iGoR

When you trade breakouts you gotta think like a casino owner and operate a gambling system based on probabilities.

The only way you will find out the probabiities to write an E A and backtest it ,and it will tell you your best t/p and s/l

Regards

El Cid

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EAs have been created for this system, it is a very old sytem.

Hi droesparky,

As I said in my first posting it would not surpise me that a simple system like this would not have been invented before.
I think that the "compounding" element can maybe add something new to this aproach.
Not that I have a high opinion about this aproach. I had nothing to do this afternoon and was going a bit over my zigzag chart and suddenly this simple aproach struck me. I tought I could post it and maybe something could or can happen. Maybe not as with so many systems one so called "simple little" problem can not be solved and that makes a system un-tradeble.

So will see what happens...

Any idea what the stoploss rules were of those EA's?...

Regards...iGoR

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Succes comes with knowledge. Knowledge comes with experience. Experience comes with time and hard work... (iGoR)
Price moves in a 100% random way so build yourself a system that is not affected by trend or consolidation...(iGoR)

After reading the first post in this thread my first thought was to try to incorporate the FXTradePro trading approach found elsewhere on the forum. This is an automated compounding breakout method that may work.

Please check out the link for the details and the EA. http://www.forex-tsd.com/149099-post295.html You can obtain a non-expiring version of the EA by joining the FXTradePro forum (FREE).
After familiarizing yourself with the approach, you may want to consider running 2 instances of the EA, one at the breakout of the high, the other on the breakout of the low.

I wrote a contrarian version of the breakout EA some time ago, reversing the trade logic; it would buy on a breakout of the low, and vice-versa. It did much better than the conventional version.

Any update on this system at all?

i know an easier breakout sys.

draw fibo retracement on a major move. 1HR chart.

place buy or sell @ 50%.


99.9999% success rate. until u get continue to get stopped out.


the point is, with these type of set and forget systems, its very difficult to set stop losses. its because take profit must be small in order to increase success, and at the same time, stop loss will be larger than tp because of the obvious bias towards success.

when risk>reward, doesn't work in the long run.


btw i wonder if igore was trading this live for at least a few month before he posted the system. u'd be surprised how many "systems" in this forum are tested on demo and claim to be forward test. :/ not very reassuring.

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That makes sense. Does anyone have a set and forget system that works well for them?

I'm using a set and forget strategy that is working decently. It's not that different from Igor. It's mostly these simple strategies that go far. Couple with good money management, it's the key to success in trading.

My set and forget strategy yields about 5% a month, so yes there are ones that work.

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