EUR/USD Breakouts

HI, is there somebody who trade breakouts on EUR/USD H1 grafs?

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?

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)

Week 41

High - 1,3025
Low - 1,3012

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

Mikeman80 posted:
HI, is there somebody who trade breakouts on EUR/USD H1 grafs?

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.

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

Sorry Horizontal lines are my S/R lines from past.
BO lines not drawn.

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 :) )

Have you also tried other symbols with this trading technique? I found GBPUSD and USDJPY working also.

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?

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?

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

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.

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.

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 😄

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.

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) ;-)

Here's a current chart - looks for price to break either side