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EUR/USD Breakouts

James_Bond
Oct 15 2012 at 14:05
556帖子
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?

Mikeman80 (Mikeman80)
Oct 15 2012 at 15:15
11帖子
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...
Mikeman80 (Mikeman80)
Oct 15 2012 at 15:16
11帖子
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

...forex is the game, so play, win, lose, but never give up...
Mikeman80 (Mikeman80)
Oct 15 2012 at 15:19
11帖子
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...
James_Bond
Oct 15 2012 at 15:54
556帖子
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.

James_Bond
Oct 15 2012 at 15:57
556帖子
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 😄


Mikeman80 (Mikeman80)
Oct 15 2012 at 16:36
11帖子
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...
Mikeman80 (Mikeman80)
Oct 15 2012 at 16:41
11帖子
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...
James_Bond
Oct 16 2012 at 09:43
556帖子
Here's a current chart - looks for price to break either side


zack9199
Oct 18 2012 at 08:43
1帖子
I am a new trader...
fxbook is good..

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