A while back on this very forum there was a great thread about the London Open and the great trading oppurtunities that arise from it. Apparently it is a classic strategy and one I have been trading all week. Here is picture from today's GBPUSD I believe I have optimised the beginning period to create the correct range to capture successful breakouts.

I am trying to trade 5 currencies at once, waiting for the breakouts, but with the new anti hedging laws with IBFX it now impossible to place buy stops and sell stops together

So i sit glued to my screen and per usual as soon as I leave the screen for a coffee all hell has broke loose and I have missed a trade.

Would it be possible for some one to add some order functions to the indicator? i.e. make it a simple ea. It only needs a lot size, SL and a TP. Oh yes and how many pips you want each side of the breakout lines before it triggers. I usually allow just one.

Thanks in advance and good luck with the trading

Attached Images

London Break Out.jpg (89.6 KB, 552 views)

Attached Files

	BreakOut_BOX_4_LONDON_OpeningRange_indicator.mq4 (15.1 KB, 99 views)
	london breakout gbpusd.tpl (633.6 KB, 68 views)

Hi,

Please be careful with break-out systems. Take some profit quickly when you've got some and trail or close out. You can see in the pic below (the London open is about half-way between the white dashed verticale lines) that there is almost always an opposite candle or a kind of whipsaw effect very quickly.




Good luck and happy trading,

__________________
Profitable trading starts here:
http://forexleader-forexleader.blogspot.com/

Thanks for your concerns, I agree, you have to be cautious. Visual back testing shows if you take between 15-30 pips it is fine. Do this over 5 currencies and my 60 pip per day target is hit more times than not. An ea would help identify the patterns and establish a profit to loss ratio that will help with my risk management strategy. I don't really want the ea I have asked for here to trade for me but just assist in the back testing to optimise the tp's and sl's.

I still hope some one can do the coding for me with the indicator I have provided above.

Thx