YET another breakout method.....

thestellaman · 12-08-2006, 04:38 AM

YES ....yes ....yes......another breakout method based on the daily range of the GBP/USD.........(thats all i have used it for,please dont ask for reams of statements and reports for PROOF and my bank statements for the past 12 years to show you all the wealth i have made.as being told to F off usually offends

)

ok here goes for you all to chop up and disect and kill and ruin what is (i think and works for me) a rather nice and simple method of making a few pips.

as i say a few pips.......if you want to catch the whole trend for the day and get 99 out of 100 pips everyday.........then dont read any more as this is NOT for you, however if like me you like to catch 10/15 pips and use larger lots then read on,or even if you want to get 10/15 pips with 1 lot read on.......

OK......FIRSTLY I AM POSTING THIS PRIMARALY TO SEE IF SOME OF THE GREAT CODERS CAN TURN THIS INTO A EA FOR ME...........as trading manually does cover most of the day from uk

secondly to share will you all

this method as i said is based on a breakout during the daily range of the GBP/USD,i have tried a few things over the past months and always kept coming back to some sort of breakout method,but a couple of months back i was playing around and came up with this,as we all know the GBP/USD usually has a daily range of around 100 pips(not exactley,but around there)each day,i got fed up (as we all do at some point)getting bit on the ass when GBP/USD decided it wasnt going to play today and just range up and down like a see saw,so i thought well how about playing at the top end of the range rather than trying to get in at the bottom all the time,after all as the theory goes you can make just as much with 10 pips as you can with 100 IF you can get them often enough,so to the top of the range i headed.

theory is if the GBP/USD will make 80 pips then chances are it will make 90 without to much bother .............now heres the DISCLAIMER.........i am NOT saying everytime it does hit 80/85 that it WILL go on to hit 90/95,BUT it does more often than not,of course like any method/system/approach there will be losing days AND as the entry for the trade is so far away from daily open there WILL be days were theres no trade at all.......well that was the theory behind it.

the trade itself.well first id like to thank Markj over at FF (there not all bad over there)for the wonderfull indicators(not really indicators more nice lines drawn out for you to save you the hard work) just now im using an entry of 85 pips above and below the close of the 1hr candle at 00.00gmt with a stoploss at 15 pips below that and a take profit of 15 also.

now 2 things..........first.....if i do get stopped out then i re enter again if it crosses back over,this is where im hoping the EA will make a difference,as its easy enough to set up the first trade but if it does get stopped out then you need to be there to set the trade up again.

second......depending on what the chart lookslike after the trade i will sometimes move my stoploss to cover my 15 pips and let the trade run if it looks like it will,im not to bothered if the possible EA could do this.

ok thats it ,check it out and lets see what you think.and heres a few screenshots to let you see what im talking about..............

thestellaman · 12-08-2006, 04:47 AM

heres the indicators and a template if any1 wants them,the indicators are fully ajustable.as in you can set different times to start from and alter the rannge in pips between the lines...........and thanks once again to markj for them

et_phonehome_2 · 12-08-2006, 04:51 AM

Would you do this throughout the day if it was in a range?

thestellaman · 12-08-2006, 05:09 AM

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Would you do this throughout the day if it was in a range?

hi et_phonehome_2,as i said i do re-enter (i assume thats what you are asking) if the first trade gets stopped out,this does not happen that often but it does happen,but at least being able to re enter cuts down on any losing trades that do happen,hope that answers your question

trevman · 12-08-2006, 09:28 AM

if you more often than you lose, surely you can place an order at the start of each day and leave it at that. thats only going to be 2mins tops. i agree about the re-entering and need to be there watching for it, but if it completes the trade more often than it loses it should make profit in the long run, regardless or re-entering.

thestellaman · 12-08-2006, 01:52 PM

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if you more often than you lose, surely you can place an order at the start of each day and leave it at that. thats only going to be 2mins tops. i agree about the re-entering and need to be there watching for it, but if it completes the trade more often than it loses it should make profit in the long run, regardless or re-entering.

