Daily 10% Breakout | Foreign Exchange EA Download - MT4/MT5 Resources
This system is designed to be a simple fix and forget daily breakout system. It is derived from the previous day's daily range and hinges on hopes of a breakout of 10-15% today. This is not a system that will give you a home run in one day, but it will hopefully provide you with a steady stream of cash flow regardless of market conditions. I would try any currency pair but so far I have only seen success with USD/JPY. As with any system, proper equity management is key.
guide
1. Calculate the range of the previous day.
2. Set buy and sell orders 10% above or below the current closing price.
3. Set the stop loss to 2 times the buy or sell order.
4. Set your target profit to be 10% above or below your buy or sell order.
5. Keep equity management in mind and place new orders before the opening of each major trading session. Close any trade that has been open for 24 hours.
Background This system is not 100% original, it is derived from the Daily Quarter System or Daily Range Simple Trading. I've been following these two steps for the past month or so and noticed that while they do work, the reward to risk ratio is 1:2 and I'm losing points. At a 1:2 ratio, you need to win approximately 67% more of the time and break even on the daily range. The best way to increase your win rate is to lower your TP % from 25% of the daily range to 10%. You'll sacrifice daily points but win more often, which in turn will increase your profits.
Only use 10% daily
Performance Summary Profit % Total Profit % Loss % Total Transaction Net Points
Pair USD/JPY 90% 18 10% 20 168
GBP/JPY 50% 1 50% 2 (31)
EUR/JPY 0% - 100% 1 (53)
GBP/USD 50% 3 50% 6 (91)
USD/CAD 0% - 100% 1 (171)
Total 30 (178)
As you can see, USD/JPY is the currency pair that uses this system so far. I think EUR/JPY, GBP/JPY and GBP/USD could work, but would need more tinkering with percentages and opening times to make them work.
Please see the attachment for complete details about the system.
guide
1. Calculate the range of the previous day.
2. Set buy and sell orders 10% above or below the current closing price.
3. Set the stop loss to 2 times the buy or sell order.
4. Set your target profit to be 10% above or below your buy or sell order.
5. Keep equity management in mind and place new orders before the opening of each major trading session. Close any trade that has been open for 24 hours.
Background This system is not 100% original, it is derived from the Daily Quarter System or Daily Range Simple Trading. I've been following these two steps for the past month or so and noticed that while they do work, the reward to risk ratio is 1:2 and I'm losing points. At a 1:2 ratio, you need to win approximately 67% more of the time and break even on the daily range. The best way to increase your win rate is to lower your TP % from 25% of the daily range to 10%. You'll sacrifice daily points but win more often, which in turn will increase your profits.
Only use 10% daily
Performance Summary Profit % Total Profit % Loss % Total Transaction Net Points
Pair USD/JPY 90% 18 10% 20 168
GBP/JPY 50% 1 50% 2 (31)
EUR/JPY 0% - 100% 1 (53)
GBP/USD 50% 3 50% 6 (91)
USD/CAD 0% - 100% 1 (171)
Total 30 (178)
As you can see, USD/JPY is the currency pair that uses this system so far. I think EUR/JPY, GBP/JPY and GBP/USD could work, but would need more tinkering with percentages and opening times to make them work.
Please see the attachment for complete details about the system.
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