is there an indicator or something that will color the background of my chart black during night hours and blue during day, with adjustable time and color?
Try this one, you need to put in the time you want it to end and the number of candles to count.
eg 04:00 and 10 to count back 10 candles from 4am GMT.
Not sure about the colours but you can have a look in the code.
I also think Metatrader comes with some working hours indicators but not sureâŚtry asking on the MQL4 forum
WorkingHours.zip (3.27 KB)
Very astute observation, Talon.
When I saw the triangle, and started to comment on it last night, I was tempted to suggest a similar strategy.
But, that would have been a major departure from the Breakout Strategy we have been using, so I decided not to wander that far âoff the reservationâ.
If I had known that the basic Breakout Strategy was going to give us such crappy results last night, I would have suggested exactly what your thumbnail chart shows.
Again, good job. And, thanks.
TREVPICK001, That sounds like a good strategy. Most people blow thier accounts overtrading. If you just take an average 20 pips positive gain day on day at the same percent of balance lot. In 300 days trading you will have built up your account to a balance that will earn you $1m a year at the same level. Keep on going⌠your already in the top 5% of traders!
Clint, thanks for the pat on the back, Iâm still new but making progress. Iâm not good enough to get off demo just yet though.
hello to RCarter, havenât talked to you lately Iâm still using your 21 & 7 ma. Hope things are going well over there across the pond.
Have a good weekend everybody
âTalonD
aka
Mike
Something to watch over the next two hours:
Hereâs a 5-min chart of GU bid prices since last Wednesday. Notice the channels within channels that have formed in the current Period.
The outer channel is marked by red Lines 96 and 97. The middle channel is marked by yellow Lines 109 and 110. And the inner channel is marked by green Lines 111 and 112.
Which channel should we believe? The market will tell us in its own good time. If and when a channel is convincingly violated, then we can discard it. Until then, itâs in play.
Right now, three channels are in play. Probably, by the end of the overnight period, one or two of them will have been discarded.
If you guys are here and ready to trade the Breakout Strategy, letâs hear what you think about tonightâs set-up.
More later.
Clint
CLINT, Iâd say that the test for a break out on GBP/USD is at 1.6353. If it breaks this, then look to sell.
For tonight I disregard the first candle.
Long 1.6453 SL50 TP30
Short 1.6375 SL50 TP30
M15 shows a MasterCandle for tonight, not triggered yet.
Clint: to early for the chart, I just stick with the principle. 
[B]Robert,[/B]
Youâre using the last support (1.6353 on the 13:30 GMT candle on Wed 7/22) as your breakout threshold.
That will probably work superbly well, possibly for a large move. But, itâs a big departure from Trevorâs Breakout Strategy, which looks for breakout thresholds within the 18:00-04:00 GMT âovernightâ period.
[B]Oskar,[/B]
What time are you using for the START of tonightâs period?
while all 3 of those channels are angled down you might think the price would continue in that direction for a sell but right now it looks to me like itâs headed up so a buy for me at 1.6470
If you look at it on a 4h chart itâs been bouncing up and down and right now near a low so due to head up.
Youâre using the last support (1.6353 on the 13:30 GMT candle on Wed 7/22) as your breakout threshold.
Iâm looking for that on my chart and not finding. Why donât I see that?
Notes on the GBP/USD Breakout Strategy for Sunday/Monday:
I have expanded the overnight period to a full 10 hours, counted back from midnight EDT (04:00 GMT) Monday. This isnât legit according to Trevorâs rules, but my gut feel is that itâs more realistic to do this, than to use a shortened Sunday/Monday period (due to the Sunday afternoon late opening time).
I have removed the yellow channel, because it was violated. And I have removed the green channel, because the upper and lower boundaries of this channel are so close to the Period HIGH and LOW. I think this makes the green channel essentially redundant.
The HIGH (Line 113) is 1.6471 on the 19:40 GMT candle. The LOW (Line 114) is 1.6381 on the 00:15 GMT candle. (These are Bid prices, as they appear on my MarketScope charts. Your charts may be different by a pip or two.)
