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EUR/USD Breakouts

Mike Kapral (Mikeman80)
Oct 11 2012 at 10:55
11 posts
HI, is there somebody who trade breakouts on EUR/USD H1 grafs?

...forex is the game, so play, win, lose, but never give up...
James_Bond
Oct 13 2012 at 11:06
556 posts
Mikeman80 posted:
HI, is there somebody who trade breakouts on EUR/USD H1 grafs?


Yes, I like to trade breakouts from 30 minutes to 4 hours charts. Care to share some screenshots of your setups?

Mike Kapral (Mikeman80)
Oct 14 2012 at 19:26
11 posts
OK here is last week 40.

It was breakout weekend (28-30.9)

High - 1,2850
Low - 1,2804

buy stop on 1,2852. (high +2pips)
sell stop on 1,2804. (low)

Attachments:


...forex is the game, so play, win, lose, but never give up...
Mike Kapral (Mikeman80)
Oct 14 2012 at 19:27
11 posts
Week 41

High - 1,3025
Low - 1,3012

Buy stop - 1,3027
Sell stop - 1,3012

Attachments:


...forex is the game, so play, win, lose, but never give up...
Adel Abd-ELhady (Adel2013)
Oct 14 2012 at 20:49
1 posts
Mikeman80 posted:
HI, is there somebody who trade breakouts on EUR/USD H1 grafs?

James_Bond
Oct 15 2012 at 07:36
556 posts
Mikeman80 posted:
Week 41

High - 1,3025
Low - 1,3012

Buy stop - 1,3027
Sell stop - 1,3012


Those are quite different than the way I see breakouts. How are you determining the levels? As I normally draw support/resistance trend-lines and then see the levels, while yours seems to be horizontal?

Also, I don't enter simply on a breakout, but wait for a retrace after a breakout to enter the original breakout direction - this helps to filter out false breakouts and minimize risk by getting a better entry price.

Mike Kapral (Mikeman80)
Oct 15 2012 at 08:12
11 posts
Horizontal lines are only separators period in MT 4.
Becouse i am not full time trader, i can´t trade classic London breakouts so i trade some like monday breakouts.
I open only 2 trade (buy stop / sell stop) per week and then i waiting for PT or SL

...forex is the game, so play, win, lose, but never give up...
Mike Kapral (Mikeman80)
Oct 15 2012 at 08:12
11 posts
Sorry Horizontal lines are my S/R lines from past.
BO lines not drawn.

...forex is the game, so play, win, lose, but never give up...
James_Bond
Oct 15 2012 at 13:39
556 posts
Mikeman80 posted:
Horizontal lines are only separators period in MT 4.
Becouse i am not full time trader, i can´t trade classic London breakouts so i trade some like monday breakouts.
I open only 2 trade (buy stop / sell stop) per week and then i waiting for PT or SL


I see. What are your usual stop and take profit targets? For example, I've experimented setting the sl at the other side (support or resistance, based opposite of your trade direction) and tp double the range distance, however still haven't found the best setup. Seems like sometimes it works and sometimes it doesn't. Also, I'm thinking maybe averaging in a position, so half a position on a breakout and another half at a retrace to the breakout level - what do you think? (I can provide screen-shots to better explain if that wasn't understood :) )

James_Bond
Oct 15 2012 at 13:45
556 posts
Have you also tried other symbols with this trading technique? I found GBPUSD and USDJPY working also.

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