1 trade a day breakout system based on Bigdog (1 trade a day breakout system based on B)
This is a variation of the 7:00am-9:00pm Big Dog Breakout Strategy
Similarities to Big Dog system:
1. Take out the M15 chart of a major USD currency pair, such as GBP/USD.
2. Draw a vertical line on the chart at 14:00 time.
3. Draw a vertical line on the chart at 16:00 time.
4. Draw a horizontal line between the vertical lines at the highest point of the candle/bar.
5. Draw a horizontal line between the vertical lines at the lowest price of the candle/bar.
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My changes:
Repeat steps for 5m, 15m, 30min/1 HR charts.
6. Added the KG RS Group Indicator, a version I prefer to use with Stephen Hopwood's Kang Gun Relative Strength Trading EA, which is compressed with the EA.
This is a relative strength indicator that will show you the weakest/strongest currencies and everything in between, and is used in basket trading strategies. No need to open 54435 charts. Can also be used to determine the best trading pairs. So far I've stuck with GBP/USD for the sake of familiarity.
7. Add default xp_Ma indicator.
9. Add daily small fiber target.
9. (Optional) Try integrating Volume Spread Analysis (VSA) into my trades. This indicator works well for spotting reversals. From what I understand, "Volume" actually counts price changes.
What to pay attention to:
As shown in the first picture, 1.5272 is the bottom of the box and 1.5328 is the top.
Primarily look at the xp_MA indicator and make its arrow and line red. This is my main signal to go short, especially if it breaks out of the Fibonacci levels. TP is the next lowest daily Fib. If you see strong momentum, you might even be able to take profit on the second dip.
confirm:
View KG RS Group Metrics. GBP = red line, USD = green line. The US dollar diverged upward at 16:20. However, when it extends beyond the 50% line and rises closer to around 80, I want to close the position.
I've just started using this, please give me any advice!
I feel this is slightly safer than the original system, which blindly placed buy and sell orders at opposite ends of each other. You have to earn back all those points on profitable legs. Additionally, if the price penetrates your long stop and then rebounds, you can easily get wiped out. Then you lose twice.
Similarities to Big Dog system:
1. Take out the M15 chart of a major USD currency pair, such as GBP/USD.
2. Draw a vertical line on the chart at 14:00 time.
3. Draw a vertical line on the chart at 16:00 time.
4. Draw a horizontal line between the vertical lines at the highest point of the candle/bar.
5. Draw a horizontal line between the vertical lines at the lowest price of the candle/bar.
---------------------------------------------------------------------
My changes:
Repeat steps for 5m, 15m, 30min/1 HR charts.
6. Added the KG RS Group Indicator, a version I prefer to use with Stephen Hopwood's Kang Gun Relative Strength Trading EA, which is compressed with the EA.
This is a relative strength indicator that will show you the weakest/strongest currencies and everything in between, and is used in basket trading strategies. No need to open 54435 charts. Can also be used to determine the best trading pairs. So far I've stuck with GBP/USD for the sake of familiarity.
7. Add default xp_Ma indicator.
9. Add daily small fiber target.
9. (Optional) Try integrating Volume Spread Analysis (VSA) into my trades. This indicator works well for spotting reversals. From what I understand, "Volume" actually counts price changes.
What to pay attention to:
As shown in the first picture, 1.5272 is the bottom of the box and 1.5328 is the top.
Primarily look at the xp_MA indicator and make its arrow and line red. This is my main signal to go short, especially if it breaks out of the Fibonacci levels. TP is the next lowest daily Fib. If you see strong momentum, you might even be able to take profit on the second dip.
confirm:
View KG RS Group Metrics. GBP = red line, USD = green line. The US dollar diverged upward at 16:20. However, when it extends beyond the 50% line and rises closer to around 80, I want to close the position.
I've just started using this, please give me any advice!
I feel this is slightly safer than the original system, which blindly placed buy and sell orders at opposite ends of each other. You have to earn back all those points on profitable legs. Additionally, if the price penetrates your long stop and then rebounds, you can easily get wiped out. Then you lose twice.
Attachment to original post (6)
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