Clint,
How about Bollinger Bands? Around 03:00 GMT to 04:00 GMT open a M15 with the bands. If you�re lucky and the 04:00 GMT price is close to the center of the bands just use the upper & lower bands as break-out targets. If the 04:00 GMT price is hugging one of the outer bands, then measure how many pips between the center and outer bands and use that distance for the break-out targets. For example, say the outer Bollinger bands are 28 pips from the center and the 04:00 GMT price is hugging the outer band at 1.6385. Set the break-out targets 28 pips above and below the 1.6385 price. I�m too tired to night to figure it all out but maybe the Bolls could help or… maybe it�s a really stupid idea and I need some sleep!
Mind sharing your trade strategy?
Buy low, sell high. Simples. 
PM me with your eamail address and I’ll do my best.
SANMIGUEL
So you get that add campain too… its great 
Hello, d-pip
Well, it’s not a stupid idea. Bollinger Bands have been around for a long time, and very few traders would argue with the usefulness of John Bollinger’s invention. If you are able to do it, please test your idea for a week or so, and let us know your results.
The strategy that we’ve been using on this thread was first introduced on this Forum by Trevor (TREVPICK001) with two claims: (1) it produces an extremely high win-ratio (hence, the name of this thread), and (2) it’s just about the simplest strategy to learn and use that you will ever find.
The summer doldrums are taking their toll on the win-ratio. But, we’re hopeful that fall will get us back to that magical 98% win-ratio that Trevor was achieving in the spring.
As for simplicity, the original concept was “draw 4 lines on your chart around 5am London time, and place Buy and Sell orders accordingly”. Five minutes work and you’re done. Then, let it run.
Since the introduction of this strategy, many members of our group have made changes, tweaked this and that, tried new approaches, and added indicators and candlestick analysis to the original plain-vanilla version.
I’m guilty of some of that: I’ve added trend-lines and channels, support and resistance, and an eye on the news — all of which was not part of Trevor’s original strategy.
And most members of this group have experimented with various SL and TP levels — and SanMiguel has run some excellent computer simulations to backtest and compare all these different methods.
Having said all that, we still try to keep this strategy as simple as possible.
No moving averages — although Mike (TalonD) is always messing around with them.
No candlestick analysis — although Oskar is always telling us what the “Master Candle” is telling him to do.
And no Bollinger Bands — although they are most certainly a powerful tool.
When we get back to a high level of profitability with this strategy — in its original, simple form — I think it will be an excellent starter-strategy for newbies. Since newbies aren’t great with indicators and candlestick analysis, this strategy gives them a reasonable starting point without a lot of complexity. Later, when they learn about all the whiz-bang stuff they can load onto their charts, they can experiment to their hearts’ content.
Sorry, didn’t mean to write an editorial.
By all means, see what you can do with this strategy using Bollinger Bands.
And, welcome to this group!
Clint
Damn, I’ve got to write that down. How does it go again? Buy low? Sell high?
SanMiguel, post of the year with those backtests, I have a lot of reading to digest
[B]Now, that’s what I’m talkin’ about![/B]
We have a perfect set-up in the making. Do you believe a 38-pip range?
Can it last for two-and-a-half hours?
Hey Clint and everyone in the group,
Thank you for the welcome. I should have put my name in the last post, but I forgot. I look forward to discussing some trading ideas with everyone in the group.
I am Martin. I’m from Ontario, Canada. So, I will be setting up my trades at around midnight my time. Just in time for me to go to bed!
Best of luck with the trading tonight everyone! Looks like a pretty good night. Very tight range so far it looks like. Somewhere in the ballpark of 40 pips.
SanMiguel: Thank you for your help in finding more information earlier and that excellent post on the stats for different SL/TP. I really want to learn how you do your backtesting. I have wanted to find more information on that. If you could please share any tips you have, it would be much appreciated.
Regards,
Martin
Here we go
Long 1.6437
Short 1.6384
short is a bit tight this early, I may adjust it in about 30 mins.
Great work!
Little confused. I looked at the details of your 30sl and 20tp. Why do some wins show 460 and some losses show 660?
Using 30sl and 20tp I would expect to have 400 for wins and 600 for losses and in fact some or your wins and losses match these numbers but others show 460 and 660. This variation in profit and losses will through off your profit factor.
