I have a suggestion, TREVPICK001.
I think you should give this system a fancy name and start a new thread on it in the “Free Forex Trading Systems” section of the forums. New Babypips members might not realize a good system is being discussed in a thread called “Win Ratio” on the Newbie Island section. 
Can an admin change the thread title? One other option I guess though it’s pretty easy to add links on the new thread’s first post to some key posts/summaries.
Edit the first post with latest updates and also post it under free systems? since it’s a trading system?
Hi:
I have 22 winners and two bad trades, I just set the lines place a pending order and go to bed. After 8 consecutive winners I decided to stay awake for more pips but have one of those bad trades, because I continuously changed the rules. Sorry for my English guys.:(
The G/U have a great personality. I am going live with my small account this month, that is the only way to now the truth.
Thanks
TerachonWhile I was away from the computer today, you guys have been having a lively discussion. Trevor’s .pdf points out some interesting repeating patterns, and the feed-back he’s getting is very instructive.
I’m not going to get into a long discussion on why, or how, we should use this, or that, technical analysis tool. I think the charts I’ve been posting show the simple, bare-bones technicals I find helpful.
I’ll say just one more thing on technicals, and then shut up about it.
For really new Newbies, who are trying to learn everything all at once, this strategy we’ve been following —
the [B]GBP/USD Breakout Strategy[/B], or whatever you want to call it — is a GREAT strategy to start out with, because it’s NOT loaded up with a lot of technical stuff.
In fact, the strategy, as first presented by Trevor, involved NO technicals — just [B]two vertical lines drawn at the right times[/B], and [B]two horizontal lines drawn at the right prices[/B]. It doesn’t get any simpler than that.
Later, when Newbies are comfortable with trend-lines, support and resistance, and chart patterns, these can be added to the strategy; and I think they help a lot. But, I don’t think anything else is needed.
[B]
New topic: Disappearing Charts[/B]
I have inadvertently deleted all the charts I previously posted, except for the last two days, and they’re gone for good. I did some house-keeping in my computer and in my Photobucket account, and to my amazement, deleting images from Photo-Bucket automatically deletes them from wherever they’ve been downloaded.
If you’re not familiar with image manipulation, basically in order to get an image into a Forum post, you have to upload the image to what’s called an Image Hosting Site (I use Photobucket), where it is tagged with a URL. You then use that URL to download the image into a Forum post. The downloaded image then appears in the Forum post, sort of like a link, except that it’s just there, all the time, and you don’t have to click anything to pull it up.
Well, I wrongly assumed that once I had downloaded a chart into a Forum post, that it was like a new copy of the image previously stored on Photobucket. So, I thought, since I won’t need to post any of the old charts again, I could just delete them from Photobucket, and get them out of my way. Wrong. When you do that, they disappear from the Forum.
[B]So, now you will see a whole bunch of my previous posts where the text is still there, but the charts are gone.
In place of the charts, you will see a little notice that says they’ve been deleted.[/B]
Recreating those old charts is really out of the question. All I can do at this point is pick up where I left off, and not make that mistake again.
I apologize for screwing things up.
Clint
Clint,
I use Imageshack and they have a “deleted images” folder that stores all your deleted pictures for a few days just in case you accidentally delete them. Getting them back is as simple as hitting the “restore” button
You might want to check and see if Photobucket has something similar. You may be able to get your charts back!
here it is:
Long: 1.6475 SL40 TP30
Short: 1.6385 SL 40 TP30
changed tonight from TS to TP, just for the heck off it
and off I go:D
Happy Trading
[B]Thank you, Obi-Wan.[/B]
I have a feeling it’s going to break to the up side tonight…
when do we remove the pending orders if they are not broken?
do we wait for close of London 5am, starting of 6am before trading? or
Notes on the GBP/USD Breakout Strategy for Tuesday/Wednesday:
Two views, a long view and a close-up, both on the 5-minute chart.
The long view shows the Monday/Tuesday period, as well as the current Tuesday/Wednesday period (the green vertical lines).
The previous ascending channel (lower boundary Line 33) was broken early Tuesday morning, and has been replaced by a
wide descending channel, bounded by Lines 47 and 48. This channel suggests a downward bias for the next breakout.
