New York Break Out (NY Break Out) | Foreign exchange EA download-MT4/MT5 resources-MetaTrader 5 resources
Hi,
! ! ! important !!!
Similar posts have been closed because people were obnoxious and unconstructive. I'm doing this for me and you, if you think this system doesn't work then go somewhere else.
Simple!
Strategy
This is my variation on the New York breakout system.
My variation is taken from:
7 a.m. to 9 a.m. Big Dog Dollar Breakout Strategy
http://www.forexfactory.com/showthread.php?t=103682
It's closed now, but I hope no one minds discussing my variation on this breakout method.
The rules for breakout boxes are slightly different:
1. M15 chart of USD currency pairs, such as GBPUSD.
2. Draw a vertical line at 07:00 EST (you need to calculate based on your broker's time).
3. Draw a vertical line at 09:15 EST (you need to calculate based on your broker's time).
For the UK we are 5 hours behind, so 12:00 and 14:15 - but you still need to calculate based on your broker's time.
4. Draw a horizontal line at the highest point of the candle/bar between the vertical lines.
5. Draw horizontal lines at the bottom of the candle/bar between the vertical lines.
6. Place a buy stop a few pips above the high
7. Place a sell stop a few pips below the low
The rules for SL are slightly different:
1. SL - the previous bar on which to place the trade.
MM and RR
FX is MM and RR, everyone will use a different MM and RR and others won't even use this.
For example, I think it works well.
MM
3% of share capital
RR
TP1 (half lot) RR = 1:1 (if stop loss is greater than 50 pips, TP1 (full lot) RR = 1:1)
If the stop loss is 20 pips or less
TP2 (second batch) RR = 1:4
If the stop loss is 30 pips or less
TP2 (second batch) RR = 1:3
If stop loss is 40/50 pips or less
TP2 (second batch) RR = 1:2
New York time chaos
You must ensure that your broker's time is offset correctly. So please make sure of that, as I said above about GMT time, I know different brokers have different times, even in the UK.
This does take some practice, so please take some time to work it out, we can't hold your hand and do simple things - no offense intended.
If you trade live, call your broker and ask them what time zone you are in.
Otherwise try this.
1. Check your local time by looking at the clock on your PC.
2. On the H1 chart of your charting platform, draw a vertical line on the current bar and check your broker's business hours.
3. Go to http://www.timeanddate.com/worldclock/ and exercise time.
This is how I solved it.
greeting,
VIP
! ! ! important !!!
Similar posts have been closed because people were obnoxious and unconstructive. I'm doing this for me and you, if you think this system doesn't work then go somewhere else.
Simple!
Strategy
This is my variation on the New York breakout system.
My variation is taken from:
7 a.m. to 9 a.m. Big Dog Dollar Breakout Strategy
http://www.forexfactory.com/showthread.php?t=103682
It's closed now, but I hope no one minds discussing my variation on this breakout method.
The rules for breakout boxes are slightly different:
1. M15 chart of USD currency pairs, such as GBPUSD.
2. Draw a vertical line at 07:00 EST (you need to calculate based on your broker's time).
3. Draw a vertical line at 09:15 EST (you need to calculate based on your broker's time).
For the UK we are 5 hours behind, so 12:00 and 14:15 - but you still need to calculate based on your broker's time.
4. Draw a horizontal line at the highest point of the candle/bar between the vertical lines.
5. Draw horizontal lines at the bottom of the candle/bar between the vertical lines.
6. Place a buy stop a few pips above the high
7. Place a sell stop a few pips below the low
The rules for SL are slightly different:
1. SL - the previous bar on which to place the trade.
MM and RR
FX is MM and RR, everyone will use a different MM and RR and others won't even use this.
For example, I think it works well.
MM
3% of share capital
RR
TP1 (half lot) RR = 1:1 (if stop loss is greater than 50 pips, TP1 (full lot) RR = 1:1)
If the stop loss is 20 pips or less
TP2 (second batch) RR = 1:4
If the stop loss is 30 pips or less
TP2 (second batch) RR = 1:3
If stop loss is 40/50 pips or less
TP2 (second batch) RR = 1:2
New York time chaos
You must ensure that your broker's time is offset correctly. So please make sure of that, as I said above about GMT time, I know different brokers have different times, even in the UK.
This does take some practice, so please take some time to work it out, we can't hold your hand and do simple things - no offense intended.
If you trade live, call your broker and ask them what time zone you are in.
Otherwise try this.
1. Check your local time by looking at the clock on your PC.
2. On the H1 chart of your charting platform, draw a vertical line on the current bar and check your broker's business hours.
3. Go to http://www.timeanddate.com/worldclock/ and exercise time.
This is how I solved it.
greeting,
VIP
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