BTW I am still in Phils Sunday Breakout, so far so good on the short.
Good enough closed
CLINT
My respect for you as a skilled chartist is already out there. But when you start suggesting that TALOND and OSKAR are somehow flawed in their approach then alarm bells start to ring. I trade for a living using ma’s and candlestick formations. TALOND and OSKAR have produced some outstanding results with their analysis. With your strategy perhaps the ma’s and candlesticks are not applicable? Although I have traded them from time to time (asian/euro/london open) and picked up 40 - 100 plus pips.
As a simple strategy it is to be applauded. But come on Clint dont diss fellow members, as I remember as someone also posted, you were the ‘10’ pip man. How come you are now the oracle in this thread? By the way, ma’s taking a dip. Dont suppose that figures here? I’m out, seen enough grandstanding!
by low, sell high… man! why didn’t I think of that!
and all this time I’ve been doing it the other way round
Oh, I take no offense to anything said by anyone, I freely admit to experimenting a bit, it’s in my nature !
know thyself
I once named the group but not the strategy. The breakout gang, Reminds me of some old Edward G Robinson gangster movie,
now listen you mugs, we’re gona make a break for it see? yeah! see? yeah! mmm! you dirty rat see? yeah !
You should hear me doing the voice LOL
Here is what I have my numbers at so far.
High 1.6427 + 9 = Buy @ 1.6436 SL (30) 1.6406 TP (20) 1.6456
Low 1.6381 - 6 = Sell @ 1.6375 SL (30) 1.6405 TP (20) 1.6355
Notes on the London Overnight Breakout Strategy for Tuesday morning:
The range has expanded by 9 pips in the past 2+ hours. It’s now a very tight 47 pips.
The GU has been signaling that it wants to break to the downside. There are two strong support levels near the LOW: 1.6389 and 1.6375. The GU has probed this area repeatedly, and stopped exactly halfway between these two levels, at 1.6382. A breakout to the downside (if that’s what we get) will probably stall, at least temporarily, at 1.6375; but, the retracement from there should not hit our stops. After that, I expect support at 1.6375 to be broken, and I expect our TP’s to be hit without too much drama.
(I think I’ve just stuck my neck waaay out there.)
Whatever has worked well for you previously — should work for you this morning.
Resistance and Support for Tuesday morning:
R – 1.6545 – August 23 high – STRONG
R – 1.6523 – August 24 on the 11:25 GMT candle (high) – STRONG
R – 1.6465 – August 21 on the 15:15 GMT candle (low) – STRONG
R – 1.6450 – August 20 low
S – 1.6389 – August 12 low – STRONG – this support level has already been breached several times
S – 1.6375 – August 19 low – STRONG
S – 1.6350
S – 1.6325 – August 17 on the 08:15 candle (low) – STRONG
S – 1.6300 – century mark
S – 1.6275 – August 17 low – VERY STRONG
Scheduled News Releases:
The (British) Nationwide Building Society Home Price Index (month-over-month) report is listed for release sometime between
Aug 25 and Aug 29. Time is not specified. So, it could be released sometime Tuesday morning; however, typically, it is released closer to the 30th of the month. This is the only high-impact economic news (possibly) scheduled for release this morning.
The only medium-impact news release scheduled for this morning is British Bankers’ Association Mortgage Approvals at 08:30 GMT. I don’t expect this report to be a factor in our trading this morning.
The Period HIGH is 1.6429 (bid). The Period LOW is 1.6382 (bid).
Entry Orders:
BUY (HIGH + 9 pips) 1.6438, SL(30), TP(20)
SELL (LOW - 6 pips) 1.6376, SL(30), TP(20)
Those are the orders for my live account. In my demo account, I’m going to try something new: SL(40) and TP(40).
Good luck, this morning, guys.
Clint
To Clint, yup decided that seeing as everyone else has a fancy avatar that I may as well too
Buy at 1.64360 with 20SL and 50 TP (May change TP if I’m awake if it rises
Sell at 1.63750 with 20SL and 50 TP
Back to the land of nod for me now 
Sheesh, Robert, lighten up! What is your problem?
I don’t believe that I have diss’ed, offended, or insulted Mike, or Oskar, or anyone else — except, apparently, you.
But, just in case I’m wrong about that, I will ask them directly whether my comments were taken as anything other than friendly ribbing.