Now that is true but there are a lot of traders who take no notice of R:R as long as it is near enough 1:1. If you have a method or skills to trade at 80:20 win:loss does it really matter what the risk:reward is because you are winning more than you lose. I’m not sure about 15:30 but…
[QUOTE=phil838;112945]I’ve been looking over my charts and doing some math and I really like this strategy! I do have one question though… Are you accounting for the spread in your 14.2 figure?
Did we get an answer to this question?
sorry thought id answered that yes that is clear after spread
althought the average has gone down to 11 over the last 8 weeks
at the beggining of the year we had some wild swings which were pulling in good profits
but anyway 14.2 is the profit with the spread already taken away
[quote=“TREVPICK001,post:43,topic:24633”]
Do you ever trade both ends of the breakout? On the rare occasion that might happen.
[quote=“SanMiguel,post:44,topic:24633”]
normally not however i do sometimes
it all depends on the price action
infact the first time in weeks2 i traded both ends today i saw a head and shoulders formation, also there was lots of data regarding cable at 930 this morning so i normally do well on news days beacuse the price can move quickly in 1 direction.
Your right Clint, that’s a math error on my part. I added when I meant to subtract.
Thanks for the correction.
Yep, it sure is. Both are basically taking low volume times and using their highs/lows as breakout points. 
Could you not also use the daily high and low relative to the particular session?
…or the overnight high and low relative to the particular pair’s session.
For example, we know that Forex doesn’t really close but traders looking at the charts have to have a reference somewhere either using GMT or their actual market close say New York 2200GMT.
I’m gonna try this out on USDCAD for a bit.
So for GBPUSD working hours of most liquidity are 0700 to 2100GMT.
For USDCAD working hours of most liquidity are 1300 to 2100GMT.
There’s always a market moving quickly somewhere isn’t there?
When you say slower moving, do you mean ranging? I guess then we switch to S&R trading.
markets move most during the end of the asian close and the open of LSE- upon Untill the open of the NYSE movement after the close of NYSE and during the asian markets is relatively low in all pairs really
you can get a better time to trade than the morning of London Time
Yes, when i say slower I mean ranging less. GBP/USD is at a 16 year high when it comes to ranges. The monthly ATR on GBP/USD right now is 1200 pips. In 2007 it was only 600 at it’s highest point.
Do we think this is crucial and set in stone?
Just wondering because I have read a few successful methods that use things like 0.75:1 reward:risk and the reason is they are targeting less whilst basing the method on momentum movements or breakouts, ie the target is reached with higher probability.
Hi Phil
Wondering if you’ve backtested this using a 30TP 30SL scenario? Actually, I had a successful trade this morning targeting 10% of the ADR so 26 pips
I’m working on backtesting lots of different number for this system, I’ll let everyone know how the results come out.
I tried to get in this morning with a 5 pip trailing stop, but it turns out Oanda will only do a 10 pip minimum TS, so I did that and had a winning trade.
I have a question.
Do you include the data from the 7pm and 5am candles [U]inclusively[/U], in deciding the high and low for that period. For example I use Oanda and they show the high of the 7pm candle last night (17 Jun) as being 1.6450 on GBP/USD. This would have been the highest point for that night, so do I set my pending buy 6 pips above this or do I ignore this candle and find the next highest candle [U]between[/U] the lines which was 1.6431 at midnight. I should add I am in the UK so these times are BST (gmt+1).
Thanks.
Hmmm, It’s a good question to ask Trevpick since he has the most experience with it.
Since it was tight last night maybe going to a 1 minute chart to establish the included/excluded candle may help.
if the highs or low are are near or are at the beggining of the time zone then use that as the high
if at the end of the time zone the bar is the high or the low including the 5 am bar i will only take the opposite trade so if it start of as the high or the low i only place one trade for the day
most days are pretty clear however 1 in 5 are a little confusing becasue the highs and lows are near or at the begging and end of the time zone
some people may choice not to trade those days as a begginer but after a month of doing this system you will get to know where to put the highs and lows or even leave them out.
hope this helps
short answer YES
its also worth noting unless i am absaloutly sure about the high or low i do not take the trade id would rather just wait untill another day when the highs or lows are clearer
Good idea!!
I would personally favour a 1:1 risk/reward ratio at least.
So if you do a 30 pip stop loss, then a 30 pips target is also good.
From what I have analysed on the charts, there is no reason why you cannot do this.
I think the best way to go about this is to use the [U]multiple lot positions [/U][U]method [/U]and forget about the trailing stop.
So we enter one contract to close at 10 pips profit, then set the stop loss to break even and let the 2nd contract go to 30 pips or as much as you dare. 
I think this will result in a better quality trade since we are working with a very high win/loss ratio.
Thanks Trevpick,
I am glad I did not get up at midnight since as it turns out I would have traded wrong. From the chart after it looks like the “sell” would have been triggered by 1 pip. SL would have stopped it if set. (Loss)
TS would have never triggered either.
It took till 0700 for a “buy” trigger then it would have been max +14 pips.
I probably would have canceled the long after the (loss sell) and would have gone to bed again. 
That would have been my trade last night and I agree with you, the more experience, the more it will fall into place.
Happy Trading
