Ignoring the 30 PIP SL, I made this morning 2.7pips right at the candle that ended up to be the Doji on the M30 chart. 
Happy Trading
24/48 although the last couple of days I had 20/45 but roughly the same.
You will get more losers with this method but itās roughly 50:50 so the double target profit makes up for the losers. If you scroll back a few posts to page 33 and before, you will see kaalilaatikko has posted a variation on this. And if you post back even further than that there is a section on backtesting results with the various methods. Some produce less profit but also less failures so bigger positions can get you some money.
Take note of TREVās thoughts on the trend direction as he has more experience with this in actual trading rather than backtested results.
Do create the entry order and leave it to do its thing or have you managed the trades this week?
Little bit of both. I mean if price has reached +40pips and stalls and looks like itās going to come back, Iāll close the trade. I also check the likely S&R levels and if price is too close to one of these levels, I move my orders past the S&R levels with buffer. I probably wouldnāt close a trade early if itās going negative as I think it needs that much room to breathe so to speak (24 pips) and I accept it as a loss in what looks like a 50:50 strategy and wait until the next day.
I see, It looks like I am being too conservative. gbp/usd is obviously very volatile. Thanks for the advice, Iāll change my approach next week.
Iām not saying take this approach but you should definitely go for more than 6 pips and allow a wider SL. If anything, follow the 10pip target, Clint has some excellent analysis threads on here and doing that will give you more winners than I get albeit at less profit but who cares if it wins that much, you would probably just adjust your position size to win the same amount in $.
Also of note is a 5-15pip trailing stop (14 turned out best recently but Iād need to look into it more). This will give you a chance to win more but youāll get a few stopped out at break even.
A lot of stop hunting by the big players goes on at the beginning of certain markets when price is close to S&R areas, looks like that happened today.
Tuesday and Thurs I went for 12 pips with a 24 stop loss (won Tues and stopped out Thurs) and this morning I went for 10 with a SL 20 and was stopped out. I think for these 3 trades had I gone for TP of 6, I would have hit TP on all three. But then risk/reward 24/6 is not very good.
I didnāt go in today, I was too tired from work with my nighshift couldnāt get up. I could of had the same great day as yesterday again. Too bad though. canāt wait for monday.
Here is an expert for trading the strategy. It doesnāt appear to work too well for me, perhaps there is some problem with the implementation.
Use it on GBP/USD 1 hour chart.
Well, thatās ugly. We just had a breakout, and it didnāt wait until after 04:00 GMT to happen.
This was a breakout of a pennant that had formed.
So, should we expect another breakout when Europe opens? Iām not sure.
More later.
Clint
In my opinion, the [B]GBP/USD Breakout Strategy[/B] is off the table for tonight.
In the 8-hour (or 10-hour) period leading up to 04:00 GMT, I donāt see ā
(1) a narrow trading range, with
(2) a trade-able HIGH and LOW.
The Period HIGH on the 01:00 GMT candle is too close to resistance levels from last Friday (on the 19:50 GMT candle,
and the 10:35 GMT candle).
And the Period LOW is too close to the end of the Period, and it has already been broken.
There may be some good trades in the GBP/USD tonight ā but the GBP/USD Breakout Strategy isnāt one of them.
Iāll take a fresh look at the Strategy tomorrow night.
Clint
5min pennant, looks textbook
No, no luck today, the box I use for Europe includes the 5am high and low so itās a bit wider. I have moved the short line to below the 1.0692 support but although it looks like price broke and is moving below that now, it spiked around the entry time so I was stopped out for -24.
We are still going here I see!!
Sorry, I have dropped out of this thread.
I have just got too much going on around me and will have to be content just posting on my own thread for now.
I am also doing more research and preparation for something special for this forum. 
is it me or has the market changed its price action this week
Could still be due to a settling of last weekās news?
Notes on the GBP/USD Breakout Strategy for Monday/Tuesday:
The GBP/USD has had a good run today: up 260 pips in 15 hours. At 9pm EDT (01:00 GMT) the price broke out of its ascending channel, breaking to the downside. This break of the channel makes me think we might anticipate a larger breakout to the downside later tonight (possibly around the European open).
On the other hand, the retracement from the Period HIGH was a very modest 23.6% Fibonacci retracement ā which can be interpreted to mean that this pair continues to have upside strength.
The pattern on our charts started out earlier in the evening looking like another low-left-to-high-right ascending channel ā the sort of pattern that didnāt work too well for us a couple of times last week. But, over the past two hours, the pattern has flattened out and may be pausing for a breakout.
The Fibonacci retracement levels are worth looking at tonight. They line up closely with several short-term S/R levels. The Overnight Period HIGH is obviously the Fib(00) level. For the Period LOW, I am tempted to use the Fib(38.2) level. If you look at the chart, you will see that Fib(38.2) is right on top of a weak support level, which might just give that support level a lot of strength.
Here are the Resistance and Support levels I determined earlier this evening, before looking at the Fib:
R: 1.6429 (July 3)
R: 1.6380 (July 9)
R: 1.6331 (July 10)
R: 1.6300 (July 10)
S: 1.6193 (July 13) ā weak support (previous resistance) = Fibonacci 38.2% retracement
S: 1.6154 (July 13) ------------------------------- close to Fibonacci 50% retracement
S: 1.6145 (July 13) ā weak support (previous resistance)
S: 1.6131 (July 13) ------------------------------- close to Fibonacci 61.8% retracement
S: 1.6082 (July 13)
S: 1.6033 (July 13)
S: 1.5983 (July 8)
If you want to follow Trevās rules to the letter, then you will ignore the Period LOW right at the opening of the Period,
and you will not place a SELL ENTRY ORDER tonight.
If you want to bend the rules, I would suggest using the (weak) support level on the 15:50 GMT candle for your LOW (instead of the actual Period LOW on the 18:00 GMT candle).
I am using the following HIGH and LOW:
HIGH 1.6293 (see Line 132 on the chart)
LOW 1.6193 (see Line 133 on the chart)
My BUY ENTRY ORDER will be the HIGH + 9 pips. Note: this is a risky trade, with entry just 2 pips above the 1.6300 level.
My SELL ENTRY ORDER will be the LOW - 6 pips.
I havenāt chosen my SL and TP yet.
As always, if you trade my numbers, you do so at your own risk.
Good luck tonight.
Clint
Thanks Clint, glad I stayed out for the last two nights. Philās Sunday breakout worked out this time for a little profit Sunday night.
in hindsight the narrow trading range is obvious and so is the breakout
I have 12 winners with G/U thanks to this thread, only lost 1
Last night I stay away but instead I set up my lines on G/J and win on the up side.
This strategy is very easy. I am newbie but making pips with this one.
Thanks
Terachon
Notes on the GBP/USD Breakout Strategy for the Tuesday/Wednesday Overnight Period:
Here are two screen shots of the GBP/USD 5-minute chart from about an hour ago. The first is a close-up, starting at about
noon EDT (16:00 GMT) Tuesday. The second is a longer view, starting at about 6am EDT (10:00 GMT) on Monday.
The close-up appears to show a decent HIGH (Line 147) and a decent LOW (Line 148).
The long view shows problems with that HIGH and that LOW. Line 147 is way too close to resistance (Line 149).
And Line 148 is too close to support (Line 150).
But, what about using Line 149 for our HIGH, and Line 150 for our LOW?
Is anybody looking at this strategy tonight? What do you guys think?
