What do you think of this starband? have you tried it? I’m reading thru the PDF now…
How can you set up in advance?
If strong resistance is at 100.00, how do you set it up? Unless you are set up for breakthru?
NickB scalp line trades are all breaks, and they all form days or weeks in advance. You find the lines on your chart and set pending orders for a 50 pip SL and TP.
That’s all there is to it. 
This week tweak resulting: 475pips + 47 (but i can’t take screenshots like last week, my mt4 demo acc from my broker was messed up this week.)
Seriously phil i need u man to discus about this tweak… i found some difficulties doing this tweak. c’mon PM me at YM i promise i will be bug you everyday hehehe 
This week tweak resulting: 475pips + 47 (but i can’t take screenshots like last week, my mt4 demo acc from my broker was messed up this week.)
Seriously phil i need u man to discus about this tweak… i found some difficulties doing this tweak. c’mon PM me at YM i promise i will be bug you everyday hehehe
But in his book he says need to watch price action. So if resistance at 100.00, do u place OSP Buy at 100.00 + spread, or 100.10 + spread? or?..
Is it over already?
Furtrader is testing the system on other pairs besides GBP/USD. That’s why some of his trades are closed already.
Wow!! Looks like we will be millionaires faster than we though?!
Hiya~ Furtrader, what pairs were u doing?
Phil838:
First time poster here. I saw you once in Forex Factory. I have been watching your thread for couple of weeks. I have been playing with break out system for quite some time but no luck so far. I like to have a mechanical system. I live in PST zone. Because of my day job, I can’t get to trade during the US or Asian session (t0o late). I can place a trade by 11 PM (PST) time and can close in the morning. Do you think, it’s possible to use both this break out system as well as NicB’s method with the idea of placing limit order in the night and see the result in the morning. I also use IBFX for chart and Oanda for trading. Do you use trailing stop for the break out system? Last week, I lost because I did not put any trailing stop. This week , I lost as I had trailing stop in place. Your reply wil be appreciated.
Thanks
FX California
GBP/JPY, i found that EUR/USD and USD/CHF and other slow pokes aren’t too good… i found GBP/JPY is have nicely voilent moves
ahhh! option’s straddle!! anything that moves violently is good! 
original rules with GBP/JPY?
Hi phil838,
I’m going to modify the indicator to include spreads on the buy side, and to do the calculation based on the pair the user is on instead of fixing to GBPUSD.
So, as far as I know, it’s only the OSP Buy Order that needs to add spread to it? Am I correct?
Hi FX California,
Absolutely! I don’t take any of these trades, or any NickB trade, manually. I enter them all with limit orders.
This weekly breakout can be set up with limit orders on Sunday evening, and the only maintenance it requires is moving the stoploss to breakeven, and canceling the opposite trade when need be.
This is a fairly slow moving system, so even if it hits the breakeven target and you’re not around to move the SL you’re probably going to be ok until you get home, check your trades, and move it to breakeven.
You will, of course, lose a few fast moving trades that the rest of us broke even on, but those will be rare and only amount to a few percentage points per year. If the rest of us make a 50% return this year and you only manage 45% I see no problem with that.
As for NickB’s method, you won’t be able to trade reversals but the scalp line breaks will fit your schedule perfectly. Set up limit orders when the market opens on Sunday and you’re basically done for the week, since they require no monitoring at all. New lines do pop up during the week, so I would check for new lines every night, but you won’t miss any during he day because the lines, by definition, take more than 24 hours to develop.
As for trailing stops, I don’t use them at all. I’ve found that they end up costing you money in the long run. This system makes good returns, but it only has a 30% win rate, so you have to learn to accept the losses and move on.
Correct, only the long order needs the spread added to it.
Also, make sure to put a note on the indicator post telling people it’s already factored in, otherwise we’re both going to get a lot of people asking why the long trade is different.
You might want to make an option to turn that on and off too. I chart and trade on different platforms so the spread calculations would be wrong for me, so I’d rather just have it off. Most people would probably rather have it built in though, so don’t change your mind because of me.
Yeah, I think GBP/JPY would be excellent with this system. I would trade this on it myself if it didn’t interfere with my NickB trades on that pair.
Does the OSP Sell Stop Loss and OSP Sell Target Profit needs it too? Or just OSP Buy only?
Why would it interfere? I mean couldn’t we just put orders to buy/sell @ different prices?
OMG!! short side is… >_<