Sunday Breakout Strategy

[mumpips]

(4) Yes, I do use alarms with this system. I use them to alert me when price gets to point I need to set the SL to breakeven, and to tell me that the price is approaching the profit target. If I’m around I won’t take my profit at the TP automatically, because sometimes it goes through the target and I end up getting a couple dozen more pips out of the trade.

I believe Nick uses both GFT and MB Trading. I’ve never used GFT to trade live. Their pushy sales reps scared me off!

Hi Phil,

I know you are not using GFT but I hope you can help me to understand how to use the order button on the platform if i am using Sunday breakout strategy.

GFT has mkt, limit,stop(with trailing),OCO (stop & limit) and Parent & Continengents(Parent, Cont 1. stop, Cont 2.limit)

They don’t have SL & PT button as shown in Oanda, which one will you use as mentioned above?

Thanks

[phil838]

Hi Phil,

I know you are not using GFT but I hope you can help me to understand how to use the order button on the platform if i am using Sunday breakout strategy.

GFT has mkt, limit,stop(with trailing),OCO (stop & limit) and Parent & Continengents(Parent, Cont 1. stop, Cont 2.limit)

They don’t have SL & PT button as shown in Oanda, which one will you use as mentioned above?

Thanks

You’d want to use a limit order.

A market order is an order that you’re opening right now at the current market price.

A limit order is the same thing as what I call a “pending order”. It’s an order to buy or sell sometime in the future when price hits a certain level.

A trailing stop order moves your stoploss for you automatically by a set number of pips. A trailing stop of 20, for example, will keep moving your stoploss up so your SL point is never more than 20 pips behind you.

OCO is One Cancels Other and is basically two limits orders. When the first one get’s triggered the second one is automatically canceled.

And I have no clue what a Parent & Contingents order is. Sounds like it might be an automated way to take multiple profits during a trade??

[mumpips]

Here are this weeks trades…

Long: 1.6530
Short: 1.6482

This weeks trades have a SL of 38 and a TP of 240.

Orpips, is your ATR 479? Just want to check and see if we have the same ATR because of our backtesting results.

The current price is at 1.6701, already 171pips another 69pips to reach the target…wow…this strategy is amazing!

[mumpips]

You’d want to use a limit order.

A limit order is the same thing as what I call a “pending order”. It’s an order to buy or sell sometime in the future when price hits a certain level.

I have checked the order button again and confirmed that there is no SL & PT on limit order’s window. I will have to check with the live chat.

Thanks:)

[phil838]

The current price is at 1.6701, already 171pips another 69pips to reach the target…wow…this strategy is amazing!

Are you still in the trade? I got stopped out yesterday.

Sometimes different brokers have slightly different price feeds and some people lose while others win. It all balances out in the long-term though.

[mumpips]

Are you still in the trade? I got stopped out yesterday.

Sometimes different brokers have slightly different price feeds and some people lose while others win. It all balances out in the long-term though.

Yes, I am still in the trade. this is the 1st time I see my profit running crazily.

[orpips]

Mumpips, what was your entry and stop? Price initially triggered the long entry and then dropped below the stop, and in both directions went far enough (25+ pips past entry trigger line, then 25+ pips past low of candle to trigger stop) that broker difference alone shouldn’t account for the difference.

[phil838]

Mumpips, what was your entry and stop? Price initially triggered the long entry and then dropped below the stop, and in both directions went far enough (25+ pips past entry trigger line, then 25+ pips past low of candle to trigger stop) that broker difference alone shouldn’t account for the difference.

I know what it was. She said she got the candles mixed up by accident a few posts back, so she didn’t get stopped out when the rest of us did.

Lucky break this time!

If you’re trading real money I’d close out your trade now, since this one was a fluke!

[mumpips]

I know what it was. She said she got the candles mixed up by accident a few posts back, so she didn’t get stopped out when the rest of us did.

Lucky break this time!

If you’re trading real money I’d close out your trade now, since this one was a fluke!

You are right. I am lucky this time. I am already out and reading your ebook now.

A lot of work to do…I am really move like a turtle.

[Rei]

I think contingent orders are pending orders which get activated if another order activates. This other order is sometimes called the parent order.

Yea this week was a double loss Better luck next week.

[mumpips]

I think contingent orders are pending orders which get activated if another order activates. This other order is sometimes called the parent order.

Yea this week was a double loss Better luck next week.

I have checked with live chat and they said Parent & Contingent order work as pending order with S/L & P/T in GFT platform.

Interesting!

