Sunday Breakout Strategy

[01005379]

Hey… I use 20 pip buffer from the high and low
…
THIS week result

Long SIDE - 65 pips on long side 1/3 – + BE
SHORT SIDE - I Hit TP3 - 320 pips

So far this strategy is going great for me

If you are talking about GBPUSD what are your this week numbers?

[sk0ll]

No…

I only trade this on GBPJPY… do you have the indicators?

Thanks!

[nutrader]

Well…

2 losses this week… Im having some very good results using the gus strategy i showed some posts ago… 1 winner for long, and for short so far i already have a winner going to tp3 , im looking for someone who could code an ea based on that strategy!!

Thanks!

Hi Skoll

I think i have seen the strategy you are talking about over on the 4noobs website, correct? it does look quite interesting & very similar to this sunday breakout strategy, have not tried it yet myself though. However i would suggest that you start a new thread specificially for that method to avoid any confusion on this thread

[sk0ll]

Yes it IS!

very good strategy… we can make an ea for it… and then lets post a new thread

[GeneralX]

I am building and programming a Sunday Breakout Strategy Planner, so that you can input the indicators and it will automatically show you all the points such as entry, SL, TP, BE, etc. Once ready I will share it with everybody

The confusing thing is where do you add the broker’s spread ? Some brokers add it to the BID price, some to the ASK price, and others add half of the spread to BID and half of the spread to ASK.

DUSKTRADER’s values seem to add it to buy price when going long, and SL when going short, does everyone agree with this ?

UPDATE: I have added it in the ZIP file, it is an Excel file, you only need to edit the gray squares.
there are 2 sections, one for GBPUSD and compatable currencies, and one for EURJPY

FEEDBACK PLEASE…

[Clint]

…The confusing thing is where do you add the broker’s spread ? Some brokers add it to the BID price, some to the ASK price, and others add half of the spread to BID and half of the spread to ASK.

DUSKTRADER’s values seem to add it to buy price when going long, and SL when going short, does everyone agree with this ?..

[B]Your first question[/B], above, makes no sense.

A broker establishes a BID price at which he will buy, if you want to sell.

He establishes an ASK price at which he will sell, if you want to buy.

The difference between the BID and the ASK is the spread.

The broker does not add the spread to, or subtract the spread from, anything.

[B]Regarding your second question:[/B] for traders who typically use BID price charts to do their analysis, it is common

[ul]
[li]to place a SELL order [B]using the chart price without regard to the spread, [/B]and
[/li]

[li]to place a BUY order [B]at the chart price plus the spread.[/B]
[/li][/ul]
That’s what most of us do — including Dusktrader. The spread is added to [B]all[/B] buy orders, including the SL on a short position (which is a buy-stop order).

Let’s say that you are looking at a BID price chart. You identify the SUNDAY HIGH as 1.5000. You want to place an entry order to buy if/when the price rises to 1.5010.

What you actually intend is this: to buy if/when the BID price (which is the price you are watching) rises to 1.5010. When this happens, the ASK price will be [B]1.5010 + the spread.[/B]

Therefore, you want to place your BUY entry order at 1.5010 + the spread.

Let’s say that you identify the SUNDAY LOW as 1.4950. You want to place an entry order to sell if/when the price drops to 1.4940.

Since you can sell at the actual price you are watching on your BID chart, you do not need to consider the spread in placing your order.

Therefore, you want to place your SELL entry order at 1.4940.

[Rei]

This week’s long trade is at BE and well directioned at time of typing. Have you all given up on this strategy?

[sk0ll]

IM still on it!

lets rock@@

[quicksilver03]

A broker establishes a BID price at which he will buy, if you want to sell.

He establishes an ASK price at which he will sell, if you want to buy.
…

Your explanation is excellent, thank you very much for taking the time to write it.

[seans]

I’ve got my TP at 16300. It’s bloody close at the moment.

[GeneralX]

After a long upswing it looks to be retracing now with major retracement points at 1.6233, 1.6215 and 1.6195. At any of those it is likely to reverse and continue past 1.6300.

[nutrader]

This week’s long trade is at BE and well directioned at time of typing. Have you all given up on this strategy?

I decided to take an extra long break after a string of losses at the end of last year, i will probably start trading this method again next weekend. Good luck to those trading this week

[niceguychisom]

Hey phil, happy new year. I would like you to once again tell me how much this strategy made for the entire year 2009. Thanks

[Rei]

Long trade at BE and well directed again … hope its another winner.

[sk0ll]

I got stopped out on Long trade for couple pips

[01005379]

Long trade at BE and well directed again … hope its another winner.

It was stopped out at BE and it can’t be another winner. It has 0 profit.

[seans]

My long is still open and is at break even

[seans]

It was stopped out at BE and it can’t be another winner. It has 0 profit.

Looks like we all ended the GBPUSD long at BE, we just got there differently.

REI and I didn’t get stopped out earlier. I use IG Markets and I think that REI does too, so it was probably just different broker pricing. Shame it wasn’t a winner due to the big risk/reward ratio.

The system is ahead so far this year by 71 pips. 5 trades, 1 win, 3 lose, 1 BE.

[nixie20]

Hi all,

not sure if this strategy is still being used, but it seems to be a very good stratedy, thanks phil for introducing it

Happy trading all
ps in on the long on gbp/usd currently, hopefully it all goes to plan happy trading to all

[roundrock]

Hi all,

not sure if this strategy is still being used, but it seems to be a very good stratedy, thanks phil for introducing it

Happy trading all
ps in on the long on gbp/usd currently, hopefully it all goes to plan happy trading to all

hi nixie, can you post your entry, target, stoploss levels ?

thanks