i DO place my orders at the start of each day,and it does only take 2 mins,however the days that it does stop me out it almost always retraces back to the profit line again

so what your really saying is........if there IS a way OF REDUCING LOSS and INCREASING PROFIT........I.E ...being able to re-enter a trade to recover said loss.NOT to do it,to be just happy with the profit that i havethat doesnt make sense to me,sorry,the whole point is to reduce loss and increase profit is it not

swallow · 12-13-2006, 07:35 PM

hi thestellaman ta for the breakout... blonde q . can it be used on any time frame . not just on 1hr chart

WNW · 05-18-2007, 01:19 AM

I will attempt to code this into an EA; please give me a day or two.

prasxz · 05-18-2007, 01:27 AM

Quote:

Originally Posted by thestellaman

YES ....yes ....yes......another breakout method based on the daily range of the GBP/USD.........(thats all i have used it for,please dont ask for reams of statements and reports for PROOF and my bank statements for the past 12 years to show you all the wealth i have made.as being told to F off usually offends

)

ok here goes for you all to chop up and disect and kill and ruin what is (i think and works for me) a rather nice and simple method of making a few pips.

as i say a few pips.......if you want to catch the whole trend for the day and get 99 out of 100 pips everyday.........then dont read any more as this is NOT for you, however if like me you like to catch 10/15 pips and use larger lots then read on,or even if you want to get 10/15 pips with 1 lot read on.......

OK......FIRSTLY I AM POSTING THIS PRIMARALY TO SEE IF SOME OF THE GREAT CODERS CAN TURN THIS INTO A EA FOR ME...........as trading manually does cover most of the day from uk

secondly to share will you all

this method as i said is based on a breakout during the daily range of the GBP/USD,i have tried a few things over the past months and always kept coming back to some sort of breakout method,but a couple of months back i was playing around and came up with this,as we all know the GBP/USD usually has a daily range of around 100 pips(not exactley,but around there)each day,i got fed up (as we all do at some point)getting bit on the ass when GBP/USD decided it wasnt going to play today and just range up and down like a see saw,so i thought well how about playing at the top end of the range rather than trying to get in at the bottom all the time,after all as the theory goes you can make just as much with 10 pips as you can with 100 IF you can get them often enough,so to the top of the range i headed.

theory is if the GBP/USD will make 80 pips then chances are it will make 90 without to much bother .............now heres the DISCLAIMER.........i am NOT saying everytime it does hit 80/85 that it WILL go on to hit 90/95,BUT it does more often than not,of course like any method/system/approach there will be losing days AND as the entry for the trade is so far away from daily open there WILL be days were theres no trade at all.......well that was the theory behind it.

the trade itself.well first id like to thank Markj over at FF (there not all bad over there)for the wonderfull indicators(not really indicators more nice lines drawn out for you to save you the hard work) just now im using an entry of 85 pips above and below the close of the 1hr candle at 00.00gmt with a stoploss at 15 pips below that and a take profit of 15 also.

now 2 things..........first.....if i do get stopped out then i re enter again if it crosses back over,this is where im hoping the EA will make a difference,as its easy enough to set up the first trade but if it does get stopped out then you need to be there to set the trade up again.

second......depending on what the chart lookslike after the trade i will sometimes move my stoploss to cover my 15 pips and let the trade run if it looks like it will,im not to bothered if the possible EA could do this.

ok thats it ,check it out and lets see what you think.and heres a few screenshots to let you see what im talking about..............

nice system. is it possible to take profit more than 15 pips ?

===================
Forex Indicators Collection

WNW · 05-18-2007, 04:36 PM

Here you are...

This works off the daily open. It's hardcoded to the daily so you should be able to use it on any TF.

"TriggerLevel" is the number of pips away from the open you use as the entry, default is 85.

I have not manually checked the trades against the EA, you should do that to make sure it's trading correctly.

Please feel free to rename it!

Let me know if there's any problems.