[mumpips]

Hi Phil,

Can I know what is OSP buy and OSP sell?
Can you explain again on ATR which you posted before, you said something like "if you use up this week ATR value, you will not enter trade. Your entry will base on the balance of ATR of this week??? Sorry, I tried to find your previous post but failed, hope you understand what I am trying to say here.

Thanks a lot:)

[phil838]

Hi Phil,

Can I know what is OSP buy and OSP sell?
Can you explain again on ATR which you posted before, you said something like "if you use up this week ATR value, you will not enter trade. Your entry will base on the balance of ATR of this week??? Sorry, I tried to find your previous post but failed, hope you understand what I am trying to say here.

Thanks a lot:)

I have no idea what OSP stands for. It’s something S050399b came up with. I knew what he meant so I didn’t bother wondering what it stood for.

What I meant with the ATR is this. Imagine the current ATR is 500 pips, which would make our profit target for the week 250. If the short trade gets triggered, moves down 225 pips, and then reverses and ends up losing would you enter the long trade??

Of course not! Because if the average range of the pair is 500 pips per week, and we’ve already “used up” 225 of that on the downside then there’s only around 275 “free” for the long trade to go. Since our profit target is 250 that’s cutting it way to close (it is an average, after all), so we’d skip the long trade for the week.

I hope that makes sense… It’s hard to explain.

[mumpips]

I have no idea what OSP stands for. It’s something S050399b came up with. I knew what he meant so I didn’t bother wondering what it stood for.

What I meant with the ATR is this. Imagine the current ATR is 500 pips, which would make our profit target for the week 250. If the short trade gets triggered, moves down 225 pips, and then reverses and ends up losing would you enter the long trade??

Of course not! Because if the average range of the pair is 500 pips per week, and we’ve already “used up” 225 of that on the downside then there’s only around 275 “free” for the long trade to go. Since our profit target is 250 that’s cutting it way to close (it is an average, after all), so we’d skip the long trade for the week.

I hope that makes sense… It’s hard to explain.

Yeah it make sense to me and will be careful on this ATR so that I will not overtrade.

Thanks

[weijen]

Hi phil, i was just thinking about this when you replied below. would you be further testing this strategy to optimally pick when to take the week’s second trade? I guess conservatively, i would pick it only if we had 15-25% of the ATR used up…?

I have no idea what OSP stands for. It’s something S050399b came up with. I knew what he meant so I didn’t bother wondering what it stood for.

What I meant with the ATR is this. Imagine the current ATR is 500 pips, which would make our profit target for the week 250. If the short trade gets triggered, moves down 225 pips, and then reverses and ends up losing would you enter the long trade??

Of course not! Because if the average range of the pair is 500 pips per week, and we’ve already “used up” 225 of that on the downside then there’s only around 275 “free” for the long trade to go. Since our profit target is 250 that’s cutting it way to close (it is an average, after all), so we’d skip the long trade for the week.

I hope that makes sense… It’s hard to explain.

[phil838]

Hi phil, i was just thinking about this when you replied below. would you be further testing this strategy to optimally pick when to take the week’s second trade? I guess conservatively, i would pick it only if we had 15-25% of the ATR used up…?

I don’t have any plans to backtest it, I just judge it based on the situation.

I also take the day of the week into consideration. If only 15% of the ATR was used up, but it took till Wednesday to do it, I wouldn’t take the other trade because the market is ranging to much.

[weijen]

Thanks, and thanks also for sharing this great idea.

I think many entrepreneurs will find this very similar to doing a business - you have fixed costs running all the time (weekly small losses), and waiting for an order to come in (the jackpot)…personally, i really like this!

I don’t have any plans to backtest it, I just judge it based on the situation.

I also take the day of the week into consideration. If only 15% of the ATR was used up, but it took till Wednesday to do it, I wouldn’t take the other trade because the market is ranging to much.

[s050399b]

OSP = On Stop Price

I think buy stop order is the official word…

[mumpips]

OSP = On Stop Price

I think buy stop order is the official word…

Thanks for the reply:)

[nutrader]

I was away in japan this week & being about 9 hours time difference from home it was a real effort to do this weeks trades, in a way i wish i didnt as they were both losers, but on the other hand i realise it is very important to take every trade when trading a mechanical system like this one as i have found out the hard way that if you miss one winning trade it takes a long time recoup the losses.

My results since trading this for the last 3 weeks are 4 losing trades & 1 BE the one trade i missed on the first week would of been a winner for me according to my feed. therefore that win was the difference to being in profit and being in drawdown teritory.

However this is all part of trading, we have to accept the losses and hope that the profits will outpeform in the longrun

good luck next week everyone