have a great weekend!
Sorryā¦but I am a bit confused regarding the correct time for the one hour āboxā. It appears the box is the 1st hour of the London trading session, and not the hour preceding the London open. Is this correct? Soā¦if we keep in mind the local London time, we shouldnāt have issues in switching back and forth when daylight savings times fluctuate both in London and our respective time zonesā¦
Many thanks and good trading! 
BC2
Bobcat.
The 8AM (London Time) candle is what the system is based off of. The LSE opens at 8:00AM.So, at 8:59AM youāll get the closed candle. That is what you are basing the trade decision on. From my experience, I find waiting for the 9AM candle to close in order to deem that candle a break out. I jumped in before the 9AM candle was closed and it reversed on me several times. Once I see the 9AM candle close above or below the 8AM candle, that is my confirmation and I put in an appropriate buy or sell.
Iām in this AM (long) at 1.6163. SL at 1.6110 and TP at 1.6213. Up 36 pips as of right now. Also shorted the EUR.
TP was just hit. A big no no, but the trend was a long white candle going up rapidlyā¦so I quickly adjusted my TP to be a hair higher. +51 pips for today on the London Breakout System. I am still not doing a double TP size of the 8AM candle so I am probably leaving perfectly good pips on the table. Hey, +51 doesnāt suck.
Anyone else ride those white candles up today?