Due to the success of nomask's Weekly GBP/JPY Breakout System, this is a thread attempting to apply the same rules on a daily basis. I don't see any reason it wouldn't work.
The Weekly method was introduced by nomask and modified by harold4X and bigricky.
Here is the thread:
http://www.forexfactory.com/showthread.php?t=66210
The weekly has racked up 23 winning weeks and 2 losing weeks since Jan.1. A losing week consists of 2 losing trades.
That makes 23W-4L. This is based upon a 1:1 RR ratio.
If 2% had been risked on each trade, that equals a 38% account growth, not including compounding.
If this W/L rate continues, a risk of more that 2% will be warranted.
I'll start the daily method with the following rules:
I'll be using IBFX data.
Take the range (H-L) of the 8 hours prior to 5 PM EST (2100 GMT).
If this range is <100 pips, go back another 4 hours and take the range of the last 12 hours.
If this is still <100, add an equal amount of pips to the H and L to equal a 100 range.
Set a buy stop at the H of the range+1+spread.
Set a sell stop at the L of the range -1.
The SL for the buy, will be the sell stop.
The SL for the sell, will be the buy stop.
The TP on each will be the amount of the SL.
If a trade is triggered and hits the TP, cancel the other order. You're through for the day.
If a trade is triggered and gets stopped out, set the TP for the opposite trade to 2x the original TP.
Clean everything up at 2100 GMT- Close any open position and delete any pending order.
Bobcat2 has been testing a similar version of this for the last week or two. I welcome his input.
NowAndLater has expressed an interest in trying other pairs. I welcome him too.
Anyone who wants to contribute is welcome.
If it'll let me continue editing, I'll keep the running results on this first post.
================================================================
Real time results-Each trade represents 2% of my account. We'll start with $1,000.
June 17, 2008 Win - +2% of account
Account = $1,020
June 18, Partial Loss - 1.2% of account
Account = $1,008
June 19, Win - +2% of account
Account = $1,028
June 20, Partial Loss - 0.3% of account
Account = $1,025
June 22, Partial Loss - 0.5%
Account = $1,020
June 23, Partial Win - +0.47%
Account = $1,025
June 24, Break Even
Account = $1,025
June 25, Loss -2.4%
Account = $1,000
The Weekly method was introduced by nomask and modified by harold4X and bigricky.
Here is the thread:
http://www.forexfactory.com/showthread.php?t=66210
The weekly has racked up 23 winning weeks and 2 losing weeks since Jan.1. A losing week consists of 2 losing trades.
That makes 23W-4L. This is based upon a 1:1 RR ratio.
If 2% had been risked on each trade, that equals a 38% account growth, not including compounding.
If this W/L rate continues, a risk of more that 2% will be warranted.
I'll start the daily method with the following rules:
I'll be using IBFX data.
Take the range (H-L) of the 8 hours prior to 5 PM EST (2100 GMT).
If this range is <100 pips, go back another 4 hours and take the range of the last 12 hours.
If this is still <100, add an equal amount of pips to the H and L to equal a 100 range.
Set a buy stop at the H of the range+1+spread.
Set a sell stop at the L of the range -1.
The SL for the buy, will be the sell stop.
The SL for the sell, will be the buy stop.
The TP on each will be the amount of the SL.
If a trade is triggered and hits the TP, cancel the other order. You're through for the day.
If a trade is triggered and gets stopped out, set the TP for the opposite trade to 2x the original TP.
Clean everything up at 2100 GMT- Close any open position and delete any pending order.
Bobcat2 has been testing a similar version of this for the last week or two. I welcome his input.
NowAndLater has expressed an interest in trying other pairs. I welcome him too.
Anyone who wants to contribute is welcome.
If it'll let me continue editing, I'll keep the running results on this first post.
================================================================
Real time results-Each trade represents 2% of my account. We'll start with $1,000.
June 17, 2008 Win - +2% of account
Account = $1,020
June 18, Partial Loss - 1.2% of account
Account = $1,008
June 19, Win - +2% of account
Account = $1,028
June 20, Partial Loss - 0.3% of account
Account = $1,025
June 22, Partial Loss - 0.5%
Account = $1,020
June 23, Partial Win - +0.47%
Account = $1,025
June 24, Break Even
Account = $1,025
June 25, Loss -2.4%
Account = $1,000