Sunday Breakout Strategy

[dusktrader]

Thanks Dusktrader. I am new too. I am on IBFX demo though.

The numbers do seem to match up with mine. I have a high of 1.6327. Shouldn’t make a difference I hope.

One or two pips is not going to make a difference in the grand scheme. Also, the IBFX demo feed and live feed can be slightly different.

[Rei]

My low was about 10pips lower for some reason. I’ll let someone else confirm.
The range is relatively large so its not going to be very profitable if we win this week. It still worth trading though. Also interesting is the trade hasn’t triggered straight away like it usually does. This is a good sign. It feels more like a proper “breakout” trade.

[nutrader]

My low was about 10pips lower for some reason. I’ll let someone else confirm.
The range is relatively large so its not going to be very profitable if we win this week. It still worth trading though. Also interesting is the trade hasn’t triggered straight away like it usually does. This is a good sign. It feels more like a proper “breakout” trade.

you must of escaped the short entry just a few mins after the sunday candle closed because of your extra 10 pip low, we wait to see if you were the lucky one or not as it has not yet hit the SL

EDIT My SL was hit by 1 pip but i did not get my sms letting me know:mad:

So it seems your extra 10 pips have saved you for know

[Rei]

Maybe it has to do with the end of daylight saving over in the UK?

[phil838]

EDIT: A win on the news release. Phil was right again, there is always a winner when he doesn’t trade.

It never fails. When I took my last vacation in July the same thing happened.

My account is about 15% lower than it should be because winners always come when I’m gone. It just goes to show you how important it is not to miss a trade with a system like this…

I’m gaining more and more faith in the EA as the weeks go by. I’ll probably feel safe letting it trade by itself the next time I’m gone.

[phil838]

Euro/Yen also finished with a win this week making that 2 in a row according to my feed. did anyone manage to backtest ey further than the 1 year that phil did? i am considering to start live with this pair but with 2 wins in a row, despite every trade having an equal chance of success i feel that i should wait for a few losing weeks before i jump in

I tested EUR/JPY back 5 years. My final results show that it is profitable when the market conditions are right.

During some years the R:R ratio on it goes down the toilet (down as far at 1:1 or 1.5:1 for months at a time.), and it loses money during these times…

My decision was to trade EUR/JPY, but to stop trading it if the R:R ratios fall below 2:1 for more than a few weeks straight.

[phil838]

One or two pips is not going to make a difference in the grand scheme. Also, the IBFX demo feed and live feed can be slightly different.

Right!

Remember that having the exact numbers is not what makes this system successful. This system is based on pure statistics, not price levels or technical analysis like most other systems.

Statistically the weekly high/low happens on Mondays almost twice as often than it does on other days (except Friday). We’re just betting that this will happen and the trend will hold.

If you’re off from everyone else by 10 or even 20 pips it’s not going to make a difference in the long run. The statistics will still hold true.

[kaitagsd]

Its showing this weeks ATR to be 3947, and i bought at 1.63367, so would my TP be 1.65340 or somewhere around there?

Is it wise to just take the profit that you have sometimes, instead of waiting it to go all the way to TP? I’m at 1.63750 at this moment, and I’m a first time trader, so it’s quite tempting, but that’s only (40?) pips, so I should wait a bit right?

[phil838]

Its showing this weeks ATR to be 3947, and i bought at 1.63367, so would my TP be 1.65340 or somewhere around there?

Is it wise to just take the profit that you have sometimes, instead of waiting it to go all the way to TP? I’m at 1.63750 at this moment, and I’m a first time trader, so it’s quite tempting, but that’s only (40?) pips, so I should wait a bit right?

Taking profit early will cause you to lose money in the long run!

You need the few big winners to cover your losses and make your profit. If you cut them short you’re going to lose money.

Remember it’s not about winning, it’s about making money. The two are [B]not [/B]the same thing!! This system makes money, but most of the trades are losers.

You’re right on target with your TP level though.

[bh4v1k]

Taking profit early will cause you to lose money in the long run!

You need the few big winners to cover your losses and make your profit. If you cut them short you’re going to lose money.

Remember it’s not about winning, it’s about making money. The two are [B]not [/B]the same thing!! This system makes money, but most of the trades are losers.

You’re right on target with your TP level though.

Just got up to speed with this thread looks interesting, everyone still making slow gains with this? providing all of the trades are taken of corse.

Thanks in advance
bh4v1k

HAPPY PIPS!

PS. Simple but clever thinking with this system phill. Thanks for all your work.

[s050399b]

My decision was to trade EUR/JPY, but to stop trading it if the R:R ratios fall below 2:1 for more than a few weeks straight.

Excellent! Do you want me to put this into the EA?
Could also do it for the GBPUSD too?

[niceguychisom]

It never fails. When I took my last vacation in July the same thing happened.

My account is about 15% lower than it should be because winners always come when I’m gone. It just goes to show you how important it is not to miss a trade with a system like this…

I’m gaining more and more faith in the EA as the weeks go by. I’ll probably feel safe letting it trade by itself the next time I’m gone.

Hey, welcome back. Sorry about your miss though. I know it must be hurting. Nevertheless, I wanted to know what the return rate of this system would have been this year assuming all trades were carried out. Thanks
Here’s a suggestion- you could get yourself a windows based PDA or smart phone and install the mobile version of your trading platform if your broker offers that service. cheers

[ellave]

Moved my SL to BE now the TP is close. Also red news out in 30mins so anything could happen.

[sk0ll]

So far for me this week

EURJPY stopped both long and short
GBPSUD - stoppend on short position and long still going on!!

[Rei]

Moved my SL to BE now the TP is close. Also red news out in 30mins so anything could happen.

What is your TP?
It should be around 1.6530. Move to BE should be around 1.6508.

[sriga2001]

So far for me this week

EURJPY stopped both long and short
GBPSUD - stoppend on short position and long still going on!!

Same here…

[phil838]

Hey, welcome back. Sorry about your miss though. I know it must be hurting. Nevertheless, I wanted to know what the return rate of this system would have been this year assuming all trades were carried out.

As of Oct 12th (I haven’t updated my records since I got back from vacation) if you never missed a trade you’d have made 36.9% so far this year.

That’s GBP/USD only. I backtested EUR/JPY a few months ago but I haven’t been keeping records on it since then, even though I should…

[phil838]

Excellent! Do you want me to put this into the EA?
Could also do it for the GBPUSD too?

I wouldn’t, it’s a judgement call and not a hard rule. I wouldn’t want the EA to do it automatically.

I’d rather just shut it off if/when the time comes.

[niceguychisom]

As of Oct 12th (I haven’t updated my records since I got back from vacation) if you never missed a trade you’d have made 36.9% so far this year.

That’s GBP/USD only. I backtested EUR/JPY a few months ago but I haven’t been keeping records on it since then, even though I should…

thanks phil, I owe ya

[Rei]

Hi all,

Any views on this week’s long trade? It seems to have a rising support line, but the news release is still over 24hours away. What do you guys think? hold out and risk the news event?

As I type, price has just broken support.