EUR/USD Breakouts
Member Since Jan 14, 2010
556 posts
Oct 13, 2012 at 11:06
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?
Member Since Jan 14, 2010
556 posts
Oct 15, 2012 at 07:36
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.
Oct 15, 2012 at 08:12
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
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...
Member Since Jan 14, 2010
556 posts
Oct 15, 2012 at 13:39
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 :) )
Member Since Jan 14, 2010
556 posts
Oct 15, 2012 at 13:45
(edited Oct 15, 2012 at 14:03)
Have you also tried other symbols with this trading technique? I found GBPUSD and USDJPY working also.
Member Since Jan 14, 2010
556 posts
Oct 15, 2012 at 14:05
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
But have you tested London breakouts for profitability?
Oct 15, 2012 at 15:15
James_Bond posted: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 :) )
Risk for one trade is max. 5%
so SL is 50-100pips It´s depends where is nearest S/R or High/Low day or swing or EMA
PT is 100pips
I think i understand - one for sell stop and second for buy limit order?
...forex is the game, so play, win, lose, but never give up...
Oct 15, 2012 at 15:19
James_Bond posted: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
But have you tested London breakouts for profitability?
Yes i trade EUR/USD and GBP/USP last year.
...forex is the game, so play, win, lose, but never give up...
Member Since Jan 14, 2010
556 posts
Oct 15, 2012 at 15:54
Mikeman80 posted:
Risk for one trade is max. 5%
so SL is 50-100pips It´s depends where is nearest S/R or High/Low day or swing or EMA
PT is 100pips
I think i understand - one for sell stop and second for buy limit order?
Looks like you have a very sound trading plan with minimal risks.
Yes, one is for a sell and one for a buy - each one acts as a sl level for the other.
Member Since Jan 14, 2010
556 posts
Oct 15, 2012 at 15:57
Mikeman80 posted:James_Bond posted:
Have you also tried other symbols with this trading technique? I found GBPUSD and USDJPY working also.
I know ... i am starting backtesting GBP/USD
Great.
Here is how I would trade a breakout, although the sl is debatable in this setup 😄
Oct 15, 2012 at 16:36
James_Bond posted:Mikeman80 posted:
Risk for one trade is max. 5%
so SL is 50-100pips It´s depends where is nearest S/R or High/Low day or swing or EMA
PT is 100pips
I think i understand - one for sell stop and second for buy limit order?
Looks like you have a very sound trading plan with minimal risks.
Yes, one is for a sell and one for a buy - each one acts as a sl level for the other.
yes my system is simple with minimal risks.
target for profit is minimum 7,5 % per month and 90% per year. after that i stop trading.
...forex is the game, so play, win, lose, but never give up...
Oct 15, 2012 at 16:41
James_Bond posted:Mikeman80 posted:James_Bond posted:
Have you also tried other symbols with this trading technique? I found GBPUSD and USDJPY working also.
I know ... i am starting backtesting GBP/USD
Great.
Here is how I would trade a breakout, although the sl is debatable in this setup 😄
:-) last week had nice entry for me with my WBO (weekend breakouts) ;-)
...forex is the game, so play, win, lose, but never give up...
Member Since Jan 14, 2010
556 posts
Oct 16, 2012 at 09:43
Here's a current chart - looks for price to break either side