I will not use the HIGH as my breakout threshold, because the red channel upper boundary (Line 96) is so close overhead. I will use the red channel upper boundary + 9 pips for a Long Entry. Since this is a sloping line, the price of this Entry point will decline as the morning goes on. Initially, Iâm reading the red channel upper boundary as 1.6481 (Line 115), which makes my Buy Entry 1.6490.
I will use the LOW (Line 114) - 6 pips as my Short Entry, and I will treat the red channel lower boundary as strong support, presently around 1.6344 (Line 116).
News: The only high-impact, upcoming news release is U.S. New Home Sales at 10am EDT (14:00 GMT). This should not influence the breakout (if it occurs) this morning.
Entry Orders:
BUY 1.6490, SL 1.6460, TP 1.6520
SELL 1.6375, SL 1.6405, TP1 1.6345 (for one-half of my position)
SELL 1.6375, SL 1.6405, TP2 1.6315 (for one-half of my position)
I have a feeling that these trades will need to be actively managed this morning. The set-up in the overnight period was a bit funky. I donât know how else to describe it.
If you trade this Strategy this morning, be careful.
FXCM has changed their (U.S.) platform and their charts, as part of their preparations for the August 1 regulatory changes dictated by the NFA. I donât like the changes, and Iâm having a little trouble working with my charts tonight. Sorry about the delay.
Clint
I bailed out of my Long position at one-half of my profit target. Didnât like the price action around 1.6505-1.6510, especially just before 3am (my time) when London is coming on line. Sometimes, those guys slam things, just for the fun of it.
If you guys are in, I hope youâre profitable.
Have a great day.
I got in early, went ahead and did my buy at .64552 tp .64768 whatâs that about 21 pipsâŚ
If this keeps up, I may switch from demo to live with a micro acct.
Iâm deviating somewhat from the strategy as you can see so donât pay too much attention to my resultsâŚ
Sorry Clint,
I missed your question last night, I feel a little guilty since you are giving so much.
I am always using the M30 chart for the first look and set my Long/Short.
The first candle disregarded made the time-frame 18:30GMT to 04:00GMT but the 04:00 GMT I cut short to 03:00GMT.
Most of the time direction is defined by that time, usually even earlier 02:30 GMT (except Fridayâs).
Not watching last night was perfect, otherwise I may have âjumped shipâ too soon.
after the M30 I switch to H4 and then down H1, M15, M5 and back to M30 chart.
At least a good start after my Friday loss.
But then it was not much since I reduced the units on Friday.
speaking of disregarding⌠I set my lower line at 1.6420 ignoring the dip at about midnight gmt.
p.s.
weather forecast
#1 dip at 8
#2 around 14:00
[B]Hi, Mike[/B]
Congratulations on 21 pips â you got more than I did last night.
I gather you liked the look of the upside, and just entered on a market order?
Not the âofficialâ version of the Breakout Strategy â but nobody can argue with success!
We have had really lousy set-ups a good part of the time, lately. If we can eek out some positive pips under [B]these[/B] conditions, imagine what we can do when this market gets back to normal!
Regarding going live: by all means, when you think youâre ready, go for it. But, start out small â small account, tiny positions,
and modest profit targets.
You will find that whatever makes you a little bit anxious when youâre demo trading, will make you 10 times as anxious when
thereâs real money in play.
Again, good job last night.
Clint
[B]Morning, Oskar[/B]
No need to feel guilty, my friend.
Besides, Iâve been told that you really,[B] really[/B] need your beauty sleep!
Congratulations on making your profit target last night.
Have a great day!
Actually, Once you are as beautiful as I am, You never loose it. 
[B]Why canât we have breakouts like THIS every night?
Unfortunately, this wasnât last night, and this wasnât the GBP/USD.[/B]
Now that would be to easy, then everybody can do it.
The market will have highâs and lowâs, with some calm, sideways actions at times, easily followed by fast moving actions on high volume over the next 24 hours.
And thatâs the weather forex for today.
Now I will make a bold prediction: This will happen from Monday to Friday.
Have a great day