Gray horizontal lines mark the HIGH and LOW in each period. The un-labeled diagonal lines mark the path of the previous breakout, early Tuesday morning. I have removed the Fibonacci retracement lines (from the previous 300-pip up-move) in order to un-clutter the chart.
The close-up view shows the current period. The large downward spike at 19:55 GMT appears to be an anomaly limited to FXCM platforms. It appears in my FXCM (US) MarketScope charts (live and demo), and in my FXCM (UK) MT4 charts, but NOT in my Alpari MT4 charts. Let me know if you guys are seeing this spike on other platforms.
The HIGH and LOW of the current period are marked by Lines 45 and 46. On my chart, the HIGH is 1.6467 and the LOW is 1.6389. The 78-pip range between the HIGH and LOW is wider than last night, but workable.
The LOW, occurring very close to the end of the period, is not the pattern we usually like to see. But, an interesting mini-triple-bottom has formed in the past two-and-a-half hours. The market is telling us that the 1.6390 area is short-term support for this pair. So, that makes us even more alert to the potential for a downside break below this area.
Take note of the economic news coming out of Britain at 08:30 GMT this morning. The Monetary Policy Committee meeting minutes are considered to be High Impact for the GBP pairs. Here are the High Impact items for the GBP and the USD for the rest of this week:
R: 1.6557 Monday —Strong
R: 1.6494 Tuesday — Strong
S: 1.6383 Tuesday — Strong (this support level is 6 pips below the current LOW — be careful here)
S: 1.6358 Friday
S: 1.6303 Friday
S: 1.6264 Friday — Strong
I will place a Buy order 9 pips above the Period HIGH, but I don’t have a lot of confidence in this trade. If this order is triggered, I will be prepared to exit manually at the 1.6494 strong resistance level, if momentum stalls badly. If 1.6494 is broken, then I think the 1.6500 level will be tested; but, I’m not looking for much more than that.
I will place a Sell order 16 pips below the Period LOW, in order to get 10 pips below strong support at 1.6383. From that point down, I like my chances. Once again, I will split my position into two halves, and go for more pips with the second half.
Here are my Entry Orders for the current period:
BUY 1.6476, SL 1.6446, TP 1.6506
SELL 1.6373, SL 1.6403, TP 1.6343 (for one-half of my position)
SELL 1.6373, SL 1.6403, TP 1.6313 (for one-half of my position)
Clint
I have the long down spike at but it only drops down to about .64130, not as far as on your chart. IBFX
It’s a judgment-call. It depends on price action. If the breakout is strong and decisive, triggering one of your orders, it’s very likely that your opposite order will not be hit. Go ahead and remove it, before you get busy and forget.
If one order is triggered by a fake-out, and the price retraces, taking out your SL, you might want to consider the possibility of a breakout in the opposite direction. In that case, you would leave your other order on for a while, to see what happens.
Action typically begins between 05:30 and 06:30 GMT (7:30-8:30am in Europe). Sometimes, like last night for example, the breakout is weak until London opens for business at 07:00 GMT, and then things get moving.
My personal preference is to close unfilled orders by 09:00GMT.
And, on a day like today, with economic news coming out of Britain at 08:30 GMT, I would not hold an open order, or an open position, past 08:00 GMT. There’s too much chance for a costly whip-saw.
I’m not sure what you’re asking. If you’re asking when to place entry orders, the answer is right around 04:00 GMT (the end of the “overnight” period).
If I didn’t understand your question correctly, write back and clarify it for me.
Clint
Nearly hit the SL,
how did you almost hit the sl?
trend BO looks good to me
White - short entry
red (top) - SL
red (bot) - TP
Tonight I kept my hands off the computer, and let my trade work for me. Much better results than last night!
(Well, I did move my stop down to protect profit on the second half of my position — but, other than that, it was hands-off.)
How did you do, Trev?
[B]s050399b[/B] (by the way, what are we supposed to call you?)
Please explain your position. What was your entry price, SL, and TP?
Clint
Nice:cool:Tonight i was not along for the ride but was watching, wow the trapped open up on that triple bottom.I had to put my glass of diet soda down to say wow when it dropped over 30 pips in a matter of minutes.
Good night: dont let the Baby Pips bite.
